TRISTAN & CERVANTES NEWS | December 19, 2017
Property Taxes Set to Increase for Chicago Property Owners
Taxes. Nothing in life is surer, than, well, death and taxes. In January 2018, all property within the City of Chicago limits will be up for reassessment; this will include commercial, industrial, residential, and any other taxable property types.
Reassessment is the process by which the County evaluates the value of property in order to determine the applicable taxes due. For example, in the last two years average assessment increases in areas outside of Chicago have ranged from 15% to as high as 35%. Expect similar or higher results in the coming months for your Chicago property. The reassessment process is a complex formula that likely means most property owners will have considerably HIGHER tax bills.
Be assured, however, our staff and attorney network has assisted clients in managing their tax liability, appealing assessments, filing for certificates of error, and aggressively pursuing property tax relief for property owners.
What can I do to minimize my tax liability?
While the Assessor will likely increase your assessment, it does not mean that it is the final tax bill. If you own your property, or you lease commercial space where you are responsible for the taxes, you can fight back to help reduce your final tax bill. There is a process by which you can dispute the assessed value and ask that it be lowered for a variety of issues. All property owners have the right to appeal. It is especially recommended for multi-unit apartment buildings (like 3 and 4 flats) as well as all commercial property owners to fight the tax man to win some savings.
As a courtesy to our readers, if you own a multi-unit apartment building, or a commercial or industrial property, you can send us your address and we can provide you with a free analysis of your current property tax assessment and the options you may have to reduce your taxes.
Once you know the potential savings, we can discuss your options and help prepare an appeal to reduce your taxes. THERE IS NO FEE to file an appeal to reduce your tax assessment with the Cook County Assessor or Cook County Board of Review, and there is usually little to no upfront cost on filing evidence for one.
*sending us your address does not create an attorney client relationship. No attorney client relationship exists until and if you choose to retain our firm or any attorney for any client service.