Illinois is a unique place from a tax perspective. Each of the 1.8M parcels of land is reassessed every three years. This year is a reassessment year and the state is expected to increase assessed values to correspond with the increased property values that have occurred over the past few years. Most of my clients don't realize that they can (and should) appeal their property taxes. Chicago's property taxes are paid in arrears, therefore, most residents don't realize their property taxes have been increased until it is too late to appeal. Below are a few highlights you should know about Chicago property taxes and how you can ensure you don't pay more than your fair share.
- Everyone should be appealing. Property taxes are calculated using a complex formula that is based on the total revenue needed in the city budget. If you aren't appealing your property taxes you will bear the tax burden of the people who have successfully appealed their property taxes.
- Property values are reassessed every three years. 2018 is a reassessment year so you will not see the tax increase until the 2019 bill. However, you will receive a mailer stating that your property has been reassessed. Be on the lookout for that document in the upcoming weeks.
- You have a short window to appeal your taxes. Click the link below to find out when the deadline is for your zone. (Cook County Assessor)
- Your taxes can't be increased due to an appeal
If you've never filed a property tax appeal and want help you can contact Myer Blank and his firm can assist you in appealing your property taxes.
Fisk Kart Katz & Regan, LTD