The Impact of Property Reassessments on Taxes in Piatt County

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Introduction

In a recent development, Piatt County has sent out property reassessments to homeowners, which has left some residents confused. Many homeowners have expressed concerns about their assessment values increasing despite no significant changes to their properties. This has raised fears among residents that their property taxes may also increase. In this article, we will explore the reassessment process in Piatt County, the potential impact on taxes, and how homeowners can appeal their assessments if they disagree with the value assigned to their properties.

The Reassessment Process in Piatt County

Piatt County follows a quadrennial reassessment schedule, meaning that every four years, each property within the county is reassessed. 2019 happens to be the year of reassessment, and the process begins with the state determining the market value of properties based on previous sales.

Understanding Property Assessment Values

According to Illinois regulations, property assessments must be at least 33 and a third percent of the market value determined by the state. This requirement explains the increase in assessment values that many homeowners in Piatt County have observed. The county assessors have stated that they are obligated to perform these reassessments to comply with state regulations. Failure to do so could result in the state reassessing properties themselves and potentially applying a higher factor on tax bills for townships that did not voluntarily reassess their properties.

Potential Impact on Property Taxes

While the reassessment itself does not automatically translate to an increase in property taxes, higher property values could lead to a bigger tax bill for homeowners. It is important to note that the county assessors do not have the authority to set taxes themselves. However, it is recognized that higher assessment values could potentially result in higher taxes being levied by the appropriate authorities.

Exemptions and Special Considerations

Certain exemptions and considerations are in place for specific groups of individuals during the reassessment process. Farmers, veterans, and seniors all have different reassessment criteria. For example, seniors over the age of 65 have the option to freeze the assessed value of their homes, preventing any increase in the value used for tax assessments.

Appealing Assessments

For homeowners who disagree with their property assessments, there is a recourse available. They can obtain an appeal form from the Pike County Courthouse and complete it by the November 8th deadline. By doing so, they have the opportunity to present their case in front of a hearing and provide evidence as to why their property value should be changed. This appeal process ensures that homeowners have a chance to challenge the assessment if they believe it is inaccurate or unfair.

Conclusion

The recent property reassessments in Piatt County have caused confusion and concern among homeowners. While the increase in assessment values does not automatically mean an increase in property taxes, it is important for residents to be aware of the potential impact on their tax bills. Understanding the reassessment process, exemptions for specific groups, and the option to appeal assessments can help homeowners navigate this situation effectively. By staying informed and taking necessary steps, homeowners in Piatt County can ensure that their property taxes are fair and accurately reflect the value of their properties.

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