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Senior Exemption Will Renew Automatically Next Year

Cook County property owners who have already applied for and received a senior exemption will have one less chore next year under a law that makes the exemption automatic for property owners 65 and older.

In the past, the senior exemption had to be renewed annually, a task that the Cook County Treasurer’s Office found was overlooked by more than 25,000 of the county’s approximately 740,000 eligible seniors.

Under the law that went into effect this year, eligible seniors will only have to apply for the exemption once and it will auto renew annually. The exemption can reduce a homeowner’s property tax bill by an average of $300 a year as it reduces the property’s equalized assessed value by $8,000.
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Hard-hit Chicago Homeowners Could Face Additional Property Tax Hikes

Hard-hit Chicago Homeowners Could Face Additional Property Tax Hikes

Faced with a pension crisis and a budget shortfall of $838 million next year, Chicago’s mayor says additional property tax increases cannot be ruled out.

In comments made as part of her state of the city speech and more recently at a conference for municipal bond investors, Mayor Lori Lightfoot made it clear that other proposals for closing the gap, including the refinancing of some high-cost debt, may not be enough to avoid having to go back to property owners for the revenue that will be needed to meet the city’s pension obligations and other budget needs.

The gap, a third of which is attributed to pension costs, is the result of the city’s long-term failure to meet pension obligations and fix the structural problems that have caused the crisis, Lightfoot said.
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Put a Team of Property Tax Experts to Work Protecting Your Investment

ReliefThere is nothing like the relief you feel when you hand a problem off to an expert. Your mind stops racing and you can turn your attention to other matters with confidence.

That’s especially true when it comes to something as complex and time consuming as appealing your property taxes. Doing the work on your own can be stress-inducing – and disappointing. Appealing your assessment without making the strongest possible case means leaving money on the table. And the strongest possible case requires a deep dive into the most up-to-date data to find the right properties for comparison.

At Kensington, we have decades of experience and a track record of success in assisting with property tax appeals for homeowners, property managers and commercial property owners in the Chicago area. It’s a record built on expertise spread across an entire team of property tax specialists. When you sign on with Kensington to research and manage your property tax appeal, you get more than a property tax expert: you get a whole team of property tax experts.
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Property Tax Appeal Expertise that Adds Up

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When it comes to finding the right property tax appeal service, expertise can make all the difference.

One former Kensington client learned that all too well.

The client owned a home in Lake View Township valued at $1.3 million. Over a four-year period beginning in 2014, we used our proprietary algorithm and a team of experienced analysts to help the homeowner make the strongest possible case for reducing the assessed value of their home.

The result was property tax savings of $16,475.80 over four years – an average of $4,118.95 per year.

But when an acquaintance referred the homeowner to one of our competitors in 2018, the client decided to give the new company a try. The competitor managed to achieve savings of about $500. Spread out over the next three years, the reduction in their assessment will yield roughly $166 in savings per year.
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Hyde Park Township 2019 Assessment Notices Mailed

Hyde Park2019 property assessment notices were mailed by the Cook County Assessor’s office on Thursday, July 11th, to Hyde Park Township property owners. The following cities, towns, and villages are in Hyde Park Township: Avalon Park, Burnside, Calumet Heights, Chatham (portion), East Side, Grand Boulevard (portion), Greater Grand Crossing (portion), Hegewisch, Hyde Park, Kenwood, Oakland (portion), Pullman, Riverdale, Roseland (portion), South Chicago, South Deering, South Shore, Washington Park (portion), West Pullman (portion), and Woodlawn. The one month window to appeal your 2019 assessed value is now open until the deadline of August 12th.

