New law clarifies property tax assessments

There’s been something missing from property tax assessments. Until now, distressed property sales and the effect they have on area property values were not considered in the assessment process.

The Illinois Association of REALTORS® supported a bill that sought to amend the Illinois Property Tax Code and include distressed property sales into property tax assessments. Senate Bill 3334, which became law on July 16, will allow for a more complete and balanced picture of property values in a community. Property owners who seek to appeal their property taxes will be armed with the most accurate information available.

The IAR Governmental Affairs team provided real estate expertise and knowledge needed to craft this legislation, which is meant to result in more accurate property tax assessments.

Watch the video below for more details regarding the new law:

2010-07-28T09:26:38+00:00 July 28th, 2010|Government Affairs, Legal|12 Comments

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12 Comments

  1. […] This post was mentioned on Twitter by Heather Jelic, MRED LLC. MRED LLC said: IARBuzz – new law re: prop assessments – until now, distressed prop sales & effect on prop values weren't considered – http://bit.ly/ajN9jL […]

  2. […] This post was mentioned on Twitter by Heather Jelic, MRED LLC. MRED LLC said: IARBuzz – new law re: prop assessments – until now, distressed prop sales & effect on prop values weren't considered – http://bit.ly/ajN9jL […]

  3. Monica Kim July 29, 2010 at 8:07 pm

    Please tell me why not in Cook county?
    Thank you
    Monica Kim

  4. Monica Kim July 29, 2010 at 8:07 pm

    Please tell me why not in Cook county?
    Thank you
    Monica Kim

  5. Donald Yosef Marcus August 2, 2010 at 1:19 pm

    Its about time !!~ Great Job NAR 🙂

  6. Donald Yosef Marcus August 2, 2010 at 1:19 pm

    Its about time !!~ Great Job NAR 🙂

  7. […] published on IARBuzz.com on July 28, […]

  8. […] published on IARBuzz.com on July 28, […]

  9. Doris Rogers August 3, 2010 at 8:57 pm

    I have been asking the same question, for three years now…Thank you for helping us realize truer values when working on tax appeals.

  10. Doris Rogers August 3, 2010 at 8:57 pm

    I have been asking the same question, for three years now…Thank you for helping us realize truer values when working on tax appeals.

  11. Jessica Horstman August 6, 2010 at 9:21 am

    Realtors should advise their clients that although the new law is intended for assessments to reflect a more accurate fair market value, it does not necesssarily mean that tax bills will decrease. Tax rates will likely rise to compensate for lower assessments, therefore, tax bills themselves will likely remain similar or higher. Owners may still need to file appeals on their properties in an effort to lower their tax bill.

  12. Jessica Horstman August 6, 2010 at 9:21 am

    Realtors should advise their clients that although the new law is intended for assessments to reflect a more accurate fair market value, it does not necesssarily mean that tax bills will decrease. Tax rates will likely rise to compensate for lower assessments, therefore, tax bills themselves will likely remain similar or higher. Owners may still need to file appeals on their properties in an effort to lower their tax bill.

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