Property Assessments Out
The majority of Madison County’s 2020 property assessments are out, with around 32,000 parcels remaining to be published.
“Property owners began receiving their updated assessments earlier this month,” Prenzler said. “The first assessments were published on Aug. 5.”
Prenzler said 20 of the 24 townships published equalized assessed valuations (EAV) for real property and the remaining four townships — Nameoki, Choteau, Venice and Granite City — are set to publish after Labor Day.
“Next year’s taxes will be based on the value of property as of Jan. 1, 2020,” Prenzler said.
He said that homeowners who disagree with their EAV may challenge their assessments. He encourages people to call their township and/or county assessment offices soon, as some appeal deadlines are as early as Sept. 4.
Homeowners should also check to make sure they are receiving their exemptions (general homestead, senior homestead, disability, etc.) which reduces the EAV, he said.
“Questions always come up at this time about how property is assessed,” Prenzler said.
The system of valuing property involves township and county offices, and the Illinois Department of Revenue (IDOR).
Township assessors submit assessments, which are reviewed by county and state offices. These values are compared with sales data and adjusted. Taxpayers see these adjustments as multipliers on their tax bills.
By law, township assessors are required to view every property in their jurisdiction once every four years, which is also known as the quadrennial.
Farmland is assessed by the state — not the county — on its agricultural economic value, taking into account the land’s actual use, slope, erosion, flooding and other factors that affect productivity.
Prenzler said information put out by his opponent calling for an “assessment freeze” is misleading.
“Illinois law doesn’t allow for an assessment freeze,” he said. “Assessors, at the township, county and state levels, work all year to adjust assessments to reflect changing market conditions.”
He said if a township assessor, for example, were to freeze all assessments, these values would be changed by county and state offices, to reflect changes in market prices.
“There is no free lunch with property taxes,” Prenzler said. “At the end of the day, the taxing districts (public schools, municipalities, etc.) impose an amount (levy) that must be paid.”
Prenzler said seniors, who have a household annual income of less than $65,000, could receive an assessment freeze. For more details, seniors should call their township or county assessment offices.
“Taxpayers are invited to call me, if they have any questions,” Prenzler said.
Visit the county assessment office at https://www.co.madison.il.us/departments/chief_county_assesment_office/index.php for more information about assessments, appeals, exemptions, or more. Any assessment changes are published in the newspaper.