How to Appeal Property Taxes in Chicago

How to appeal your property taxes in Cook County -

I know, it seems like a daunting task... However if you do it right, it's not hard and you can save thousands. I've successfully done it twice and my taxes are significantly lower than they would be otherwise - here's how.

First thing you need to know is that Cook County property taxes are reassessed on a triennial schedule (every three years) and for that reason, a successful appeal lasts for three years. When your taxes will be reassessed depends on what neighborhood you live in.

Option 1: The easy way

Hire a law firm to represent you in the appeals process. This is what I've always done and although it does cost money, it saves lots of time and energy. They've done it thousands of times, they have the right connections, the paperwork is filed for you, the i's are dotted and the t's are crossed - It's super easy. 

How much does it cost?

The good news is, you only pay them if they are successful - no savings, no fee. I'm sure it varies, but the law firm I use charges 10% of what they save you (link below). 

Example: If they are able to reduce your tax bill by $7,500/year, they will bill you $750/year. 

*As I mentioned above, Cook County property taxes are reassessed every three years so you will get that bill for three years, but that's because you're getting the savings for three years. 

Steps to Appeal Your Property Taxes

1. Contact a law firm: Google it. There's no shortage of options. These experts can help navigate the complexities of the appeal process and increase your chances of a successful outcome.

2. Make your case: Support your claim that your property is over-assessed with as much data as possible. This can include recent sales of similar homes in your neighborhood (I can help), an independent appraisal, or evidence of any issues with your property that might affect its value, such as structural problems.

Look up your property taxes

Reassessment schedule by neighborhood

Summary: It's easy, there's nothing to lose and you're more likely to be successful. It's really a no-brainer in my opinion.

Option 2: The not so easy way

If it was easy, everyone would do it - so they don’t make it easy.

It’s not that hard and there's no lawyer fees, but this method does take significantly more time and energy. Appealing your real estate taxes in Chicago is a crucial step to ensure that you are not overpaying on your property taxes. Understanding the process and knowing how to effectively present your case can lead to significant savings. Here’s a comprehensive guide on how to appeal your real estate taxes in Chicago.

Understanding Your Property Tax Bill

Before you begin the appeal process, it’s important to understand how your property tax bill is calculated. In Chicago, property taxes are based on the assessed value of your property, which is determined by the Cook County Assessor’s Office. This assessed value is then multiplied by the local tax rate to determine your tax bill. If you believe your property has been overvalued, you have the right to appeal.

Steps to Appeal Your Real Estate Taxes

1. Review Your Assessment Notice: The first step in how to appeal your real estate taxes is to carefully review your assessment notice. This notice is typically sent out by the Cook County Assessor’s Office and includes the assessed value of your property. Compare this value with recent sales of similar properties in your area to determine if your assessment is fair. You can look up your property tax bill here.
2. Gather Evidence: Collect evidence to support your claim that your property is over-assessed. This can include recent sales data of comparable properties, an independent appraisal, or evidence of any issues with your property that might affect its value, such as structural problems or a decline in neighborhood conditions.
3. File an Appeal with the Cook County Assessor’s Office: You can file an appeal online through the Cook County Assessor’s website. The appeal should include all relevant evidence and a clear explanation of why you believe your assessment is incorrect. Be sure to adhere to the deadlines, as appeals are only accepted during specific periods.
4. Consider Filing with the Board of Review: If your initial appeal is denied or you are unsatisfied with the outcome, you can further appeal to the Cook County Board of Review. This board provides another opportunity to present your case and potentially lower your assessment.

Tips for a Successful Appeal

• Be Thorough and Accurate: Ensure all your documentation is complete and accurate. Incomplete or incorrect information can lead to a denial of your appeal.
• Stay Informed: Keep track of deadlines and any changes in the appeal process by regularly checking the Cook County Assessor’s website.
• Be Persistent: If your initial appeal is unsuccessful, don’t be discouraged. You have multiple avenues for appeal, and persistence can pay off.

By following these steps on how to appeal your real estate taxes in Chicago, you can potentially reduce your property tax burden and ensure that you are paying a fair amount based on the true value of your property. Good luck!