WHY SHOULD I REDUCE MY PROPERTY TAX ASSESSMENTS?

Cook County calculates property tax bills by applying current tax rates to your property's assessed value.  More often than not, this value is an over assessment of your property.  I can help you achieve a fair assessment, meaning more $$ in your pocket.  

 

 

WHAT IS THE DIFFERENCE BETWEEN MY "MARKET VALUE" AND MY "ASSESSED VALUE"?

Market value is what your home could sell for on the open market.  Assessed value is used by your County to determine your property tax bill.  The County multiplies your assessed value by your area's tax rates. The best option is a high market value, but low assessed value.  

 

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HOW WILL A REDUCTION BE ACHIEVED AND HOW LONG WILL MY PROPERTY TAX REDUCTION LAST?

As an expert, I will assess your property's individual characteristics and prepare evidence to most favorably support your appeal. The strategy of my appeal depends on whether the property is residential, commercial or industrial in nature; it also depends on other variables such as appraisal value and any recent vacancy.

 

Your reduction from a favorable appeal will last from one to three years, depending primarily on the timing of your appeal versus when your township's next triennial re-assessment is scheduled. Note, Cook County is the only County to be re-assessed every three years. 

 

 

HOW ARE MY TAX SAVINGS COMPUTED?

The County Clerk releases annualized tax rates in May. Once the state equalization factor has been applied to your assessed value, it is multiplied by these new rates to compute your current year's annual property taxes that will be reflected on your Second Installment Tax Bill. 

 

ALSO, PLEASE ALWAYS CHECK THAT YOU HAVE TAKEN FULL ADVANTAGE OF ALL EXEMPTIONS.          

 

WILL I RECEIVE A REFUND FROM THE COUNTY?

NO. My law office appeals future tax bill(s).  Because Cook County taxes are paid in arrears, current bills reflect last year's taxes. In Cook County, the First Installment Tax Bill is always 55% of last year's taxes, so savings from a lower assessment will be reflected in your Second Installment Tax Bill, payable August 1st of each year.  If, however, an appeal for your property is taken to the Property Tax Appeal Board or to Circuit Court, a decision may take years to be rendered, meaning a refund will be issued.

 

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