Consolidation or Splits of Should I consolidate my two or more parcels of property

Property into one? If you are a property owner with separate
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adjacent lots I hope this article gives you some insights
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regarding the pros and cons of consolidation.



There may be some tax advantages to consider when a

property owner has no intentions of selling a separate

vacant lot that is adjacent to their principle residence. It is

possible for two smaller lots to have a higher combined

assessed value than one single lot of the same size. Some

exceptions may exist if one lot has some particular

problem that affects Market Value. Because land is

unique each situation must be looked at on a case by case

basis.



In general a larger piece of land will usually be assessed

less than two equally split lots that total size equal the

single parcel. The reason is that land like other marketable

commodities exhibit economy of scale in the market place.

This just means as lot size increases the selling price per

square foot decreases or quantity discount.



Another tax advantage of consolidation is all exemptions

an owner is entitled to only apply to their principle

residence. By consolidating your adjacent parcel into one

parcel any exemptions’ such as General Homestead,

Home Improvement, Regular Senior, and Senior Freeze will

apply to the total now. None of these exemptions apply

to a separate lot. As an example suppose your house in

on a fifty-foot wide lot and you own the adjacent same

size lot. You want to construct a detached garage but

there is no room on lot that your house is located. You

decide to construct the garage on this separate lot. A

home improvement exemption would not apply in this

instance. Regarding the senior freeze exemption the best

scenario is to consolidate the lots prior to getting the

exemption so if the combined assessed value is lower the

base assessment with the senior freeze will be lower.



Often the only advantage to keeping lots separate is

holding them for resale like an investment, perhaps a

home site for a relative, or to avoid a re-zoning process if

the new proposed parcel's size would not be compatible

with it's present zoning. Zoning laws may prevent having

a smaller lot split out from a larger lot once they are

consolidated together. Also check with the zoning

official that the consolidation or split you are planning

can be placed into a zoning category such as R1, E1, A1

etc. Because of a consolidation or split the original

parcels present or grandfather zoning may no longer

apply. This may require a zoning hearing to get the parcel

re-zoned to comply with the current zoning ordinance.



Anyone can fill out a property consolidation form at the
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Will County Mapping Dept. It takes a year for mapping to
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complete the consolidation process and assign a new
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Property Identification Number. Please call the assessor’s
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