Property values could increase for some Rockford homes - WREX.com – Rockford’s News Leader

Property values could increase for some Rockford homes

Posted:
ROCKFORD (WREX) -

Assessments have been sent out to around 8,000 homes this week, and most of those homes may see their property values increase.

The Rockford Township Assessor, Ken Crowley says nearly everyone's home value went up. The Rockford Township Assessor's office has sent out assessments to around 8,000 homes, of those, 6,000 saw an increase of 4.5 percent in value, while the other 2,000 saw a decrease.

"The home is our number one investment and we want to feel good about our real estate," Crowley said.

This increase in value didn't just happen overnight, this has been an on-going trend the Rockford area has been seeing over the past few years.

"We've been on a steady rise since 2015, most areas are seeing real estate transferring and transferring in many cases for more or slightly more than the current assessed values," Crowley said.

Some may wonder, how does this increase affect property taxes? Assessors say we don't know that answer yet because the new tax rate isn't in. 

However, here's an example using the current tax rate. Lets say your home is worth $100,000 and the assessment says your value increased 4.5 percent. With the current tax rate in Rockford just under 15 percent, would mean you'd pay an additional $225 a year in property taxes.

Right now, the assessor's office is waiting to find out what the tax rate will be so people can determine if their property taxes are going up or down. Homeowners should have that answer in a few months but overall, property values increasing is exactly what homeowners and taxing bodies want. 

"It's never bad if local government levy and spending stay in check. It will most likely be tax rate decreases," Crowley said.

Crowley says the increase in property tax values is due to a few things in the Rockford area.

"Jobs that have come to our region again, people are feeling better about Rockford in general. Little things like the city market are making a difference, pride in our community, and its making people see the value in Rockford," Crowley said.

If you are looking to protest the assessed value of your home, the window to do that is open now, and will remain open until August, 20th. That process can be done at the Winnebago County Administration Building.
 

Powered by Frankly