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Updated about 5 years ago on . Most recent reply

User Stats

107
Posts
15
Votes
Ryan Bird
15
Votes |
107
Posts

Chicago Property Tax Appeal

Ryan Bird
Posted

Hello - 

I recently bought a town home in Chicago and wanted to see if you have any recommendations for firms who can help me with property tax appeal in the NW suburbs area?

Is it worth the time and money?  What are the chances for success. 

Also, if you had a successful appeal - I'm curios to know what worked vs what did not work etc. 

What are the considerations they make in reviewing the appeal - Does it matter if you don't have kids to go to school or if the sales price came down when I recently bought it etc.

When is the deadline for submitting this?

Most Popular Reply

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26
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Sami Davis
  • Investor
  • Chicago, IL
9
Votes |
26
Posts
Sami Davis
  • Investor
  • Chicago, IL
Replied

I have been successful the last two years appealing my property taxes.  If your property is in cook county and I recogn in the state of Illinois property valuations assessment values are often time inaccurate to the detriment to the owner.  There was an article that discuss nearly 95 percent of Illinois residents never appealing their property not once.  You can hire appeal company that specialize in that kind of thing.  They get paid if they are successful the difference in your savings. Otherwise you can appeal it on your own.  The key thing is to appeal as frequently as possible and appeal the appeal and pay attention to deadlines.  Deadlines come very quickly and are short to the benefit of your county and the state.  In cook county you will appeal at the assessor level at website: https://www.cookcountyassessor.com/ (takes 60 days to get a decision).  Once you receive a response there is a re-review step that you can complete (can take 30-45 days to hear response). There is another level where you can appeal your property taxes, which is the cook county board of review:  https://www.cookcountyboardofreview.com/. You can also pre-file at anytime.  Once you receive a decision from the Cook County Board of Review you can appeal to Ptab (Property Tax Appeal Board).  You have less than few days to appeal. http://ptab.illinois.gov/.  At this time it takes 2.5 years to get a decision.  This is the last step in the appeal process before you will need to hire a lawyer and take the matters to the circuit court.

The best argument I found is the recent sale. Your property purchase is less than what the property is being assessed currently.  Then an appraisal.  If you go to argue your case orally in close session for PTAB decision you will need your appraiser to be there to argue the facts.  You will have a definite high chance succeeding.  Otherwise your appraisal will not be admissible for your argument. If you have a vacancy period during ownership, I would provide pictures and explanation.  I have been successful in attaining reduction in assessment.  Someone will come from the state to check your vacancy unannounced.  Lastly you can provide a income statement signed by CPA license agent. ( I have not used this method), but an argument can be made that taxes are overassessed based on how profitable the asset is very other comparable properties.  Let me know if you have questions.  If I was you I would appeal at least in the first levels of the cookcountyassessor and cook county board of review every year.  Worst case you get no change, best case small reductions.  Everytime tax assessors can review the valuation it can give you opportunity to get the best most accurate valuation of your property.

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