Mr. Robert (Bob) Falk
Office Manager: Jamie Wallace
Office Hours: Monday - Friday 9 am - 12 pm & 1 pm - 4 pm
Lunch 12 pm - 1 pm
FYI... Township Multiplier
WHY...Each year the State of Illinois Department of Revenue conducts a Sales Ratio Study in order to determine whether or not the assessed values of properties within each township in Madison County, (and all IL counties), are at the statutory level of 33.33%, or 1/3 of fair market value. If the study shows a township's median level of assessment to be above or below the statutory level of 33.33%, or 1/3 of market value, then an equalizer factor, or multiplier, should be applied. This factor will either increase or decrease your property's assessed value.
WHO...At this time the Board of Review has two options. 1. A single state issued countrywide multiplier, which only impacts the property's assessed value for one year. This type of equalization cannot be appealed, and does nothing to improve the median level of assessment for your township. 2. A Board of Review issued township multiplier, which may be appealed to the State of Illinois Property Tax Appeal Board (PTAB), and does improve your township's median level of assessment. The township multipliers are more equitable on a township-by-township basis than the single state issued countrywide factor.
WHAT... Before deciding to appeal, you need to know two things. 1. What is the Fair Market Value of the property? This can be determined by a recent purchase rice or appraisal of your property, or by recent sales of comparable properties within your neighborhood. 2. What are the assessed values of comparable properties within your neighborhood? Comparable properties being ones that are similar to yours in construction style, size, and age.
WHERE... Information on sales may be obtained from the M.L.S., (Multiple Listing Services), or local Realtors. Your best evidence is an evidence is an appraisal or recent purchase of your property. Information to determine which properties are comparable, and what their assessments are is available at the local township assessor's office. If you're not able to meet with your assessor, the Chief County Assessment office does have the assessed values for all properties in your township, and the web address is: WWW.CO.MADISON.IL.US/DEPARTMENTS/CHIEF_COUNTY_ASSESMENT_OFFICE
WHEN & HOW... If you have evidence indicating that your property's assessed value is greater than 33.33% of its fair market value, or above the median level of assessment for the county, you may appeal to the Stat of Illinois Property Tax Appeal Board (PTAB) within 30 days of the date printed on the township multiplier assessment change notice. Forms and instructions are available at: WWW.PTAB.ILLINOIS.GOV/FILING.HTML
VERY IMPORTANT... WHEN FILING ON THE EQUALIZATION OR MULTIPLIER CARD RECEIVED IN MARCH, THE PROPERTY TAX APPEAL BOARD'S JURISDICTION IS LIMITED TO THE REMOVAL OF THE AMOUNT OF INCREASE IN ASSESSED VALUE DUE TO THE TOWNSHIP MULTIPLIER.
- General Homestead Extension (Owner Occupied) - $6,000.00
- Senior Citizen Homestead - $5,000.00
- Senior Assessment Freeze - Income Limit $65,000.00
- Exemptions offered for - Disabled Person, Disabled Veterans, Returning Veterans
- Circuit Breaker (License Plate Discount) - (See link below)
-Seniors or Persons with Disability Ride Free Transit Card
-We will help fill out Forms if you need us to
For more information on available exemptions see link below:
NO TAX PAYMENTS ARE TAKEN AT THIS OFFICE
For any further information or questions Please call during business hours...
We will be glad to help!