Village of Riverwoods, Illinois

Special Lake County Edition:
Property Assessments

Dear Lake County Resident,

Property owners will be receiving their blue assessment notices over the next few months. It's important for taxpayers to read and understand this notice.

View Example Assessment Notice

Understanding Your Property Assessment

There are a variety of tools available to help taxpayers understand their property assessment:

1. Contact your Township Assessor

If you have questions on your assessed valuation, your first point of contact is your township assessor's office. Please remember, before filing an assessment appeal, you should review the details of your property with this office. Your township assessor's name and contact information is listed on your notice or find it here.

2. Get Help from the Chief County Assessment Office

Visit a Help Center - Get one-on-one assistance in evaluating your property assessment valuations. Several Help Centers are taking place across the county August - October. See schedule.

Attend a Public Information Meeting - Learn about the property tax process, assessment procedures, steps to review an assessment valuation, the assessment appeal process and more. The meetings will take place at the College of Lake County, Grayslake Campus, Building C - Auditorium on:

Saturday, Oct. 2, 9 a.m. and Saturday, Oct. 30, 9 a.m.

3. Learn more!

Visit www.lakecountyil.gov/assessor to review property characteristic information and assessed valuations for all parcels in your township

Watch "Live Chat" - Lake County Treasurer Bob Skidmore and Chief County Assessment Officer Marty Paulson discuss property taxes and assessments in 30 minute program.

Five Assessment Facts You Should Know

An assessment is the process of appraising property and giving it an estimated value, which is the basis for determining what portion of the total tax burden each property owner will bear.
The tax burden is created by taxing bodies (schools, villages, townships, county government). Each taxing district* develops its own budget and sets a property tax levy. You can provide input on this at public hearings. Contact the taxing body for questions about its budget process.
The assessment notice is not a tax bill. It shows the estimate of what property is worth and an estimate of current fair cash value of your property based upon the sales transactions in 2007-2009.
Assessed values are different from current market values of properties. Local assessors determine values based on sales from the last three years, so it's not a reflection of today's real estate market.
If you feel that your assessment is inaccurate, you have 30 days from the publication date to appeal. (Follow steps outlined below).

*There are 231 taxing districts that levy taxes in Lake County (e.g.: schools, local government, libraries). The Lake County Treasurer collects taxes on behalf of these taxing bodies and then distributes the funds. Lake County government keeps only 7% to fund County services.

Recommended Steps to Review Your Assessment Valuation

Review your assessment notice and use the web assessment tools to verify your assessment information and create a comparison grid. (Check out the resources page to learn how to use the web assessment tools, and obtain other helpful information).
Contact your local township assessor's office with your questions.
Research and collect evidence to support your appeal. Read and understand the "Reasons for an Appeal" and Board of Review rules.
Participate in a Lake County Board of Review hearing, (if necessary).
Board of Review Notice of Findings in your case will be mailed to you. Determine if you need to appeal to the State Property Tax Appeal Board (if necessary).

Frequently Asked Questions

HOME VALUES HAVE BEEN FALLING. WILL MY TAX BILL ALSO GO DOWN?
The simple answer is no. There are two major factors that can impact property tax bills:

Equalized Assessed Value (a taxpayer's share of the total tax base) - Neighborhoods in your town (other than yours) could have seen lower assessments due to some homes selling drastically below market value. That can result in a low township-wide assessment average, in which case "equalization" raises the value of every property in the township.
Tax Rates - This is determined by the level of spending of local taxing units. So, unless taxing bodies reduce their budgets, tax bills will not change.

HOW CAN I GET TAX RELIEF?
Save money by filing for homestead exemptions. You may be eligible for one or more of these exemptions. Some are automatically applied and you must apply for others. Learn more.