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This article is reproduced from the Bloomingdale Township Illinois Chief Deputy assessor John Dabrowski. This explains why even though your home may have lost value in our current market conditions, but your taxes still may go up. This only applies to the state of Illinois, though some states may apply similar procedures. Property Taxes and the Real Estate Market By
John Dabrowski, Chief Deputy Assessor - Residential |
Due to the present downturn in the real estate market and the ongoing media coverage, property owners believe there has been a severe loss of market value in property values in our township. The property tax system is a complex process, and when one adds in the currently challenged real estate market, the process becomes even more difficult to understand.
Despite the reports of housing values plunging downward, foreclosures at an all time high, and homes simply not selling at seemingly any price, property taxes continue to rise. This is a very challenging concept for property owners to accept. Many homeowners must feel that our office is not properly reacting to market conditions.
The Assessor is responsible for assessing property at one-third of the fair market value. Properties are valued as of January 1st of each year. However, the county and the state monitor assessor values so that values throughout the county and state are equitably assessed. The formulas that are used to measure our accuracy and equity always include consideration of actual sales over a three-year period as required by law. Therefore when our office valued properties for January 1st, 2007, we were obligated to look back at the sales that took place during 2006, 2005, and 2004. We are not permitted to just look at the market place that existed on January 1st, 2007.
Below, is a chart of sales activity in Bloomingdalesales prices Township for the past five years. As you can see, the market was in a rising trend during 2003, 2004, and 2005. But in 2006 it appeared to stabilize and in 2007 the number of sales dropped off sharply, however, the sales | prices continued to be stable. There is no indication in our township of excessive decrease in property values as measured by the actual sales taking place. The law also does not allow our office to consider non-arms-length sales such as foreclosures.
All of this simply means that there can be no immediate reduction of assessments based on the available data and the current laws that govern the process. The data does show a definite slowdown in the local market particularly in the number of homes sold. Please be assured that our office will continue to closely monitor the sales activity in the market and adjust assessments accordingly.
Most importantly, everyone should understand that regardless of what happens in the market place and even if assessments were to be reduced, this does not mean that property taxes will go down. Please remember that property taxes pay for local services such as schools, parks, police, fire protection, and if these local units continue to provide services and increase spending then property taxes will continue to increase.
Please know that our office is painfully aware of the challenges being faced by those who are trying to sell their home in this very difficult market. We will continue to monitor the sale activity in our township and calculate the assessments based on that market, as measured over a 3-year period (as required by state law). For the assessment date January 1, 2008, we will look at sales in 2007, 2006, and 2005.
We hope this bulletin helps explain the assessment process and how it relates to current housing market conditions. |
| YEAR | NO. OF SALES | MEDIAN SALE | AVERAGE SALE | SALES RANGE |
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2003 | 2756 | 195,000 | 216,878, | 56,000 to 1,139,000 | 2004 | 2386 | 210,000 | 234,139 | 60,000 to 1,240,000 | 2005 | 2860 | 231,000 | 254,750 | 70,000 to 1,350,000 | 2006 | 2846 | 230,000 | 248,449 | 78,500 to 1,275,000 | 2007 | 1797 | 230,500 | 252,300 | 72,000 to 1,350,000 |
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Wow. With all the foreclosures taking place now all over the country, there is a lot to think about if you are in the market to buy, sell, flip or get into the investment/rental market. The say that there are 1.2 to 1.8 million homes that are in the high risk group that have a chance to be foreclosed on in the year 2008. Lets just say, only 20% of them go into foreclosure, That is a low figure, but that is another 360,000 homes hitting the market next year. That is a lot of homes that will be hitting the market nationwide. So that gives the buyers a lot to choose from. So are we at the bottom or just close to it? That is a question that we all must ask ourselves. And now that the Federal government is feeding more money into our economy to make sure we don't hit a recession, wow, a lot to think about. I will expound on what I see when I look into my crystal ball onmy next blog. There is one good thing that has happened, which should be law here shortly. That is the Federal government is taking away the ghost tax if you are one of the many that foreclosure hits. Below there are three links to other articles. The first link is a blog explaining the ghost tax and the next two are related to what the market is currently doing. The last article relates to the major cities and what they expect price wise over the next several years in relation to rent prices. They found there is a correlation between the two. http://www.realblogging.com/tax-relief-homeowners-foreclosure http://finance.yahoo.com/real-estate/article/103872/Real-Estate:-Buy,-Sell,-or-Hold? http://money.cnn.com/magazines/fortune/price_rent_ratios/
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Well reading through one of the many places I find information from time to time, I came across this little quick article regarding moving and kids. Now I believe when of the best times to move and you have kids is during the school year, especially at Christmas break. This way when summer time comes, the kids know everyone and have someone to play with. If you have ever been the new kid on the block, and had moved during the summer, you know how hard it is to meet other kids. They keep their distance or may even be on vacation so you have no one to play with. So I felt I should share this short article for you all that are moving and have kids. So enjoy!
