Cook County Property Tax Outlook for 2019

Cook County Property Tax Outlook 2019Will your property taxes go up or down this year? Who will get hit the hardest? Who might get off easy?

Here’s our current outlook for Cook County property taxes in 2019, based on budget conditions and 20 years of experience in the property tax arena.

Last Year of Rahm’s Tax Hikes

2019 is the last year of Rahm Emanuel’s $588 million property tax increase with a $63 million increase coming due. This is $10 million higher than last year’s increase but less than the increases of $363 million in 2016 and $109 million in 2017 – however, it’s all additive.

The North Will Be Re-Assessed & See Big Increases

Starting with Norwood Park in late February and Evanston in mid-March, all Cook County North townships will be re-assessed this year. View our 2019 property tax deadline calendar to see when you can appeal in your township.
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Berwyn Township 2019 Assessment Notices Mailed

Berwyn Township2019 assessment notices were mailed by the Cook County Assessor’s office on Tuesday, February 26th to Berwyn Township property owners. The one month window to appeal your 2019 assessed value is now open until the deadline of Wednesday, March 27th.

We believe homeowners should review their assessments annually and appeal each year if and when there is a strong argument that their home may not be assessed fairly. Berwyn is scheduled to be reassessed in 2020. However, if you feel that your assessment is not fair there is no need to wait to appeal, you have the option to appeal every year at the Assessor’s office and at the Board of Review. If you’d like a second opinion on your assessed value as it compares to other similar homes contact us for a free, no obligation, analysis of your property.
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Rogers Park Township 2020 Assessment Notices Mailed

Rogers Park2020 property assessment notices were mailed by the Cook County Assessor’s office on Monday, February 24, 2020 to Rogers Park Township property owners. The following cities, towns, and villages are in Rogers Park Township: East Rogers Park and West Rogers Park. The window to appeal your 2020 assessed value is now open until the deadline of May 1st.

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. Rogers Park Township’s next triennial reassessment is scheduled for 2021. 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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What Happens after Receiving a Property Tax Reduction?

Cook County Property Tax Appeal Service Payment ImpactCongratulations: you’ve received a property tax reduction of $500 to $5,000… now what?

Mortgage Payment Impact & Government Regulations

The Real Estate Settlement Procedures Act (RESPA) limits the amount of money a lender may require a borrower to hold in escrow for payment of taxes, insurance, etc. The RESPA statute and regulations provide that lenders are capped in the amount of cushion they can require a borrower to maintain in their escrow account in the amount of one-sixth (1/6) of the total amount of items paid out of the account, or approximately two months of escrow payments.

Therefore, if you receive a reduction in the assessed value of your property, your mortgage servicer should reduce the amount of your monthly mortgage payment accordingly.
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Chicago Homeowners: Triennial Reassessment Is an Excellent Time to Appeal

Cook County Property Tax Appeals: Triennial Assessments for ChicagoFor Chicago homeowners residing in one of the city’s eight townships as defined by Cook County — which includes Hyde Park, Jefferson, Lake, Lakeview, North Chicago, Rogers Park, South Chicago, and West Chicago — your property is in the triennial reassessment zone this year.

If you want to be sure that you’re not paying too much in property taxes, this is a good time to appeal your assessment. Here’s what you need to know.
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2017 Assessment Notices Mailed For Evanston Township

The Cook County Assessor’s Office has mailed assessment notices for Evanston Township. The Assessor’s Office offers a 30 day window to appeal your assessment each year. The deadline to file a 2017 property tax appeal for properties located in Evanston Township is March 27, 2017.Why Have a Pro Appeal Your Property Taxes

Cook County’s 38 townships are divided into three districts: city, north suburbs and south suburbs. Evanston Township is located in the north suburbs district and the next scheduled triennial reassessment year is 2019. That said, appealing your assessment can be done in every tax year, including non-reassessment years. Since the market is constantly changing we believe reviewing your assessment annually, to determine whether or not an appeal makes sense, is in your best interest.

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Norwood Park Township Triennial Reassessment Notices Mailed

Norwood ParkTriennial reassessment notices were mailed to Norwood Park Township property owners on Friday, February 22nd. Norwood Park valuation statistics from the Cook County Assessor’s office can be found here. Homeowners in Norwood Park Township have one month to appeal their assessment at the Assessor’s office (there is also a second opportunity later in the year at the Board of Review). The deadline for appealing at the Assessor’s office is Monday, March 25th.

We recommend reviewing your assessment annually, especially in a year when your township is reassessed, to ensure you do not pay more than your fair share in property taxes. If you think your home’s assessment is not comparable to similar properties in your area you should consider appealing. Successfully appealing in a reassessment year may provide 3 years of savings on your future property tax bills. If you would like a free estimate of how much we believe we could help you save with an appeal contact us today.
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Evanston 2018 Assessment Notices Mailed

EvanstonEvanston Township assessment notices for tax year 2018 were mailed by the Cook County Assessor’s Office on Thursday, February 22nd. The 30 day window for property owners to appeal their assessment is now open until the deadline of Monday, March 26th.

Regardless of when your township was last reassessed by the Assessor’s Office (Evanston was last reassessed in 2016) you may file an appeal each year. In fact, it is our opinion that you should review, if not appeal, your assessment every year due to regular changes in the housing market (others have also made this recommendation).
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Norwood Park Township 2020 Assessment Notices Mailed

Savings House2020 property assessment notices were mailed by the Cook County Assessor’s office on Thursday, February 20th, to Norwood Park Township property owners. The window to appeal your 2020 assessed value is now open until the deadline of May 1st.

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. Norwood Park Township was reassessed in 2019 but even if you appealed last year you may appeal your assessment again this year. A successful appeal in 2020 may result in two years of savings, until Norwood Park is reassessed in 2022. 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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