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We all know the real estate market in Illinois has been turbulent and volatile over the past six years. As a result of this, the general reassessment year was instituted in order to ensure your values are continuously and accurately maintained. This results in some property owners not paying their fair share of the tax burden, while others are paying more of the tax burden than they should. However, if property values are only factored every year without an actual township-wide physical reassessment, values become inequitable. In-between general reassessment years, each Township receives an annual equalization factor from the county and state to keep pace with the market. We are required by state law to reassess using sales occurring during the three years prior to the general reassessment year. In a general reassessment, each Assessor’s office is required by Illinois State Statutes to assess properties at one-third of fair market value as of January 1 of each assessment year. Within that framework, we undertook the first township-wide physical reassessment of Milton Township in twenty-four years.

My staff and I began by migrating from the old outdated assessing software to a new software assessment database allowing the deputies to achieve greater uniformity, accuracy, and fairness in the assessing process. This process is called the general reassessment year.Ģ015 happens to be a general reassessment year. Every four years each township assessor is required by state statute to conduct a township-wide physical reassessment of all properties within his or her jurisdiction. It was my promise to you when I became Assessor that I would work to correct the wide discrepancies so many property owners cited in Milton Township. To understand the impact of this, ask yourself: What was the local real estate market like in 1991 compared to where it is today? When I took office in January of 2014, I was shocked to learn there had not been a full township-wide physical reassessment of Milton Township since 1991, twenty-four years ago. In twenty-four years, our real estate market has changed dramatically as well. Over twenty-four years, technology has completely transformed multiple times. Over twenty-four years you can raise a child from infancy through college graduation.