Introduction
In the town of Plainfield, Illinois, property owners are subject to a quadrennial assessment, also known as “The Quad.” This assessment occurs every four years, as required by law. It is essential for property owners to understand this assessment and its implications on their tax bills. In this article, we will delve into the details of the quadrennial assessment notice, explain each column, discuss the factors that contribute to assessment changes, and provide information on tax rates and exemptions.
The Quadrennial Assessment Notice
Every property owner in Plainfield receives a notice of quadrennial assessment, which outlines the assessment value that will be used to calculate their tax bill for the following year. It is important to note that if you believe your assessment is too high, you have the option to take appropriate action. However, if you are satisfied with the assessment, no action is required from you.
Understanding the Assessment Notice
The quadrennial assessment notice consists of three columns that convey crucial information. The first column represents the assessment value from the previous year. The second column reflects any changes made by the Township Assessor’s Office. The third column displays the final assessment after applying the County’s multiplier and adjustments. It is important to understand that your assessment represents one-third of the market value.
Factors Affecting Assessment Changes
Assessments are calculated based on market sales data from the previous three years. Over the past three years, sale prices in Plainfield have increased by 35 percent. These significant increases in sale prices have consequently led to substantial increases in assessed values during this reassessment year across Plainfield Township and Will County. Most property assessments in Plainfield Township have risen between 11 and 17 percent compared to the previous year. These increases, though larger than usual, are based on actual sale prices.
Tax Rates and Exemptions
It is important to note that the quadrennial assessment notice does not include information regarding tax rates and exemptions. Such details are only listed on your tax bill. However, it is vital to understand that tax rates and exemptions do impact your overall tax bill. Exemptions for the year 2023 will be reflected on your tax bill for the following year.
Reasons for Significant Assessment Increases
If your assessment increased by more than 17 percent, there are several possible reasons for this substantial change. These reasons include:
- New Construction: If you have recently built a new home or made significant additions such as additional square footage, a garage, an enclosure, or an in-ground pool, your assessment may have increased accordingly.
- Reduction in Assessed Value: If your property has received a substantial reduction in assessed value within the past few years due to a sale or condition, the subsequent reassessment may lead to a higher assessment to align with market values.
- Discrepancy with Comparable Homes: If your previous assessment was significantly lower than the assessments of comparable homes in your neighborhood, the reassessment aims to rectify this discrepancy.
- Lowest Assessment-to-Sale Ratio: If your assessment was substantially below the recent sale price of your property and flagged as one of the lowest in the assessment-to-sale ratio study, it may have resulted in a higher assessment during this reassessment year.
Market Value and Property Valuation
It is essential to understand that the market value listed on your quadrennial assessment notice is solely for tax purposes. A real estate agent or appraiser may evaluate your property at a different amount. If you believe that your property’s value is too high, you have the option to take action; otherwise, no further steps are necessary.
Conclusion
In conclusion, the quadrennial assessment notice is a crucial document that Plainfield, Illinois property owners should understand. It provides information on the assessment value used to calculate tax bills, and it is crucial to review the changes and reasons behind them. Additionally, it is important to remember that tax rates and exemptions impact the final tax bill, and these details will be included on your tax bill for the following year. Understanding the intricacies of the quadrennial assessment empowers property owners to navigate their tax obligations accurately and effectively.