Best Evidence for Assessment Appeal
To support a claim of an unfair assessment, you will need substantial evidence.
Below is a list of useful evidence that supports most claims of overvaluation. You should use at least one form of evidence. However, if more than one best supports your claim of fair market value, use as much evidence as needed.
- APPRAISAL: An appraisal is NOT required when you appeal an assessment, but an appraisal performed by an Illinois Licensed Appraiser is one of the best forms of evidence to have. Appraisals performed anytime during the previous 3 years are acceptable for submission.
- CLOSING STATEMENT: If you are wanting a reduction to your purchase price, you will need to submit the first 2 pages of your HUD-1 statement or your Closing/Settlement statement. Additionally, if the property was listed on the Multiple Listing Service (MLS), it useful to include the "Listing history" of the property, which can be provided by any REALTOR. Another document that may be helpful is the Transfer Declaration or PTAX-203, a/k/a/ Green Sheet.
- MARKET VALUATION: Sale comparables are used to prove market condition. A market analysis argues that the value of one property is at a higher level of assessment than the sale price of similar properties. Sale comparables for Rockford Township can be obtain from Rockford Township’s Website, the Township Assessor's Office, the Supervisor of Assessments' Office, your own independent research, or from a member of the local Multiple Listing Service, a/k/a a REALTOR.
- EQUITY: (UNEQUAL TREATMENT/LACK OF UNIFORMITY): Equity comparables are used when sale data is limited or does not exist. An equity analysis argues that the value of one property is at a higher level of assessment than the assessment of similar properties. Equity comparables can be found at the Township Assessor's Office, the Supervisor of Assessments' Office, or your through own independent research.
- INCOME APPROACH: If the property is income producing and 6 units or less (residential or commercial), you must furnish an income and expense statement and copy of an entire typical lease. If the property has 7 or more residential units or is commercial use, you must submit the income and expense statements from 2014, 2015, 2016.
- LEGAL BRIEF: Appeals based on incorrect application of law must include a brief, citing the law in question as well as copies of any legal opinions and/or judicial rulings regarding the law in question.
- CONTRACT TO PURCHASE: If you are a purchaser who has entered into an agreement, you may file a complaint on the property that you have agreed to purchase, with a scheduled closing date within 25 days after the complaint filing deadline, provided the filing includes:
- a copy of the entire contract to purchase AND
- a written statement from the property owner granting authorization, to the purchaser, to file the complaint. In cases where the property owner is a bank, or a government agency (ie HUD, FNMA, VA, etc.), this statement is not required. In those cases, only the copy of the entire contract to purchase is required.
- PROPERTY LISTED FOR SALE BUT HASN'T SOLD: If your property has been listed for sale and has not sold, you will need the Multiple Listing Service (MLS) history. If not listed through a local REALTOR, proof of advertising and duration.
- CONSTRUCTION COSTS: A sworn contractor’s affidavit of costs, if the improvement is new construction together with a Closing/Settlement Statement or first 2 pages of the HUD-1.