The Consumer Price Index (CPI) mandated from the state this year is 1.033 %. Taxable Values on properties will increase by that amount for taxing purposes for 2022. Taxable Value is the basis for your property taxes. This will be calculated using the inflation rate of 1.033 for the 2021 capped value. Properties that have been uncapped as a result of a sale may see a higher increase in taxable value as well as properties for which there is new construction. The assessed value, however, is not the value that is multiplied by the millage rate to establish taxes. Your Assessment Change Notice is sent out in February, and if you have questions or concerns please contact Supervisor Bloomquist at the Township office. Remember, it is taxable value that is used to compute tax bills.
A homestead exemption is also indicated on the Assessment Change Notice. You should check your notice at the center bottom for the number that can range from 0 to 100%. To receive 100% property exemption you must own and occupy your residence. All homeowners for newly constructed homes must file a Principle Residence Exemption form with their local government and occupy the home by November 1st to receive the exemption. The form is available here and at the Township office.
The board of review meets three times a year in March, July and December. March B of R is the ONLY time a valuation appeal can be made.
March Board of Review hears appeals on valuation, poverty exemption, classification, qualified ag,and veteran exemptions. The March Board of Review will be held at the Township Hall. Due to these changes, it is important to have the following documentation prepared and submitted ahead of your appointment to insure a thorough review.
Sales studies by neighborhood: