HELP!: Decoding the Country Tax Website Part I

The Madison County Tax bills have been released!

There are many pros and cons to the World Wide Web. One of the advantages is the wealth of information we have access to if only we know where to look. Whether you are a real estate agent, lender, even a buyer or a seller, having access to current tax information is a vital tool at your disposal. A real estate agent can have more knowledge about the property to provide to their client. Lenders may need this information for research purposes. Finally, buyers need to know tax information about the potential property they will be making an offer on and sellers might be interested in researching their property and neighboring properties for comparables. Knowing the information is there is one thing, being able to access it is another.

This week we will be decoding the Madison County Tax Information Website. We will cover this subject in three posts over this week. Today we will do a brief overview of how to access the site.

Here is the basic access information in order to obtain the page for tax information:

Web address: http://www.co.madison.il.us
Click on the link labeled: Madison County's 2010 Real Estate Assessment Value Inquiry



The next page you see may be a little tricky...if you see this page:



This means you will need to adjust or disable your pop-up blocker. If you click on that bar, a drop down menu should appear with options on how to allow pop-ups on this particular site.

Once you disable your pop-up blocker or if your pop-up blocker is not affected by this website, scroll to the bottom and within the "Prerequisite Check: Pop-Ups Allowed - Successful!" Box click "I Agree to Disclaimer."

Then you should see this page:



In this picture, I've already selected the drop down menu for the tax year range. As shown, you can research information as far back as 1999. The amount of information for the year 1999 may not be as complete as the information for the year 2010, but you never know what you might find!

That's all for today. Next time we will walk you through step-by-step the multiple ways you can enter your information in your search inquiries.

Decisions, Decisions...Which Tenancy Is Right For You?

Image: Salvatore Vuono / FreeDigitalPhotos.net
TENANCY OF TITLE
One of the most important decisions you will make for your heirs, is the choice you mark on your real estate contract for the tenancy type. The three different types in Illinois are Tenancy in Common, Joint Tenancy, and Tenancy by the Entirety.

Our web site will clearly define the three types of tenancy for real estate as supplied in cooperation with the legal staff of our underwriter, Fidelity National Title. You can find that information by visiting our website HERE and clicking the 'Tenancy Highlights' page.

Confused about which tenancy is right for you? Abstracts & Titles, Inc. has had clients describe different situations for each type that have given them piece of mind.

An older client was marrying a person and both had older children from a previous marriage. He told us he wanted his title to read ‘Tenancy in Common’ because both wanted their shares to go to their children.

Another young couple wanted to make sure if something happened to either one of them, the surviving spouse would be the only owner. Their choice was ‘Joint Tenancy’. In a completely different case, there was another couple who were not married, yet also wanted to insure that should something happen to one individual, the survivor would retain the property. They also decided 'Joint Tenancy' would work best for their situation.

Then a married business professional was concerned about his liability with law suits, and said he had been advised by his attorney to hold title to his house in ‘Tenancy by the Entirety’. Remember Tenancy by the Entirety can only be used between two married individuals for their primary residence.

There could be a hundred different situations and one of them could be your situation on how to hold title. Think the situation through first, and naturally consult with your own attorney if you have further concerns.

You can’t change the situation once something goes wrong - think it through before you buy!