Your Local Chicago Real Estate Expert

Second Installment Tax Bills Are Out!

The second installment of our tax bill has posted online and is on its way in the mail.  For some it will be a big shock and a gut punch.  As you look at your bill keep the following in mind.

Your bill is a function of what the county thinks your house is worth.  To get that number, multiply your assessment by 10 and you will get the county’s listed taxable valuation for your house.   If you somewhat agree with this valuation, then there is nothing to be done. But, if you think the Assessor’s valuation is too high, then file an appeal which may require an appraisal as evidence that the value is too high.  An appraisal can cost from $300 to $500, so determine if the difference between your value and the county’s is big enough to justify the expense of an appraisal (and then hiring a lawyer.) 

If there is nothing to be done about the valuation, then the next step in appealing your taxes (for single family homes and not condominiums) is to look at how your building’s assessment, on a per-square-foot basis, compares to similar-type houses in the area.   The unit of comparison is the assessment on your building (not including the land) & dividing by the listed sq ft of living area (measured from the outside of your house).   If similar-type houses (similarly classified & with similar exteriors & living areas) have lower values, than an appeal should be filed with the Cook County Assessor and/or the Board of Review.

Another thing to check is the exemptions you are getting.  Exemptions are reductions or discounts based on certain conditions, which, if met, entitle you to downward adjustments in the taxes paid on the property. 

Each situation is different, and you may be entitled to additional exemptions, so it is important to check your tax bill.  Reach out if you have any questions.

For more information on exemptions, click here.

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