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Property Tax Appeals on Chicagoland Homes Could Save You Hundreds

September 13, 2010

property taxesNothing ventured, nothing gained. The old saying holds true when it comes to appealing property taxes. If you don’t try, you can be pretty certain that property taxes on your Chicago home will not go down on their own. On the

Equifax Personal Finance Blog, expert Ilyce Glink recently posted an article that talks about why you may want to appeal your taxes and how to go about it.

Glink’s article, “Is it Worth It to Appeal Your Property Taxes,” points out the importance of appealing your taxes if you believe your property’s value has decreased. This will be pretty easy to demonstrate if you just purchased it as a foreclosure or short sale.

You may also seek an appeal based on how other homes in the area are valued. The Cook County Assessor’s Office calls this a “Uniformity Appeal,” and gives specific instructions for including comparable properties in your appeal on their Web site. To be comparable, the property must be in your “assessment neighborhood” (they’ll have to tell you how to determine that) must be similar in age, size and/or construction.

It may also be worthwhile to check the property assessor’s records and make sure your home is correctly described. If the records say it is larger or has more rooms than it actually has, for example, your property taxes may be too high.

Glink also encourages you to think about changes in the area surrounding your home that could lower the value of your property. If a new landfill, a new highway or other “undesirable” infrastructure has encroached on your location, you may be due a reassessment.

Getting your property correctly assessed now will help you now and in the future. Even if taxes are destined to increase, you can be assured that your will increase in proportion to the true value of your property, not an inflated value that may have been correct in years past.

The

Equifax Personal Finance Blog has more details on appealing your property taxes and other ways to save money and mange it better. If you have questions, the Equifax experts will respond to your  comments.

About The Author

Read All Stories By Carol Morgan

Carol Flammer is a public relations and social media marketing expert, strategist and consultant. With 20 years of experience, Carol has established herself as the “go to” for real estate and construction products public relations and social media. Carol is president of Flammer Relations, Inc., and managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Atlanta and Chicago.

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