Residential Real Estate Assessment Appeal For Tax Year 2007 - Lake County Board Of Review Page 4

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10. Basement Area - The total basement area for the structure.
11. Finished Basement Area - The total square footage of the basement that is finished and
used as living area. At times this will have to be an approximation (i.e. one-half or 75%),
due to a lack of information available. If an approximation is not available, “yes” would
also be acceptable information.
12. Air Conditioning - This is a “yes” or “no” answer in most instances. The Board only
considers central air to be air conditioning.
13. Fireplaces - The Board of Review is looking for the number of fireplace openings in a
property, even if two or more share the same chimney.
14. Garage - The total square footage of the structure is the important information here. If
square footage is unknown, the number of cars accommodated by the garage, e.g., 1, 2 or
2½, is acceptable information.
15. Patios or Decks - In some instances, patios and decks are a significant part of an assessment
valuation. Here again, the approximate square footage of the deck or patio is the best
information.
16. Other - This field allows the appellant or the assessor to note significant amenities or
qualities that enter into the value of a parcel.
17. Quality Grade – This represents the quality of materials and construction.
18. Condition – This is related to the Assessor’s perception of the property’s physical
condition. In most instances, the condition is “average”.
19. Date of Sale - This is the date of sale of the property, but is only applicable if the sale
occurred within six months of the assessment date.
20. Sale Price - This is the amount paid for the property on the above sale date.
21. Sale Price Per Square Foot - Take the recent sale price for the property and divide it by the
living area from line 9. The Board of Review is looking to see if your assessment per
square foot falls within a range of value with like properties.
22. Land Assessment - This is the current assessed value for the land portion of your property.
This is found on the backside of your blue assessment notice, in the publication notice or
on the County website.
23. Building Assessment - Same as above only it is the building value only.
24. Total Assessment – The total of both the land and building assessments.
25. Building Assessment Per Square Foot - Take the building assessment from line 21 for each
parcel and divide by the living area from line 9. This result gives the Board a picture of
whether your property is being assessed in a uniform manner with like properties.
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