Providing Property Tax Relief Since 1999
The Cook County Board of Review has announced that 6 more townships will open on 11/9/15 for 2015 property tax appeals. The deadline to file a complaint is 12/8/15 for the following townships:
At Kensington Research & Recovery, our business is helping clients reclaim money that is rightfully due them. From receiving government refunds to appealing property taxes, we take great pride in helping our clients. At the end of the day, helping to make someone’s life better is what we find so personally gratifying.
That feeling doesn’t stop at the office door. We believe in doing the right thing and seek out opportunities to give back to our community.
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Since we were founded in 1999, we’ve heard many concerns and misconceptions about appealing your property taxes. Let’s set the record straight:
While many people feel it’s a waste of time to appeal their taxes because they don’t understand the system, or they think it won’t have an impact, over 65% of Cook County homeowners that appeal their property taxes see a property tax reduction at the Board of Review, as reported by Chicago Lawyer. You can also appeal with the County Assessor earlier in the year.
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The Cook County Board of Review has announced that Lake Township opened on 10/14/15 for 2015 property tax appeals.
The deadline to file a 2015 property tax appeal at the Board of Review is November 12, 2015.
Have you appealed your property taxes online?
While the convenience is appealing (no pun intended), you could be leaving money on the table: hundreds and possibly thousands in property tax savings. Why?
If you want your home to be considered for a property tax appeal, it doesn’t take much to file. However, if you want to make a strong appeal argument then you need to provide compelling evidence to support your appeal.
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While there’s been a lot of news on the impact Rahm Emanuel’s $541-$588 million property tax increase will have on Chicago homeowners, many do not yet realize that it also includes a tax cut for homes valued below $250,000.
This affects approximately 290,000 Chicago homeowners. See the table below to see the increase or decrease that affects you.
Just remember that this relates to the amount the Cook County Assessor’s office says your home is worth, which may or may not be in tune with actual home prices on the market. This could unfairly place your home value above the threshold or in a higher category below the threshold so you miss out on potentially larger savings. Our free property tax reduction estimate can help you understand where you are and if there’s a case to lower your home’s assessed value so you can enjoy a larger reduction or lower increase.
| Home Value | 2015 Taxes | 2016 Taxes (2015 + $318M) |
2017 Taxes (2015 + $428M) |
2018 Taxes (2015 + $481M) |
2019 Taxes (2015 + $544M) |
|---|---|---|---|---|---|
| $100K | $1,390 | ($340) | ($318) | ($307) | ($294) |
| $150K | $2,325 | ($273) | ($228) | ($206) | ($180) |
| $200K | $3,260 | ($206) | ($138) | ($105) | ($65) |
| $250K | $4,195 | ($140) | ($48) | ($4) | $49 |
| $300K | $5,130 | ($73) | $42 | $97 | $163 |
| $400K | $7,000 | $61 | $221 | $299 | $392 |
| $500K | $8,870 | $195 | $401 | $501 | $620 |
If your home is valued above $250,000, your taxes will increase – significantly. This increase could drive people out of their homes. The best protection against this scenario is to appeal your property taxes and it all starts with a free property tax appeal estimate.
According to Chicago Real Estate Daily, mansions owned by Richard Parrillo and JB Pritzker worth $12-$16 million each and already are taxed around $230,000 per year could see increases of $29,000-$39,000 per year.
Contact us to see if you qualify for this potentially new Chicago property tax exemption
With the looming Chicago property tax hike, you have three choices:
This week, Chicago mayor Rahm Emanuel announced a $588 million property tax hike to be implemented over four years, starting in 2016. This includes a 12% increase on residential properties on homes valued at $250,000 or more. This equates to a $340 to $550 annual increase. The estimated increases go up the more your home is worth.
Businesses will potentially pay an even higher rate but, as we covered in this blog post, are well-represented, so a significant chunk of their would-be tax burden is likely to shift to homeowners that don’t appeal their property taxes.
Other than selling your property, your only property tax hike remedy is to appeal your assessment. Property taxes are not a fixed cost. While a portion of the overall Cook County property tax appeals are denied every year, Kensington has achieved a 90%+ success rate. Contact us and we can estimate your property tax reduction (for free). If we determine that you’re not in line for a significant reduction, we will not appeal. However, we are typically able to help save our Cook County homeowner clients thousands of dollars.
What have you got to lose, other than a lot of money by not appealing?
The Cook County Assessor’s Office has announced that assessment notices were mailed on October 2, 2015, for South Chicago Township.
The deadline to file a 2015 property tax appeal is November 2, 2015.
In the September issue Chicago Lawyer, Roy Strom wrote a good article about Cook County property tax appeals, entitled The Assessment Squeeze: Lawyers are busier than ever appealing property assessments. The article covers how well-represented businesses shift more of the property tax cost burden on homeowners that do not appeal.
Despite the efforts of these lawyers, no one has been successful in reducing the total amount of property taxes that Cook County collects. It’s just that businesses and homeowners that do not appeal pay a higher share than those who appeal successfully. Additionally, since businesses are so well represented by law firms, homeowners wind up paying more than their fair share – especially those that don’t appeal. This was last estimated in 2012 when total assessed value of commercial properties was successfully reduced at the Board of Review from 42% to 37%. As a result, the homeowner share went from 51% to 57% (the “other” category was reduced from 7% to 6%).
And now that Rahm Emanuel wants to raise property taxes by $450-$550 million, it’s never been more important for homeowners to appeal their property taxes at both the Cook County Assessor’s Office and Board of Review every year.
Contact us to learn more about Cook County property tax appeals and to get your free estimate
The Cook County Assessor’s Office has announced that assessment notices were mailed on September 15, 2015, for Hanover Township.
The deadline to file a 2015 property tax appeal is October 16, 2015.
Over 90% Success Rate on Property Tax Appeals & Protests
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