2021.04 April Assessor’s Report

May 10, 2021/

Green Garden Township Assessor’s April 2021 Report For review at May 10, 2021 Township meeting

Jane Bushong, C.I.A.O. Assessor, Green Garden Township

On-going, standard Assessor tasks/projects

  • Appraiser, Real Estate, attorney, county and resident requests.
  • Visit new construction sites to apply assessed values as soon as occupancy is complete.
  • Data entry into PAMS system: property record card information, Sales, Permits, Appeals, photos, exemption paperwork, correspondence, new construction drawings and inquiries into PAMS. Change assessments in 2021 as necessary.
  • Respond and research remaining Soft Appeals.
  • Commercial / Industrial property assessment work and comparables
  • Sub division comparable reports created & maintained
  • Land AV comparable reports created & maintained
  • Met with Don Murday to review Assessor budget
  • Interviewed two potential contracted assistants for remote tasks

2021 Field work preparation

At this time there are at least 50-100 properties, most newer home construction which need complete field checks: measurements, drawings, photos, data entry into PAMS and PAMS Draw. For many of the larger homes, total hours per property is around 4 hours. Interviewed candidates for part time contracted workers for Assessor’s office. Train, setup computers & security.

Schedule PAMS Draw training in Elgin.

2020 Tax bills were mailed out first week in May which resulted in expected increase of phone calls and emails with taxpayer questions.

Green Garden Township GROWTH projections – based on demographics as of July 1, 2020

POPULATION
Total Population 4,025 (100%)
Population in Households 4,019 (99.9%)
Population in Families 3,717 (92.3%)
Population in Group Quarters1 6 ( 0.1%)
Population Density 110
Diversity Index2 28
INCOME
Median Household Income $106,685
Average Household Income $126,756
% of Income for Mortgage4 15%
Per Capita Income $42,453
Wealth Index5 185
HOUSING
Total HU (Housing Units) 1,402 (100%)
Owner Occupied HU 1,249 (89.1%)
Renter Occupied HU 99 ( 7.1%)
Vacant Housing Units 54 ( 3.9%)
Median Home Value $384,307
Average Home Value $416,333
Housing Affordability Index3 125
HOUSEHOLDS
Total Households 1,348
Average Household Size 2.98
Family Households 1,151
Average Family Size 3
2010-2020 GROWTH RATES ****

Population 0.04% 0.21%

Families 0.18% 0.28%

Per Capita Income 1.86%

NOTES

  1. Group Quarters – a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
  2. The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area’s entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area’s diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
  3. The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
  4. The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
  5. The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.

Summary –

  • The number of homes for sale in rural areas declined a record 44.4% and fell 38.4% in suburban areas. Per Redfin, Homes in rural & suburban areas remain popular as the pandemic and remote work continue to motivate buyers to prioritize indoor and outdoor spaces.
  • Home prices rose 21% since 2020.
  • The typical home sold for 1.4% above list price after only 19 days on the market.

Real estate and demographics changes affect property assessments and taxes –

  • Due to the shortage of homes available for sale, new home construction is booming which means there are more homes being built in Green Garden Township now than we have seen since the mid-2000’s.
  • Based on the growth expectations, both residential homes, commercial and industrial will increase greatly in this area over the next five years.
  • Recent home sales, shortage of homes, new home construction factors resulted in increased market values which have a direct affect on assessed values and workload for the Assessor’s office.
  • Adequate staffing and resources are needed to obtain and maintain assessment equities throughout the township.

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