Properties in Cook County are reassessed every three years, and property taxes are based on these assessments. By appealing your assessment, you may be able to significantly reduce your property tax bill. Once assessment notices are mailed, by township, a property owner has 30 days to file an appeal.
Why should you do this annually?
Just read this startling stat from Crain’s May 22 article “Property tax assessments soar on North Side”, looking at Lake View and Rogers Park Townships.
Across Lake View Township, whose boundaries encompass more than just the neighborhood called Lakeview, the median assessment rose by more than 31 percent for houses, townhouses and rental buildings with six units or fewer. For condos, the increase was just under 29 percent. The increases are smaller in Rogers Park: 18.2 percent for houses and others, 20 percent for condos.
There is literally no downside:
- There is no cost to a property owner to file an appeal
- When you appeal to the Assessor or Board of Review, there is no chance an assessment will be increased as a result of appeal. In other words, there is no penalty; when an owner appeals, the assessment will either remain the same or be lowered.
- There are many tax professionals that can assist your clients with the process. For more information, ask me for a referral for a tax professional!
How To: http://www.AppealMyTaxes.com
Homeowners can take advantage of this FREE tool provided via the Chicago Association of Realtors. AppealMyTaxes.com is a web-based application which facilitates residential property tax appeals in Cook County, developed by seasoned Cook County property tax attorneys in the Chicago Association of Realtors affiliate program. The entire appeal process is managed by AppealMyTaxes.com.
Watch Your Deadlines
Take note of the individual deadlines for your Cook County township, which can be found here. For instance, Lake View assessment notices were mailed May 7 and the deadline to appeal is fast-approaching at June 7.
If unsuccessful at Assessor’s office, owners can appeal once more to the Board of Review, which follows another schedule.