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The Assessor uses three years of sales preceding the assessment date to estimate market value. The assessment date is January 1 of the current year. No projected future value of the property is predicted nor does it figure into the analysis. It is not possible to appraise all the property in the township using the current year sales data as it would delay the entire tax cycle process.
There are four different types of exemptions that either reduce or defer an increase in the equalized value of your property. The net effect of these exemptions is to lower the assessed valuation to which the tax rate is then applied. The qualifications and application procedures vary for each program. However, you must own the property and it must be your primary residence to qualify for any of these exemptions.
- GENERAL HOMESTEAD EXEMPTION
- HOMESTEAD IMPROVEMENT EXEMPTION
- SENIOR HOMESTEAD EXEMPTION
- SENIOR CITIZENS ASSESSMENT FREEZE HOMESTEAD EXEMPTION
Other exemptions available through the Chief County Assessment Office include:
Contrary to popular belief, your assessment does not determine your taxes. The main purpose of assessing property is to fairly distribute the tax burden according to your property’s value. Generally, tax bills go up or down as a result of spending changes by taxing bodies. So, if government spending and levy requests remain consistent, most of us will see no change in our tax bills.