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Tuesday, July 27, 2010

Correcting the Effect of Foreclosures and Short Sales on Property Tax Values to Counter the Wild Spending of Government | Commentary By Illinois State Senator Chris Lauzen

One of the most frustrating and legitimate complaints that constituents share with me is, "How can my property taxes increase, or even stay the same, when the value of my property has dramatically decreased?"

One of the reasons for this abnormality is that foreclosures and short sales are not included by law by assessors in a region's allocation of the local tax burden.  This is obviously an inaccurate reflection of property value, especially in the most devastated areas.

I sponsored SB3334, which passed the Senate and House without a single "no" vote against it, and the governor signed it into law.  This law requires local assessors to include short sales and foreclosures in their comparables to come to a more fair, complete and lower property valuation.  I appreciate the Illinois Realtor Association's legislative help in getting the correction made.

Before we got out to celebrate, we should keep in mind that it is the spending levy issued by local taxing agencies that, in total, determines the amount of our property tax bills.  Until state, federal and local governments spend less, we the taxpayers will pay more.

Illinos State Senator Chris Lauzen, Aurora

2 comments:

Anonymous said...

Thank you Chris Lauzen! Now my house will be worth less and my mortgage company will call my loan because the short sale in my neighborhood was 60% under the true value of my house. Terrible legislation by the legislature.

Anonymous said...

I would change to a different mortgage company if that's the case.