Due to the present downturn in the real estate market and the ongoing media coverage, property owners believe there has been a severe loss of market value in property values in our township. The property tax system is a complex process, and when one adds in the currently challenged real estate market, the process becomes even more difficult to understand.
   Despite the reports of housing values plunging downward, foreclosures at an all time high, and homes simply not selling at seemingly any price, property taxes continue to rise. This is a very challenging concept for property owners to accept. Many homeowners must feel that our office is not properly reacting to market conditions.
  The Assessor is responsible for assessing property at one-third of the fair market value. Properties are valued as of January 1st of each year. However, the county and the state monitor assessor values so that values throughout the county and state are equitably assessed. The formulas that are used to measure our accuracy and equity always include consideration of actual sales over a three-year period as required by law. Therefore when our office valued properties for January 1st, 2008, we were obligated to look back at the sales that took place during 2007, 2006, and 2005. We are not permitted to just look at the marketplace that existed on January 1st, 2008. Additionally, the law does not allow our office to consider non arms-length sales such as short sales or foreclosures. Below, is a chart of home sales activity in Bloomingdale Township for the past six years. As you can see, the market was in a rising trend during 2003, 2004 and 2005, but in 2006 and 2007