A message from the Belvidere Township Assessor, Tamara Torrance…..
2016 Assessments Complete
The total parcel count in Belvidere Township for 2016 was 11,165.
For 2016 adjustments were made to the assessed values of 9,838 residential parcels in Belvidere Township. This number included 8,897 improved parcels, those having a structure on them, and 941 vacant land parcels.
The Commercial and Industrial properties were also reviewed and the values were adjusted as needed.
The Farm land values increased again in 2016 because of adjustments made at the State level. The value of farm land is determined by soil type, and is calculated using the Soil Productivity Index by the Illinois Department of Revenue.
The Boone County Board of Review ruled on 258 Assessment Appeals filed by property owners in Belvidere Township. An additional 21 changes or corrections were initiated and filed by the Belvidere Township Assessor. The Belvidere Township Assessor and her staff reviewed every appeal that was filed, looking at the basis of the appeal, as well as the evidence submitted. After review, a recommendation was written and provided to the Board, including evidence to support the current assessment. The recommendations were provided to assist the Board in their ruling. The Board of Review had the final say and made their decision after examining all the evidence. The Board finished their work and the Township Assessors have started the revaluation process for 2017.
2017 Assessment Year in Progress
We have reviewed all the sales of real estate in Belvidere Township that occurred in 2016, and separated the valid from the invalid sales. The valid sales are grouped into categories by house type, and then sorted further by location, size, age, quality of construction and amenities. This data is the basis for building our Sales Studies which supports “Market Value” in our jurisdiction.
We are statutorily mandated to use a three-year average to obtain our level of assessments which dictates the overall adjustment needed in the current year to arrive at the perfect level of 33.33% of market value. The assessments for 2017, from which the tax bills payable in 2018 will be calculated, are based on sales data from 2014, 2015, and 2016. In most areas of Belvidere Township, we are seeing a steady increase in the sale prices of residential arm’s length transactions. The sale price of homes in Boone County, as well as Belvidere Township has risen from an average $150,887 in 2012 to $168,048 in 2016. These are the average sale prices for the valid sales in the County.
The percentage of valid sales verses non-valid sales has also been higher every year since 2009. There were 620 sales in Boone County in 2009, only 180 of them were considered valid arm’s length sales, only 29.0% of the total sales. In 2016 there were 787 sales in Boone County, 480 were valid transactions, 61.0% of the total sales.
The sales from the last 3 years are currently listed on our website. The website will be updated as soon as we finish putting together the 2017 Sales Studies. The new studies have had the 2013 sales removed and the sales that occurred in 2016 have been added. Only the valid sales will be listed on the website. We hope this information is helpful to you in understanding how your assessment is determined and will gladly answer any further questions you have.
It is important for us to have the correct information listed in our property records because our goal is to arrive at the most accurate value possible for the current assessment year. We follow up on all Building Permits issued in our jurisdiction. We also conduct on site property inspections, otherwise called “Field Visits”, which are continuous and on-going so that we are able to physically view and photograph every property in Belvidere Township during the 4 year quadrennial assessment period. The beginning of the last quadrennial was January 1, 2015, ending in December 31, 2018. We also sent out forms to various neighborhoods this year requesting information from property owners regarding certain characteristics that are not always readily apparent to us, such as finished area in the lower level, number of baths, etc. The more accurate our records are, the more accurate and fair the assessments will be.
The value of real estate is affected by primary economic forces that include employment, tax rates, labor supply and credit terms and financing. Supply and demand also cause the value of property to increase or decrease. The market is constantly changing and varies from one location to another. My staff and I examine all sales that are recorded in our jurisdiction annually and revise our sales study analysis accordingly. The present year’s sales are incorporated into the studies while the fourth year’s sales are removed. In this way we track the most current market and in turn assign the most accurate value to the properties in our jurisdiction.