So, why doesn't your tax bill reflect a 30-40% drop in "Fair Cash Value?" Is Elgin somehow immune to the forces of economics? Well, we know that’s not true. Elgin has been a hotbed of foreclosures.
Here's what the Kane County Treasurer is saying my house is worth.
Do you see a nosedive in my property values in 2005? Neither do I. In fact, here it is 2011 and they are showing only a modest dip in what my home is worth.
Maybe the tax man can’t get current data from which to calculate the value of your home. Well, that’s not true either. Every real estate transaction and refi is recorded at the county. That’s a core service of county government.
So why does Zillow, a private company that gets all the data from real estate transactions, foreclosures, tax bills, and refi values from the same source (Kane County) come up with far different numbers than the ones that appear on your tax bill?Here's what Zillow says has been happening in Elgin and to MY home over the last decade:
And here you see the percent of value change from year to year. The green line is how my home value has changed according to my tax bill and the blue line is the REAL market change.
Over a ten year period, the Kane County tax man says my home has gone up by 58%. But the REAL cash value of my home is only 6% higher! Quite a difference.
Now, the tax man says the change in value can lag by three years due to the assessment cycle. Even that isn't true, as the charts above reveal.
But try to get an explanation and you get this:
The city proudly boasts that our tax rate hasn't gone up in 20 years.
The county board tells you they don't assess your property.
The assessor says he doesn't set the rate of your taxes.
The county treasurer says he only sends out the bills, based on the figures he was given.
The county recorder only records transactions.
If you want something done, you must do it yourself. First, you need to see if your "Fair Cash Value" is far higher than your house would sell for these days. You will then need to pay $300-400 to have a real estate appraisal done. (NOTE: You do NOT need a lawyer or a specialist to do this for you.)
Take the paperwork to the township assessors office at the Elgin Township building on South McLean Blvd and show them that they have been charging you too much property tax. They will reduce your bill NEXT year. They will NOT rebate what they've been overcharging you all these years.
Now, it's OK for the state to skip payments. It's OK for federal block grants to dry up. But you have to beg for an honest tax bill...because you're just the lowly old citizen and if you don't pay up, the Sheriff will sell your house for taxes.