All properties located in the City of Chicago (Cook County) are scheduled to be reassessed by the Cook County Assessor for the Triennial Reassessment, with an effective Lien Date of 01/01/18. Every three years the Cook County Assessor’s office makes this determination for all properties in Cook County. One-third of the county is reassessed each year. With this in mind, now is the time to plan and strategize for the forthcoming Reassessment.

Illinois Has the Second Highest Property Taxes in the Nation

According to an April, 2017 USA Today article, Illinois has the second highest effective property taxes in the nation.

How Your Property Taxes Are Calculated

It’s not always clear to property owners how the assessed value of their real estate impacts the amount of property taxes paid.

Each year Cook County effectively determines how much property tax revenue will be needed from property owners.

Once the County Board and tax levying bodies estimates the overall budget and county’s needs, the Cook County Assessor’s office determines how much each individual property owner will pay in taxes. The calculation of the assessed value of your property is a percentage of it’s fair market value, multiplied by the State Equalizer and Municipal Tax Rate.

Reducing Your Property Tax Assessment

So, how does a property owner go about securing a reduction in Assessed Value? A property tax complaint must be filed with either the Cook County Assessor or Board of Review’s office, and provide the proper evidence that warrants a reduction in Assessed Value.

NOTE: there is a strict 30-day deadline by which a property owner must file an appeal. The appeal process begins the moment the assessment notices are mailed to property owners – not the date the notice of assessment is received. Failure to meet the deadline will forfeit the property owner’s right to an appeal.

Brown, Udell, Pomerantz and Delrahim Concentrates in Cook County Property Tax Appeals

BUPD Ltd can help insure that the analysis of your property tax matters is complete, fair and equitable. BUPD, Ltd., offers a no-risk service where fees and costs are entirely contingent upon our securing a tax reduction.

BUPD, Ltd., property tax appeal staff has been involved in real property real estate tax matters for over 30 years, both in and out of Cook County, and has a comprehensive understanding of the assessment and municipal taxing process. We have extensive experience in securing fair and equitable property valuations.

BUPD Ltd. is a general practice law firm concentrating in commercial civil litigation, real estate/bank litigation and real estate and corporate business structuring, financing and transactional matters. BUPD is able to contest and challenge your real property real estate tax matters. BUPD is also capable of securing retroactive property tax relief (Certificates of Error) for previous tax years where applicable, as well as applying for and submitting applications for the various tax incentives on your behalf, where appropriate. The Firm’s has over 30 years of experience and is able to assist you at all levels, not only at the Assessor’s Office but also at the Cook County Board of Review, the Property Tax Appeal Board and before the Circuit Courts in Specific Objection proceedings.

Should you have any questions or wish to discuss your specific property tax matter(s), please feel free to contact me at GUdell@bupdlaw.com.