Cook County first-installment property tax bills are usually a shock when you receive them in the mail. For many property owners, the bill has gone up.

When you wake up from your fainting spell, learn what you need to know about your tax bill.

1. You can lower your taxes by appealing your assessment

Taxes are based on a simple formula: Assessment x Multiplier (minus Exemption) x Tax Rate.

► Cook County property tax terminology defined

► Download our Cook County property tax calculation worksheet

Which factors in that equation can be appealed?

The multiplier is a county-wide number applied the same to all properties in Cook County. For all practical purposes, the multiplier is NOT APPEALABLE.

The tax rate is the same number applied to all properties in your taxing district. In a practical sense it is appealable but would not have a significant effect for the individual property. From a cost-effective standpoint for most properties, the tax rate is NOT APPEALABLE.

The assessment is the taxable value of your property, as determined by the Assessor. It is our job to affect his determination. If you can convince the county to lower your assessment, you lower your taxes. So, why does the simple formula matter? Because THE ASSESSMENT IS APPEALABLE.

2. Check your exemptions

If you live in Cook County (as your residence), you are entitled to a homeowners exemption. If you are over 65, you are entitled to a Senior Citizen Exemption.

There are very specific Disability Exemptions, Veterans Exemptions and more. Each of these could save you money.

Check your tax bill. If the exemptions are not listed, you don’t have them. You need to get them.

3. There is a reason your taxes are higher

There could be several reasons that your tax bill is higher than last year’s.

  • Your assessment may have gone up. If so, the property may be overvalued by the Cook County Assessor. We can help.
  • Your tax rate may be higher. Even if your assessment stayed the same, the taxing bodies may have requested more money for their operations. Every increase in a taxing body’s request can affect your taxes. That is why it is so critical that you get your property assessment as low as possible.
  • The multiplier is higher. The Cook County multiplier increased could have increased from the previous year.

4. It’s too late to appeal last year’s assessment

Your taxes are paid in arrears. It is, for most practical purposes, too late to object to the 2021 value of your property.

The time is now to focus on your 2022 value. Your appeal in 2022 will impact the tax you pay in 2023. Although it seems like a long wait, don’t try to time the market.

If you procrastinate, you’ll likely miss next year’s tax-saving opportunity.

 

Property taxes unappealing? KSN can help.

Appealing your Illinois property taxes is one way to ensure that the amount you pay is fair whether you live in the north/northwest Chicago suburbs, south/southwest Chicago suburbs, or in the City of Chicago.

Since 2015, KSN has worked diligently to save our clients over $150 million in reduced property tax assessments. We handle property tax appeals from start to finish for every type of property including:

We work on a contingency fee basis. You pay no legal fees unless an assessment reduction is achieved.

Questions about our property tax appeal services? Contact us by calling 847-537-0500 or by visiting www.ksnlaw.com/tax-appeal.

 

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