HOW IS YOUR PROPERTY APPRAISED?

Your Dundee Township Assessor has an important job, and that is to decide the fair market value of every piece of property within the township.

The Assessor needs a set of up-to-date assessment maps showing size, shape, and location of each parcel of land. The Assessor also needs up-to-date records containing a description of the physical and location characteristics of each property; records of sales detailing the price, terms, and conditions of the sale and records of the names and addresses of property owners. The property transfer documents are the primary sources of sales data which are crucial to market value appraisals.

Building permits alert the assessor to changes in property characteristics. The Assessor has an independent program consisting of periodically inspecting all properties and updating all records, but is mandated by law to perform a revaluation at least every four years, but can be done more often if necessary. Reassessing every four years is called a quadrennial reassessment.

The Assessor appraises each and every improvement by square footage, the story height, age of property, type of improvement, quality of materials used in construction, and notes any extra improvements such as garages, basements, fireplaces, etc.

The Assessor then interprets your property's market value from all available sales data and property's characteristics.

Next, by State Law, 33-1/3% of your property's market value is calculated to arrive at your assessed value.