The Blog Dog .net

Well is this good news?  We shall see.  Don't forget to look for this assessment change in your mailbox coming soon.  Don't forget that every Illinois homeowner has the right to protest their taxes if they feel they are being overvalued and over taxed. Just wanted to be sure that you were informed as the county doesn't seem to be getting the word out like it should.  This will effect all homeowners in Cook County!

Cook County Assessor Announces First-Ever Downward Market Adjustment for Homeowners  (released 5/11/09)

Cook County Assessor Jim Houlihan announced that residential properties not being reassessed this year will receive a market adjustment reflecting the real estate downturn. Residential properties in 30 suburban townships will receive reductions in their assessed value. 

“The situation we are facing is extraordinary. Foreclosures and declines in sale prices and volume have taken a toll on home values,” Houlihan said. “After careful analysis of market sales and foreclosure data, we determined these townships should not have to wait until their next reassessment for the impact to be reflected."

“Homeowners are already getting less protection from the 7% Expanded Homeowner Exemption this year,” Houlihan added, noting the General Assembly’s decision to phase it out.  “That makes the adjustment even more urgent.”

As part of this historic step, the Assessor’s Office will mail notices to every property owner in Cook County this year. Normally, properties are assessed every three years and receive notices only then. The north suburbs are not scheduled to be reassessed until 2010; the south and west suburbs will be reassessed in 2011.

This year, each suburban township will receive an adjustment percentage, which will lower the existing assessed values of all residential properties in that township, Houlihan said. The reductions will likely range from 4% to 15%.

“Areas hit hard by foreclosures and market drops will see the biggest reductions. We will continue to monitor the market. The percentage reductions will change if the conditions warrant it,” Houlihan said.

The first notices will be sent to River Forest Township in May and will reflect a 5% reduction for residences there.  Cicero Township, burdened by a high foreclosure rate and a battered sales market, will receive a 15% reduction, Houlihan said.

The market reductions come as the Assessor’s Office is implementing the 10/25 Ordinance, a measure simplifying assessment levels passed by the County Board last year. Under the ordinance, the assessment level of residential properties is 10% of market value; for industrial and commercial properties, it is 25% of market value.

Cook County Appeal Forms

   
    Lyn Sims (847)230-7324 at RE/MAX Suburban


    The 'Blog Dog' gives her 'Pawspective'!

This darn dog and I proudly sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Streamwood, Bartlett, Elk Grove Village, Hoffman Estates, Schaumburg, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Hanover Park, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.



Disclaimer:  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.



Hanover Township Assessor - June 2009 ©2009 TheBlogDog.net and Lyn Sims  

   
    Lyn Sims (847)230-7324 at RE/MAX Suburban


    The 'Blog Dog' knows Bartlett!









This darn dog and I proudly sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Bartlett, Elk Grove Village, Hoffman Estates, Schaumburg, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately. 


  

Disclaimer:  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.


First time Homebuyer Tax Credit - June 2009 ©2009 TheBlogDog.net and Lyn Sims  

New exemption will allow homeowners residing in their homes 10 years or more to receive additional tax relief if the following requirements are met:

 

• Homeowner with a total household income of $75,000 or below will have an increase limited to 7% over the prior year’s taxable value, with no maximum exemption amount.
• Homeowner with a total household income greater than $75,000, but not exceeding $100,000 will have an increase limited to 10% over the prior year’s taxable value, with no maximum exemption amount.

So an example would be:  Your taxes are $3500 per year - the most they could increase would be $245 and you would have to make less than $75,000 per year.

So an example would be:  Your taxes are $3500 per year - your income is above $75,000 but below $100,000 your taxes could only increase $350 per year.

 

 

Please note the Long-Time Occupant Exemption cannot be received with the 7% Expanded Homeowner Exemption (in layman's terms, this is the regular homeowners exemption that one receives) or the Senior Freeze Exemption.  The most beneficial exemption (the one that takes off the most amount of money) will be applied to the property.

