Assessor's Office

The Palatine Township Assessor’s Office is currently assisting Township residents with 2008 appeals to the Equalized Assessed Valuation (EAV) to their homes. Your home’s assessed valuation is one of the factors used in the calculation of property taxes. While there is no guarantee taxes will go down with a lower assessment, it is still prudent to ensure your home is assessed as accurately as possible. Township residents have until August 25 to file their appeals.

While this is not the Triennial Reassessment, Township residents may appeal their EAV every year. Generally, there are three common grounds used for filing an appeal. These are:

1. Lack of Uniformity. Here you believe the assessed valuation of your home is out of line in comparison to similar homes in your neighborhood.

2. Overvaluation. If you think your home was overvalued, for any reason, you can file an appeal and include closing statements or recent purchase prices of similar homes.

3. Property Description Error. An example would be incorrect square footage of your home.

Please stop by or call us at 847-358-6700 for assistance in filing your appeal. We look forward to working with you.

EXEMPTIONS

There are some new and expanded exemptions to which you, as a homeowner, might be entitled. Remember, the exemption dollar amounts help reduce your home’s assessed valuation on your property tax bill, which in turn could lower your taxes.

Here are the new and updated exemptions for the 2007 and 2008 taxable years:

Please note: 2007 “taxable year” refers to taxes paid in 2008.

2008 “taxable year” refers to taxes paid in 2009.

ü Veterans are eligible to receive a one-time returning veterans’ homeowner exemption of $5,000 in the taxable year they return. This is in addition to any other exemptions.

ü Disabled Veterans are eligible for an additional exemption. For veterans who are at least 75% disabled, as certified by the U.S. Department of Veterans’ Affairs, an additional $5,000 exemption is available. For disabled veterans who are 50% to 75% disabled, as certified by the U.S. Department of Veterans’ Affairs, the exemption is $2,500. Important note: this exemption carries over to the surviving spouse.

ü Disabled Persons’ homeowner exemption of $2,000 for taxable year 2007. Proof that the person claiming the exemption is eligible to receive disability benefits under the Federal Social Security Act shall be considered proof of disability. Also, the issuance of an Illinois Disabled Person Identification Card shall be considered proof of disability.

ü Senior Citizen homeowner exemption is increased to $4,000 starting in the 2008 taxable year. This is up from $3,500.

ü Senior Citizen property assessment freeze income level is increased to $55,000 staring in the 2008 taxable year. If the household income is $55,000 or less starting in the 2008 tax year the property’s assessed valuation can be frozen. This is an increase from the $50,000 level in tax years 2006 and 2007.

ü Homeowners’ 7% Cap is changed in the following taxable years as follows:

2006 remains at $20,000

2007 changes to $33,000

2008 changes to $26,000

2009 changes to $20,000

You can check on your 7% exemption dollar amount at www.cookcountyassessor.com. All you need is your Permanent (or Property) Index Number.

If you have any questions, or are concerned you are not receiving all your exemptions, please feel free to call the Township Assessor’s Office at 847-358-6700. We will be glad to assist you.

A law passed by the Illinois General Assembly requires that all homes in the State of Illinois have a carbon monoxide (CO) detector within 15 feet of every sleeping room. The law goes into effect January 1, 2007.

Carbon Monoxide is a colorless, odorless gas produced when fuels such as natural gas, oil, kerosene and wood are burned. It can be fatal at high concentrations.

Both single and multiple family residences that rely on fossil fuel combustion for heat must have a working carbon monoxide detector that complies with all requirements, rules and regulations of the Illinois State Fire Marshall; bears the label of a nationally recognized testing laboratory; and complies with the most recent standards of the Underwriters Laboratories or the Canadian Standard Association.

Ø Assisting seniors with senior exemptions, tax freezes and circuit breaker applications

The expanded Homeowners Exemption 7% Assessment Cap will be administered by the Cook County Assessor’s office who states this new exemption will:

The property must be owner occupied to be eligible for the 7% Cap. A property that is sold will no longer receive the 7% Cap. All calculations will be handled by the Cook County Assessor’s Office.

There is some disagreement as to the overall effect of the 7% cap on assessed valuation of property. Please click here for an article written by Mr. Steve Stanek of the Heartland Institute dated December 1, 2004 that discusses this issue.

If you have any questions on this exemption, or any other questions about your property’s value, please stop by the Township Office for assistance.

The Palatine Township Assessor’s Office provides assistance to taxpayers, attorneys, real estate agents, appraisers, and other governmental bodies on real property and property tax related matters. Our office has a direct computer hookup to the Cook County Assessor’s records, giving us immediate access to information about any property in Palatine Township.

You can contact the Palatine Township Assessor’s Office by telephone at (847) 358-6700 or by e-mail to assessor@palatinetownship.com. You can also fax the Assessor’s Office directly at (847) 776-3017. To reach the Cook County Assessor’s Office for further information visit their website at: www.cookcountyassessor.com.