Assessor
Joseph (Joe) R. Oldani
23465 Eastern Ave.
Manhattan IL 60442
(815) 478-5154 Telephone & Fax

Certified
Illinois
Assessing
Official

Manhattan Residents:  

            Before I get to the assessment topic for this year an event hosted by the Will County Assessment Office will be held on June 11, 2010 between 10:00 a.m. and 2:00 p.m. at the Manhattan Township Building located at 24645 Eastern Ave.   The building is on the northwest corner of Smith Road and Eastern Ave.   This is a convenient opportunity for seniors those turning 65 years of age in 2010 or already 65 and older can sign up for senior exemptions.  Also any age disabled person or disabled veteran home owner can sign up for additional exemptions to help reduce their real estate tax bill.

The present economy is providing for stable real estate assessments that are used to calculate real estate taxes.  Again for the second year there will be no general reassessment of real property values in 2010 for Manhattan Township .  The exceptions are those properties that added a new improvement or removed an improvement in 2009 that will be considered for the 2010 assessment year.

            Most Will County Townships will receive a slight negative factor from the Illinois Department of Revenue for the 2010 assessment year.  Assessment reductions will not apply to all parcels and let me emphasize they will be very slight changes.  Assessment changes up or down do not automatically translate as cheaper real estate taxes.  It really depends on what happens to the tax rate.  The assessment is only one component to calculating the tax rate.  The tax levy (the amount of money requested by each taxing body) is the other component to calculating the tax rate.  It is the operating expense variable of the equation tax rate equals the tax levy divided by the total equalized assessed value. 

However, most people can expect very little change in the real estate tax bills payable in 2010 from what the amount was last year.  Last year was the first time in twenty years that Manhattan Township did not receive a positive multiplier due to the Illinois Department of Revenue’s Sale Ratio Study.  This is the factor that will normally push real estate assessments higher.  This year another milestone first time probably in thirty years a negative factor was issued.  As explained in prior letters the Illinois Department of Revenue’s Sale Ratio is comprised of multiple years of sales with the prior three years 2007, 2008, and 2009 real estate sales now impacting the study for the 2010 assessment year.  Only “Market Value” sales are considered in the sale ratio study, short sales, foreclosures, and others that do not fit the definition of “Market Value” are not included.  At this time I expect the real estate assessments to remain stable or possibly slightly lower through the 2011 assessment year with taxes payable in 2012.  More information on assessment process topics see the additional information link.  The 2010 assessments for taxes payable in 2011 will not be published to the web until August 2010 and they will not be considered final values until the Will County Board of Review closes its 2010 session sometime in December of 2010.

            Other changes to assessment process for taxes payable this year based on the 2009 assessments include higher exemptions amounts for the General Homestead, Regular Senior, Disabled Person, and Disabled Veterans Exemptions.  A temporary tax relief starting in 2010 was approved by the Illinois Legislature for those who own vacant lots in platted subdivision.  This relief will reduce the assessed value on these vacant lots to the developer relief assessed value that was on these parcels prior to the sale from the original developer of the subdivision.  The reduction in assessed value on these vacant lots is for the 2010 and 2011 assessment year.  Under this temporary legislation as long as a qualifying lot remains vacant the assessment will not return to a “Market Value” assessment until the 2012 assessment year.  Another recent assessment reduction option for vacant land that is five acres or larger is a program called Land Stewardship this program is under the jurisdiction of the United States Agriculture Department.  There office is located on west side of Gougar Road in New Lenox between Laraway Rd. and Spencer Road .  Please contact their office for more details.  In my opinion none of the reductions or exemptions discussed above will have a dramatic affect on Manhattan ’s real estate tax base because of new construction being assessed for the first time in 2010.

            Finally I am aware of the poor economic times and I have been contacted by many seeking tax relief as another way of reducing overall expenses.  I can only provide assessment relief when the facts according to real estate assessment practices indicate some inequity.  Over the past year I reviewed many appraisals for bank refinancing that stated deep reductions in value.  When I have analyzed the comparable properties used in most of these appraisals I found them not to be that comparable to the subject property.  So if I turn someone down seeking relief it is not because I am mean spirited.  It is only to protect the integrity of the assessor’s office.  The Manhattan Township Assessor’s Web Site is available so all can have an anonymous transparent view of all assessments.  Even if a person does not understand every detail of the assessment process they can see the results and call me when they have questions.   Anyone who has been turned down for assessment relief by me can always try to prove their case before the Will County Board of Review.  It is just part of the assessment process that gives anyone the right to seek another opinion based on a set of facts they present.  I do not take this challenge personally I understand it is everyone’s right of due process under the law.        

                                                            Sincerely
                                                                        Joseph R. Oldani