Owning property in Chicago comes with the responsibility of paying property taxes. However, many property owners believe their tax assessments are too high. If your property’s assessed value is incorrect, you can file a real estate assessor appeal to reduce your taxes. This process is also known as a property tax appeal or appraisal appeal.
What is a Real Estate Assessor Appeal?
A real estate assessor appeal is when a property owner challenges the assessed value of their property. The assessed value is determined by the local tax assessor, who evaluates your property based on location, size, improvements, and recent sales of comparable properties in the area. However, assessments are not always accurate, leading to unfair tax burdens.
If you believe your assessment is incorrect, you can challenge it through an appeal process. This process allows you to present evidence that your property has been overvalued or that there are discrepancies in the assessor’s records. You can lower your property taxes by successfully appealing, making homeownership more affordable.
Why Should You Appeal Your Property Taxes?
Appealing your assessment does not mean you are refusing to pay taxes; it simply ensures you are only paying your fair share. The appeal process is open to all property owners, including homeowners, landlords, and commercial property investors.
Many people do not realize they have the right to appeal, leading to years of overpaying property taxes. Understanding the process and your rights can help you save money and prevent future tax issues.
- Incorrect Assessment: If your property is assessed at a higher value than it should be, you are paying more taxes than necessary.
- Market Changes: Property values fluctuate; if your home’s value has dropped, your tax assessment should reflect that.
- Comparable Sales: If similar properties in your area have lower assessed values, you might have a case for appeal.
- Errors in Property Records: Sometimes, the assessor makes mistakes, such as miscalculating square footage or including improvements that do not exist.
Steps to Appeal Your Property Tax Assessment in Chicago
Before filing an appeal, check your current property assessment. Look for discrepancies in property details like square footage, number of bedrooms, or lot size.
1. Gather Evidence
To support your appeal, collect evidence that shows your assessment is incorrect:
- Recent Sales Data: Find records of similar homes in your area that sold for less than your property’s assessed value.
- Professional Appraisal: If possible, hire an independent appraiser to determine your property’s value.
- Photos and Documentation: Provide pictures showing property defects or issues that might lower its value.
2. File Your Appeal
There are two main ways to file a property tax appeal in Chicago:
- Cook County Assessor’s Office: File an appeal online or in person with the county assessor.
- Cook County Board of Review: If the assessor’s office denies your appeal, you can appeal to the Board of Review.
3. Attend the Hearing
If required, you may have to attend a hearing. Be prepared to present your evidence and explain why your assessment should be lowered. You can represent yourself or hire a professional tax appeal consultant.
4. Wait for the Decision
Once your appeal is reviewed, you will receive a decision. If successful, your property taxes will be adjusted accordingly.
Hiring a Property Tax Reducer in Chicago
Many property owners hire professionals who specialize in reducing property taxes. These experts understand the appeal process and can help gather the right evidence. If you’re unsure about handling the appeal, hiring a property tax reducer can increase your chances of success.
Common Mistakes to Avoid When Filing an Appeal
- Chicago has specific deadlines for filing appeals.
- Your appeal is unlikely to succeed without proper evidence.
- Ensure you are comparing your property to homes of similar size, condition, and location.
- If your appeal is denied, you can still appeal to the Board of Review or other higher authorities.
Conclusion
If you believe your Chicago property taxes are too high, filing an appeal can save you money. You can reduce your property tax burden by understanding the appeal process, gathering strong evidence, and working with a professional. Always review your property tax assessment and consider appealing if you find any discrepancies.