Moving with children requires a special effort. Whether your relocation takes you across town or across the country, a move is scary for a child. A child's world centers around friends and home and to change either or both is unsettling, if not just plain frightening.
Talk to your children about the move. Regardless of their ages, ask for suggestions and input about the move and be ready to explain why 'staying right here' isn't an option. Encourage them to express their feelings and don't dismiss even the smallest concerns. By addressing each worry as a valid, important issue, you can increase your child's sense of security.
Talk about the reasons for the move. If your child doesn't accompany you to choose a new home, take pictures of the new house, the new school, the new neighborhood and his or her new room. These visual aids go a long way to comforting and assuring the child that things will be fairly normal and safe on the other end.
Watch for signs of stress in your child. Children will look to you for ways to cope. When the stress of the move gets to be too much, step back and take a break. By acknowledging your own stress and finding appropriate ways to relieve it, you'll be a terrific role model for your kids.
Let each child prepare a memory box. Let them collect notes and pictures from friends, teachers, coaches. Take pictures of their favorite places. Plan to store the memory box in a safe place in your new home. Memory boxes assure a link to the past and provide fun memories no matter how many years pass.
Be sure to include the kids in your selling plan. It's important that they understand your goals. And it's important to understand why special care must be taken to keep things tidy. Be sure that they are aware that you might have to leave the house for a few hours with short notice if a buyer wants to tour your home. Explain this process carefully to small children, especially. The thought of strangers being in your home when you're not there can be unnerving.
Despite your best efforts to prepare your child for the move, you'll may notice signs of stress and even regressive behavior. Always take time to acknowledge the child's difficulties right then and there. Stop everything and remove the child from the situation and give him or her a chance to talk about what's on their mind. Don't put it off and chance forgetting about it amid all the moving chores at hand.
Above all, be patient with your children and certainly with yourself. Don't expect things to be perfect at first. Change is difficult for everyone. If you address problems as they arise, you'll avoid a lot of issues later on.
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Well I have been reading on gas companies on which ones are good for us and which ones take advantage of our administration. I watched a documentary on Shell oil on how they decided to stay in New Orleans, help rebuild the city and how they gave interest free loans to their employee's to rebuild their homes. What a great company I was thinking and always tried to fill up at their stations, since they stood by a ravaged city and help rebuild. Well, I was just reading through my Sierra club newsletter and I find out that the big three (BP, ExxonMobil and Shell) companies are taking advantage of or administrations lax restrictions for oil companies. I will try to summarize the article by Cory Jones, Political Chair for the Sierra Club. ExxonMobil: In a report 5 years ago, ExxonMobil releases 20.3 billion tons of carbon into our atmosphere. They have paid $1.9 million to 26 organizations to fight the studies of global warming and they have yet to pay a penny punitive damages from the 1989 Valdez spill. The people around Prince William Sound still wait to be paid since their livelihood depends on the Eco-system. BP: They dump dump over 1,000 pounds of ammonia and 3,600 pounds of sludge into Lake Michigan every day.They are fighting for Indiana to allow them to increase their dumping by 54% and 35% respectively each day. And they have never announced a plan to reduce their dumping in the future. Shell: They have been given permission to drill outside the Arctic National Wildlife Refuge knowing that an oil spill can not be cleaned up because there is no proven method to clean up oil in icy water. If you want to read the full article, goto Illinois.sierraclub.org and click on the right side column under Fall 2007 Lake & Prairie. Lets try to make our world a better place for future generations. Lets make these big companies pay for not taking care of our planet and health.
