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Investor Keeps Taxes Down, Profits Up With Kensington

Investor Keeps Taxes Down Profits UpFor Karl Peterson, residential property investment is a family business. The family buys buildings in need of repair, guts them, rehabs them and then rents them out.

With more than two decades of experience, Peterson has developed a sharp eye for a building’s potential. His pet peeve: “When people don’t do things the right way.”

Shoddy attempts at renovation are just work he’s going to have to redo. “I want it perfect,” he says.

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Chicago-area Property Taxes Take a Bigger Bite than Taxes Almost Anywhere Else

Chicago Property Taxes Take a Bigger BiteThere are a lot of reasons to love living in Chicagoland. But when it comes to property taxes, there are an awful lot of places to love more.

In fact, according to a new report, Chicago area homeowners are paying bigger property tax bills on average, than homeowners in 93%  of 1,414 counties across the rest of the country.

Report Surveys Property Taxes in 6 Chicago Area Counties

The April 2018 report from Attom Data Solutions compared counties with at least 10,000 single-family homes and showed that homeowners in Lake, DuPage, Kane, McHenry, Cook and Will counties had average tax bills higher than 93% to 99% of the counties in the study.

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Keeping Up with the Property Tax Appeal Schedule

Keeping Up with the Property Tax Appeal Schedule

Keeping on top of the deadlines for filing an appeal of your property tax assessment doesn’t seem like it would be an unmanageable task. And maybe it wouldn’t be if that were all you had to keep track of.

There are four key dates every year – not counting the deadline for paying your taxes on time! – the opening and closing date of the window for appealing your assessment to the county assessor’s office and the opening and closing date of the window for filing an appeal with the board of review.

Senior citizens, disabled and returning veterans and new homeowners also have deadlines for applying for exemptions that can reduce their property tax bills. So that’s five or six key dates for potentially saving thousands of dollars in property taxes or avoiding a late fee.
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5 Ways to Avoid Overpaying Your Property Taxes

5 Ways to Avoid Overpaying Your Property TaxesIn her recent article, Are You Paying Too Much Property Tax?, Vera Gibbons of Zillow identifies five ways to help ensure you’re not paying more in property taxes than you should:

  1. Correct Basic Errors: verify that there are no mistakes on your property card, including dimensions, acreage, value, bedrooms, bathrooms, garage size, and other key amenities like a fireplace or swimming pool; if you find any errors, you may qualify for a reduction in your property taxes
  2. Comps: compare your home’s property information with your neighbors that have similar homes in terms of age, size, style, proximity, and condition; if you’re assessed higher to a comparable property, you can make an argument for a property tax reduction
  3. Unique Conditions: if there is anything about your property or neighborhood making it somewhat undesirable, e.g. proximity to busy streets, power lines or commercial operations like a factory, you may qualify for a property tax reduction
  4. Improvements: if your property tax bill includes structural enhancements that were never made, than you have a good case for a reduction in your property taxes
  5. Exemptions: property tax reductions are often available for seniors, people with disabilities, veterans, historic buildings, and homes with certain energy efficient enhancements

Read the whole article here

Property Tax Appeal Service

If you think you may qualify for a property tax reduction on your property taxes for your home or business because of anything listed above or for any other reason, contact us for a free estimate on the maximum deduction we project for you.

We’ve helped more than 10,000 clients in Cook County and throughout the Chicagoland area save $1,000 or more on their property taxes since 1999.


When It Comes to Tax Appeals, Numbers Are Better Than Letters

Cook County Property Tax AppealsIf you didn’t know it already, property tax season announces itself with a mailbox full of solicitations offering to help you appeal your assessment.

The pitches are similar, with lots of exclamation point-punctuated promises of the hypothetical savings you may see!

But here’s what you may not know: if you live in one of the city of Chicago townships and have received one of these letters it is impossible that a factual analysis with current data has been conducted because the city township reassessment data has not been released yet.
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Do-It-Yourself Property Tax Appeals: Don’t

DIY Property Tax AppealWe’ve previously covered how you can appeal your own Cook County property taxes on a do-it-yourself (DIY) basis. We’ve also covered why this approach could result in your leaving money on the table and why using online services may not be much better.

This blog explains why you might leave money on the table in more detail, and why it’s important to at least consider working with an experienced partner like Kensington to appeal your property taxes and to get a reduction ranging from $2,700 to $46,000 over the triennial period.
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Cook Assessor to Adjust for COVID-19 Effects on Property Value

Cook Assessor To Adjust Assessments for COVID-19Cook County property owners will see their property values adjusted to reflect any “significant” changes in market value that can be attributed to the coronavirus pandemic, the assessor’s office said in a press release this week.

“This is an unprecedented crisis and we’re taking necessary steps to address it,” Cook County Assessor Fritz Kaegi said in the release. “In view of the state and federal governments’ declaration of Illinois and Cook County as major disaster areas, and the pandemic’s toll on markets and property values, we are adjusting assessments to reflect this reality.”

Adjustments will be considered in all townships, including those that have already been reassessed and those in the north suburbs and Chicago that are not scheduled for reassessment this year, according to the release.
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Harris County Property Tax Protest Deadline Nearing

Harris County Property Tax Protests Deadline is Approaching

With all that’s going on in the world right now, it’s easy to lose track of important deadlines.

While the Harris County Appraisal District has postponed its property tax workshops and closed its physical offices to the public, the office will continue to accept protests online.

The deadline to file a property tax protest is the later of May 15, 2020, or 30 days after the Notices of Appraised Value are mailed out by the appraisal district.
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Reducing the Impact of the Chicago Property Tax Death Spiral

Cook County Property Tax Death SpiralYou’ve probably seen the legion of articles on how the population is declining in Chicago, Cook County, the entire Chicagoland area, and the entire state of Illinois. One of the top reasons given for the mass exodus: increasing property taxes.

While a decreasing population means that every remaining homeowner’s property tax burden is likely to increase further, there is a way to mitigate this risk without having to move.
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