7% Solution’s Magical Math - This year I won my appeal, my assessed valuation was reduced from $32,600 to $29,900. However, the AV reduction provided no tax bill reduction: The homeowner’s exemption calculation is derived from the difference between the year’s EAV (AV*Equalizer) and 7% solution adjusted EAV. As the EAV was decreased the homeowner’s exemption was equally decreased, and my tax bill remained the same. I ran the numbers using EAV ranging from $18,900 to $60,000 and the homeowner’s exemption calculation derived a corresponding change so that the tax had no change.
Riverside Info » About Riverside
Cook County Property Taxes up 4.2% on average
(21 posts)-
Posted Monday Nov 16, 2009 22:30 #
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