 

If you would like additional information regarding this new exemption or any other exemption, please go to www.cookcountyassessor.com or your local assessor's office for a thorough explanation.

 

 

Be sure that you are applying for your exemptions so that you only pay what is necessary every year!

 

Be vigilant!  The county is not making this information readily available to all that need to know!

 

 

 

Exemption Forms

 

 

 

 

 

 

 

Long-time Occupant Homestead Exemption (LOHE) – Cook County Only
Public Act 95-644 that passed into law in 2007 created a new homestead exemption for counties that are subject to the AGHE (currently only in Cook County).  The new exemption is in effect in Cook County beginning with 2007 tax year for residential property that is occupied as a primary residence for a continuous period by a qualified taxpayer with a total household income of $100,000 or less.  The property must be occupied for 10 continuous years or 5 continuous years if the person receives assistance to acquire the property as part of a government or non-profit housing program.  This exemption limits EAV increases to a specific annual percentage increase that is based on the total household income of $100,000 or less.  A total household income of $75,000 or less is limited to a 7% annual percentage increase in EAV or a total household income of over $75,000 to $100,000 is limited to a 10% annual percentage increase in EAV. The minimum limit is the same amount calculated for the GHE with no maximum limit amount for the exemption. Properties cannot receive both the LOHE and the AGHE, GHE or SCAFHE.  Properties that qualify for the SCAFHE will receive the same amount calculated for the GHE.  For information and to apply contact the Cook County Assessor's Office.

 

 

   
    Lyn Sims (847)230-7324 at RE/MAX Suburban


    The 'Blog Dog' wants to be sure you file for your exemption!









This darn dog and I proudly sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Bartlett, Elk Grove Village, Hoffman Estates, Schaumburg, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.


Sources and credits:  Cook County Assessor

Disclaimer:  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.



Hanover Township Assessor ©2009 TheBlogDog.net and Lyn Sims  

 

The journey to purchasing a home is an enjoyable time in one's life. But it is one that will bring many additional responsibilities. Having the assistance of a competant real estate agent can make all of the difference during this process.

Often appearing in roof shingles, popcorn ceilings, piping and insulation, asbestos became one of the most popular building applications of the 20th century. Due to its flame resistant and highly durable qualities, asbestos was the ideal form of insulation for many industries.

One of the main things that can go unnoticed is taking simple precautions to avoid asbestos exposure. Homes built prior to 1980 may still harvest asbestos materials. This should not make you jump out of your chair because asbestos exposure is easily avoidable by taking simple precautions.

Asbestos

If you locate any suspected asbestos in the home, most experts suggest leaving it un-disturbed until a home inspector can examine your property, take evaluations and determine the safest course of action. Sometimes the best action is no action at all. Disturbing asbestos in good condition may cause its fibers to be released into the air.

Long term exposure to damaged airborne asbestos fibers can lead to the development of a severe lung ailment known as mesothelioma. The amount of asbestos-related incidents in the last few decades has lead to mesothelioma lawyer firms advocating victim rights around the U.S. The negligence involved with the asbestos scandal has been one of greed and dishonesty. Manufacturers of asbestos were aware of its toxic qualities, but repressed this information from the public.

Healthy Tips

Removal of asbestos in public facilities, workplaces and homes should be performed by licensed abatement contractors as long as the National Emissions Standards for Hazardous Air Pollutants (NESHAP) are not violated. They must wear protective equipment such as masks and gloves to avoid any exposure. The materials should be removed in as large pieces as possible and places in disposable bags. 

If asbestos is removed, green forms of insulation should be used as replacements. These include the use implementation of recycled building materials such as lcynene foam, cotton fiber and cellulose. These alternatives not only allow for a healthy and safe home, but can bring down annual energy costs. 

For example, the use of cotton fiber foam has demonstrated to reduce energy costs by 25% per year. As education and technology of green sustainable practices increase, the numbers will continue to rise. Recently, congress passed the American Recovery and Reinvestment Act into law. Included in this act were extensions to the tax incentives placed for energy efficiency in 2005, as well as new credits for homeowners who remodel or build using eco-sustainable methods. Existing homes are eligible for a series of efficiency measures that pertain to the home shell (Insulation, Windows, Sealing) worth 30% of the installed cost (materials only, labor is not included in the credit basis).