We recommend property owners review their assessments annually and appeal whenever there is a strong evidence based argument that your home may not be assessed fairly. Hyde Park Township was reassessed in 2018 but even if you appealed last year you may appeal your assessment again this year. A successful appeal in 2019 may result in two years of savings, until Hyde Park is reassessed in 2021. The best way to ensure you never pay more than your fair share in property taxes is to review your assessment every year and appeal whenever you have a strong basis for an appeal argument, no matter where your township is at in the triennial reassessment cycle.
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Wheeling Township 2019 Triennial Reassessments Mailed

Wheeling2019 Triennial reassessment notices were mailed to Wheeling Township homeowners on Monday, July 8th. The following cities, towns, and villages are in Wheeling Township: Arlington Heights, Buffalo Grove, Des Plaines, Glenview, Mount Prospect, Northbrook, Palatine (east of 53), Prospect Heights (majority), Rolling Meadows, and Wheeling (majority). Homeowners in Wheeling Township have 30 days to appeal their assessment at the Assessor’s office (there will be a second opportunity to appeal later in the year at the Board of Review, whether you appeal at the Assessor’s office or not). The deadline for appealing at the Assessor’s office is August 8th.

Valuation statistics for Wheeling Township will be published by the Cook County Assessor’s office here when they become available. We recommend homeowners review their assessment annually, particularly in a triennial reassessment year, to ensure they do not pay more than their fair share in property taxes. Successfully appealing in a reassessment year may provide 3 years of savings on future property tax bills. If you would like a free analysis of your Wheeling Township home, in comparison to similar properties, we would be happy to conduct a “no obligation” analysis and provide you with a free estimate of how much we believe we could help you save with an appeal.
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Second Installment Property Tax Bills Arrive in Cook County

Just when you thought it was safe to venture outside again, there is that envelope from the Cook County treasurer.

The bad news: Cook County property tax bills are rising on average 3.7% for tax year 2018.

The good news: Depending on where you live, you could see a tax bill that is largely unchanged from last year. An increase in overall taxable values and assessment increases in parts of the city contributed to a 6.6% reduction in the city’s overall tax rate and helped shift the tax burden away from the South Side, according to a report by Cook County Clerk Karen Yarbrough.
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Illinois Legislators Pass Bill for Auto-Renewal of Senior Exemption

Illinois Legislators Pass Bill for Auto-Renewal of Senior ExemptionA bill awaiting the governor’s signature will make it easier for property owners age 65 or older to get the senior tax exemption credit, which reduces the equalized assessed value of a home by $8,000.

The exemption saves eligible property owners an average of $300 in taxes, but last year the Cook County Treasurer’s Office reported that “as many as 31,000” eligible seniors in Cook County” had failed to reapply. The new bill would make the process automatic.

Under existing law, seniors have to reapply for the exemption every year.
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Cook County Board of Review Opens For 2019 Appeals

cook-county-township-mapThe Cook County Board of Review has opened 2019 property tax appeals for the first group of 7 townships. The Board’s deadline to appeal your 2019 assessed value is July 30th. Below are the townships that are currently open in Group 1:

  • Berwyn
  • Norwood Park
  • Oak Park
  • River Forest
  • Riverside
  • Rogers Park
  • Evanston

If you missed your appeal opportunity at the Assessor’s office earlier in the year, or if you did appeal and weren’t satisfied with the result, you have a second opportunity to appeal at the Board of Review. Appealing your home’s 2019 assessed value is the only way to achieve property tax relief on your second installment property tax bill in July 2020, other than selling your home or claiming a new exemption. Assessments can be appealed every year, regardless of when a township was reassessed.
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Worth Township 2019 Assessment Notices Mailed

Worth2019 property assessment notices were mailed by the Cook County Assessor’s office on June 28th to Worth Township property owners. The following cities, towns, and villages are in Worth Township: Alsip, Blue Island, Bridgeview, Chicago Ridge, Crestwood, Evergreen Park, Hometown, Merrionette Park, Oak Lawn, Palos Heights (east half), Robbins (north ¼), and Worth (east ¾). The one month window to appeal your 2019 assessed value is now open until the deadline of July 29th.

We suggest property owners review their assessments annually and appeal whenever there is a strong evidence based argument that your home may not be assessed fairly. Worth Township’s next triennial reassessment is scheduled for 2020. However, if you feel that your assessment is not fair there is no need to wait to appeal, property owners have the right to appeal every year at the Assessor’s office and at the Board of Review. If you’d like a professional opinion on your home’s assessed value as it compares to similar properties in your neighborhood contact us for a free, no obligation, review and analysis of your home.
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