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There are many reasons why a property does not sell quickly. No matter whether they are large or small, they are cause for concern. Many of these reasons are out of your control. But if your house has been on the market longer than you expected, here are some items to consider.
Take a look at what you can control, starting with the price. An honest discussion with your Realtor is in order. Is your home priced correctly for the current market? Do you need to make some adjustments? If you've not already done so, have a comparable market analysis done. A price too low suggests that something may be wrong, while a price too high will scare away potential buyers.
The next item to tackle is presentation, starting with curb appeal. When shopping, most of us naturally look at the pretty packaging. The same is true of your property. If the lawn is tidy and nicely landscaped, the trim neatly painted and the front door says "Welcome," you'll be more likely to attract a buyer. Make sure sidewalks and driveways are clear of toys and trash. Here's a good trick. Take a photo of your home from across the street. Does it truly look like a home you'd want to call your own? Is it a pretty package?
Good presentation and packaging should follow inside. When a potential buyer opens the front door, what do they see, smell and feel? Keeping your home spotless will keep you ready for those spur of the moment showings. Keep a spray cleaner and cloth handy for quick touch ups. Hang up clothes, straighten the towels on the rack and make sure the dishes are in the dishwasher. It's a good idea to take the trash out each morning to prevent unpleasant smells that might build up. It's the little things that count when you're trying to make a good impression.
Make a potential buyer's tour pleasant with good lighting in every room - even in utility spaces. Arrange furniture so they can easily move from one room to the other. Fluff the sofa cushions and add a nice throw for a feeling of comfort. Given enough time, you may even want to add a small plate of cookies on the kitchen counter or some fresh flowers in the entryway.
Obviously, there are some things out of your control, such as interest rates, the stock market or how many other homes are for sale at the same time. Build on your home's positive aspects and keep the communication going with your agent. You loved your house enough to make the initial purchase and so will someone else.
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Elgin Historic District, Historical - Announcing a price reduction on 312 Hendee, a 3 bath, 4 bdrm fourplex. Now  MLS® #06534563 $335,000 - . Property information
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Hello one and all. I just wanted to let you know of where you can look to recycle all your old computers and electronic equipment. Why throw this stuff into our landfills and let the mercury run into our drinking water, not to mention our farm fields. And don't forget to recycle your old used CFL's (the swirl light bulbs) when they burn out. So here you go to find your local re-cycler: www.MyGreenelectronics.org www.Earth911.org www.Computertakeback.org www.Dell.com/recycle www.HP.com/hpinfo/globalcitizenship/enironment To recycle your old batteries or cell phones, check out: www.Earth911.org www.batteryrecycling.com or call 800/852-8127 www.Biggreenbox.com or call 714/278-9211 www.call2recycle.org or call 877/2-recycle. And Chicagoan people that want to recycle your CFL bulbs, you can at the following locations: Chicago 1150 N. Branch St. Chicago,IL 60622 847/296-9205 State of Illinois 421 N. County Farm Rd. Wheaton,IL 60187 217/785-8604 or Oak St. St. Charles, IL 60174 Naperville 1971 Brookdale 630/420-6700 Lake County 847/336-9340 call for locations Air Cycle Corp. 2000 S. 25th Ave. suite C Broadview,IL 60155 800/909-9709 IKEA 1800 E. McConnor Parkway Schaumburg,IL 60173 847/969-9700 Fluorecycle Inc. 27780 W. Concrete Dr. Ingleside,IL 60041 815/363-4411
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