Q: Where can I find information about assessment exemptions and which have been applied to my assessment?
A: Information about assessment exemptions can be found on the township and county assessor’s websites. Go to the SunCPAC webpage at www.suncpac.org and select the Assessment Officials box at the top of the page. This will open the Contact Information page. By clicking on the website address for your township or county assessor, you will be taken to their website, where they have posted exemption information. Also, by going to your address’s page on the county website, you can find information about which exemptions have been applied to your assessment.
Q: If I purchased my home during the high point of the real estate market, will my assessment always be at that high market level?
A: The township assessor sets the amount of an assessment based on one third [33.33%] of the fair cash value of the property based on the average value of three prior years of sales of similar property. As the value drops, the average value will also drop, but at a lower rate. The new amount is then adjusted by the county Supervisor of Assessments to equalize all assessments to provide a uniform level of valuation across the several districts and townships making up the county’s property. Thus the Equalized Assessed Value [EAV] of a property purchased at the height of the market will come down slowly as the three-year average comes down as prices are depressed. An appeal may obtain a reduction if other similar properties have much lower assessed values.
Keep an eye open for more Q & A’s about property assessments and information in future editions of the Sun Day. And look at www.suncpac.org for your Model Report.