Common Asbestos Locations in the Home

 

   
    Lyn Sims (847)230-7324 at RE/MAX Suburban


    The 'Blog Dog' gives her pawspective!









This darn dog and I proudly sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Bartlett, Elk Grove Village, Hoffman Estates, Schaumburg, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.


Sources and credits:  Used with permission from the Mesotheliomia Cancer Center and Asbestos.com

Disclaimer:  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.



Asbestos in the Home ©2009 TheBlogDog.net and Lyn Sims  

Tinker Bell the 5 pound Chihuahua 

Had to pass along this great story about 'Tinker Bell' the 5 lb. Chihuahua belonging to Dorothy Utley of Michigan.  Poor Tinker Bell was lifted up into the sky by a violent storm and carried away.  After a fruitless, two-day search, a pet psychic told Dorothy Utley to go to a wooded area a mile away, where she found the very hungry but frantically happy dog!

Is that a crazy story or what?  And I'll just throw in the the moral of the story: don't let your dog watch 'Wizard of Oz' in a storm!

 

*Courtesy of 'The Week' publication 5/8/2009.

 

RE/MAX Suburban Ranks Among Nation’s Most Productive 500

Lyn Sims, broker associate at RE/MAX Suburban located in Schaumburg Illinois is proud to be affiliated with one of the top RE/MAX Brokerage Firms as ranked in the 2009 Real Trends 500.  This award is a NATIONAL RANKING of the top 500 leading real estate offices in the nation.

Call Lyn today for selling your home or purchasing a home in the Northwest Chicago Suburbs near Schaumburg.  With her 25 years of experience and her affiliation with a top nationally ranked company for the last 20 years - she'll get the job done or send you on your way to your new location!

The 2009 Real Trends 500, an annual report from Real Trends magazine, is a national ranking of the 500 leading real estate offices or office groups with common ownership. The primary ranking is based on prior-year transaction volume (2008), while the second ranking is based on sales volume.

The exceptional productivity that so many of our offices achieved in 2008 testifies to the skills and dedication that RE/MAX agents possess that let them deliver outstanding results in all types of market conditions,” said Jim Merrion, regional director of the RE/MAX Northern Illinois network. “We take real pride in the 2008 achievements of the offices recognized by Real Trends.”

Congratulations Lyn Sims and RE/MAX Suburban!

Bartlett Multi-Family Closed Sales Update - April 2009 

So for the 1st quarter of 2009 .............. we’ve had 18 properties close.

 
Why am I not enthusiastic?  Because Bartlett Single Family is doing better than the surrounding towns of Schaumburg and Hoffman Estates as far as number of sales and in higher prices.  Bartlett Townhomes are not selling as they should and are 30% down from the second half of 2008.

The graphs show us that obviously the first time buyers are spurring along the market in the lower price ranges all thruout the Northwest Suburbs.  The majority of sales for Bartlett, over 88% were under $250,000.  Also for those concerned, 2 were marked foreclosures and 3 were marked short sales.  Our MLS allows us to differentiate these from regular closings.  The lowest sales price was $71,000 which is such a great deal for a quad in Bartlett I'm sure you'll agree!

 

There are currently 100 homes for sale below $250,000 available in Bartlett.   And there are 39 choices below $175,000.  

Think you might want to start looking?                 The 'Blog Dog' and I can sniff out some great deals!

                                           

     

    Lyn Sims (847)230-7324 at RE/MAX Suburban

      The 'Blog Dog' knows Bartlett!

That darn dog and I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Bartlett, Elk Grove Village, Hoffman Estates, Schaumburg, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

Sources:  MRED MLS of Northern IL

Disclaimer:  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.

Bartlett IL Multi-Family Housing Market Update - April 2009 ©2009 TheBlogDog.net and Lyn Sims