What is a Valid Sale?
Valid Sale – A sale is considered valid when it is between willing parties that are unrelated without distress or coercion and conveyed by-way-of a warranty deed. Both parties should be knowledgeable of the market and decisions should be made without undue pressures (i.e. bankruptcy, foreclosure, etc.). The property should be advertised on the open market and the principal buyer or seller should NOT be a financial or governmental agency.
Invalid Sale – A sale is considered invalid when a financial or government agency is the principal buyer or seller, the parties are related individuals or corporations, the property was not advertised on the open market, anything other than a warranty deed is used to convey the parcel(s), multiple parcels are included in the sale price, one parcel is being divided into multiple parcels, it is a court mandated sale, only a portion of the parcel/interest is transferred or if parcels are traded.
How many parcels are there in Belvidere Township?
As of the 2019 assessment year there are 11,168 parcels in Belvidere Township. There are 9,827 residential, 584 farm, 555 commercial/industrial, and 1 Conservation Stewardship.
Why did the value of my property increase if I haven’t done anything to it in years?
Property value, or market value, is determined by many factors besides home improvements. Improving neighborhoods, supply and demand and inflation may also affect the value of your property. Even though your house isn’t for sale, it can be worth more because of these conditions. It is the Assessor’s job to determine what your property would be worth if it was now for sale.
Why do similar houses in different neighborhoods have different assessments?
The houses are valued differently because their actual market values vary. The market values are different because the real estate market conditions are different. General location, distance from schools and commercial facilities, quality of surrounding properties, and neighborhood amenities are examples of factors that could and would cause a purchaser to pay more for a home in one neighborhood than in another.
My taxes are too high!
That may be true, but keep in mind the Assessor does not determine tax amounts. The Township Assessor’s job is to assign a value to every parcel of property in the township. The amount of taxes is determined by the municipalities, school boards and other taxing bodies in the area.
Can I review the Assessor’s records to see if the information on my house is correct?
Yes. If you would like to review the information we have for your property, stop into the Township Assessor’s office at 8200 Fairgrounds Road in Belvidere; the office is open Monday through Friday 8:00 am to 4:30 pm. Most information can be given over the phone as well and with a few specific exceptions, all assessment files are open to the public. Not only is information about your home available, records about other homes in the area are also accessible.
Does the Assessor raise the assessment if I make minor improvements to my house?
No. Most normal maintenance of the home and other minor improvements will not raise the assessment. On the other hand, improvements made to the home such as additions, porches, decks, finished basements, etc. may add value to the home and may increase the assessment.
What do I do if I do not agree with the assessment?
The best place to start is by contacting the Belvidere Township Assessor’s Office in person or by phone. We are happy to work with the property owners in answering their questions and aiding them in understanding the assessment process. Most problems are cleared up after talking to the Assessor, but if you are still not satisfied a complaint may be filed with the Boone County Board of Review at the appropriate time. (See the appeal process)
When I get my tax bill, is it too late to complain?
Generally yes. It is too late to appeal for that assessment year, unless a mistake affecting the value of your property has been discovered. It might still be beneficial to talk with the Assessor, if you have not done so already, for the current assessment year.
If I purchase my home for more than it is assessed, will my assessment be increased to the sale price?
Not necessarily. Frequently amenities are listed that the assessor had no record of (i.e., finished basement, extra bath, or remodeled kitchen/bath). The assessment would be increased to reflect the value added by those amenities not previously on the record for your property. In most cases properties are studied by neighborhood, not individually. If other sales besides yours in the neighborhood were typically higher, then an assessment increase might be warranted. If the Assessor was to increase individual assessments because of sales, there is a possibility of creating inequity within the neighborhood.
How can I calculate estimated taxes?
Example for existing tax bills (does NOT apply to new construction):
Assessed Value − Exemptions (if applicable) x Tax Rate (i.e. xxxxx%) = Yearly Property Taxes ÷ 2 installments = Per Installment Payment due in June & September
What is the Property and Tax Assessment Cycle?
The Assessment Cycle
1. January 1st of each year-your property is assessed by the Township Assessor.
2. The Assessor completes the revisions and turns the assessment roll over to the Supervisor of Assessments by June 15th
3. Written notice of the Assessor’s revisions are mailed to the taxpayers.
4. Supervisor of Assessments makes revisions to the assessment roll as necessary and publishes in the local newspapers a list of all parcels where values changed from the previous year.
5. The assessment roll is turned over to the Board of Review. Within 30 days of the above publication, assessment complaints may be filed with the Board of Review.
6. The Board of Review holds hearings into the assessment complaints filed and revises the assessment roll as necessary.
7. When the Board of Review completes your hearing.
8. The Board of Review publishes in the local newspapers, the revisions due to assessment complaint hearings.
9. After written notice of the Board of Review revisions, the taxpayer may within 30 days file an assessment complaint with the State of Illinois Property Tax Appeal Board.
10. The Board of Review turns the assessment roll over to the County Clerk, where tax rates are determined. The roll is then certified to the County Treasurer.
11. Tax bills are prepared for mailing by the County Treasurer. The bills are usually mailed by May first and due in two equal payments, June 1st and September 1st. Therefore as an example, an assessment placed on your property as of January 1, this year causes a tax bill to be issued by May of the following year.
What will happen to my assessment if I add an addition or amenity to my home?
Any new construction you do on your home that increases its market value must be reflected in your assessment. This can include (but is not limited to) additions, porches, decks, finished basements, etc.
Upon receiving a copy of your construction permit, a member of our assessment office will make note that your property will need to be inspected for the following year. Since your home is assessed based on its status of January 1st of each year, our inspections are always performed during the calendar year following the permit date; see Understanding your assessment for more information.
After inspection, we will add your new construction to your assessment. However, if you own and occupy your home as your principal residence, you will qualify for the Home Improvement Exemption. The Home Improvement Exemption exempts you from being taxed on that portion of your assessment that represents your new construction; the maximum that will be exempted is $75,000 ($25,000 assessed) and this exemption expires after four years.