Chicago Property tax spike

[Michael Warneke]

BP,

Curious as to your insights on first year ownership and tax spike. I recently received my tax bill for a property I purchased in Chicago and was stunned to see an increased in assessed value of about 50%. The previous owner's assessed value was much less than what their purchase price was when they acquired 10 years ago, however, my tax assessed value was in line with my purchase price (slightly above purchase price).  My question is whether an increase of this nature is reasonable or whether I should appeal the increase? Also, would I qualify for the chicago homestead exception? Any recommendation for lawyers who are particularly good at appealing the increases?

[Brie Schmidt]

@Michael Warneke

 If you buy higher than the tax assessment your taxes will be readjusted to the purchase price.  You can try appealing it but chances are it won't do much.  If you buy lower than the assessment you have to appeal it cause the city will not adjust it automatically.  

Chicago taxes are paid in arrears, so this bill is from last year.  Depending on when you moved into the property you can apply for a 2015 homeowners exemption next year