Property value complaints hit lowest level in years in Winnebago County
By Kevin Haas
Rock River Current
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ROCKFORD — The number of people complaining about what assessors say their property is worth has fallen to a low not seen in at least a decade and a half.
There were 750 challenges filed this year asking the Winnebago County Board of Review to reduce the assessed value of a home or commercial property. That’s the lowest number in records we have from the Winnebago County Supervisor of Assessments going back to 2005. The next lowest was 906 in 2006. The deadline to file a complaint has passed.
The drop in complaints, which is roughly 200 fewer than last year, can be partially credited to the scorching real estate market, said Supervisor of Assessments Tom Hodges.
People and businesses that challenge their assessments must point to property values of similar properties, but with home sale prices at historic highs homeowners may have trouble finding comparable sales to make their case.
“If all your neighbors are selling for more than what you’re assessed at you’re not going to be able to successfully challenge your property tax assessment because you don’t have the comps to prove it,” said Conor Brown, CEO of Rockford Area Realtors.
Assessments are based on the value of the property as of Jan. 1, and data from three years of sales is used to make the determination.
“We’ve enjoyed three very good years in terms of real estate in our region,” Brown said.
Related: ‘Just let me buy a house’: Hot real estate market creates bidding wars for buyers
Challenges filed this year include 108 property owners asking for a reduction of more than $100,000, according to Hodges’ records. There were 91 such challenges last year and 291 in 2019. The largest number of complaints asking for more than a $100,000 reduction was 700 in 2013.
The challenges come after the equalized assessed value of all property in Winnebago County rose to $5.37 billion this year, the highest countywide value since 2010. However, the value of all complaints if granted is nearly $42.1 million. The reduction amount all challengers filed last year was $43.8 million.
Board of Review hearings on the challenges begin in November.
This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on Twitter at @KevinMHaas or Instagram @thekevinhaas.
