Introduction: If you recently received a Change of Assessment Notice for your property, you might have questions about what it means and what your options are. In this article, we’ll break down the key information and provide a step-by-step guide to help you navigate the process.

What is a Change of Assessment Notice?

This notice informs you that the assessed valuation of your property has been changed. It includes crucial details like your parcel number, valuation date, and the reason for the assessment change.

Why Did My Assessment Change?

Assessments can change for various reasons, but the common one mentioned is reassessment. This could be due to updates in property values or changes in the local area. The notice may also mention an Equalization Factor, which helps maintain fairness in property assessments.

Understanding the Numbers:

The implied fair market value estimate is based on the average of the past three years. This is a key indicator of how your property value has changed over time. The assessment revision represents a percentage change from the prior year’s assessed value.

Rights to Appeal:

You have the right to appeal if you believe the assessed value is incorrect or if your property isn’t assessed uniformly with comparable properties. The deadline to file an appeal is typically 30 days after the assessment publication, so act promptly.

Steps to Appeal:
a. Contact your local assessor’s office to review your assessment. Check their website for a physical description of your property and ensure its accuracy.
b. If unsatisfied, contact the Board of Review for an appeal. You can find their contact information on their website or call them directly. Remember, there’s a 30-day deadline for filing an appeal.

Is This a Tax Appeal?

No, this is a valuation or assessment appeal to determine the full fair market value of your property. Taxes are calculated by multiplying the assessed value by the local tax rate.

Assessed Value (AV) × Local Tax Rate (LTR) = Property Tax

Example: Suppose your property’s assessed value is $100,000, and the local tax rate is 1%.

$100,000 (AV) × 0.01 (LTR) = $1,000 Property Tax

This basic equation illustrates how your property tax is calculated by multiplying the assessed value by the local tax rate. Keep in mind that the assessed value might change based on reassessment, as mentioned in your Change of Assessment Notice.

Homestead Exemptions:

The notice mentions potential eligibility for homestead exemptions. If you have questions about these exemptions, contact your Township Assessor or the Supervisor of Assessments Office. Information and application forms are usually available on their websites.

Contact Information:

The article includes contact details for both the Township Assessor and the Supervisor of Assessments Office. Use these resources for specific inquiries about your property or exemptions.

Conclusion: Understanding your Change of Assessment Notice is crucial for homeowners. By reviewing the information provided, contacting the relevant offices, and considering your right to appeal, you can ensure your property is assessed fairly. Don’t hesitate to seek assistance if you have questions, as these processes are in place to help homeowners navigate the complexities of property assessments and taxes.

MATH EXPLAINED
In this example, the full fair market value is calculated by multiplying the assessed value by the equalization factor. Property taxes are then determined by multiplying the assessed value by the local tax rate. Remember, these numbers can vary based on local factors and reassessment.

Equation:
Full Fair Market Value (FFMV)=Assessed Value (AV)×Equalization Factor (EF)Full Fair Market Value (FFMV)=Assessed Value (AV)×Equalization Factor (EF)

Property Taxes=Assessed Value (AV)×Local Tax Rate (LTR)Property Taxes=Assessed Value (AV)×Local Tax Rate (LTR)

Example: Suppose your property has an assessed value of $150,000, an equalization factor of 1.05, and a local tax rate of 2%.

Full Fair Market Value (FFMV) = $150,000 \times 1.05 = $157,500

Property Taxes = $150,000 \times 0.02 = $3,000

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