What is the property tax cycle?

In Illinois, taxes are paid one year in arrears and may follow this structure: Levy, Assessment, Review of Assessment Complaints, Equalization, Development of Tax Rates, Collection and Distribution.

What reasons do I have for filing an appeal?

In addition to vacancy, uninhabitable and an error in the description of the property, the two most common reasons are:

  1. Lack of Uniformity – Assessed value is not reasonable or there is unequal treatment in the context of the value placed upon comparable properties within the subject property’s neighborhood.
  2. Overvaluation – Assessed value implies a fair cash value above the three year median estimate of market value. Market Value, or Fair Cash Value, is the most probable sale price in an arms-length transaction as well as a competitive, open market and is determined by using one or more of the following approaches:
    • Sale Comparison: Comparison of similar, neighboring properties recently sold to the property being assessed.
    • Cost: Calculation of the cost to reproduce or rebuild a property’s improvements, subtracted by the depreciation amount and adding the land value.
    • Income Capitalization: The present worth of the income from an income-producing property is calculated by measuring the amount, quality, and durability of the future net income over the economic life of the property.

Why shouldn’t I contest the property tax assessment on my own?

Property taxation and assessment are dynamic processes. With constant rule changes and complex interactions of various parties, an individual’s appeal more often than not is unsuccessful because of an inability to navigate the pitfalls inherent in the processes.

What is it going to cost me?

Either a percentage of the tax savings or no savings and an increased property tax bill.

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