Apostal Group

What to do about soaring Chicago property taxes Niko Apostal 09/06/16

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As you probably know, Chicago property taxes have skyrocketed this year. You may be wondering why. You may be wondering if there’s anything you can do to mitigate the effects of this in the future. Our friends at the Chicago Association of Realtors and Real Property Alliance put together a video to answer all of these questions and more. Here are a few of the takeaways:

  • In Chicago, your taxes are based on your home’s assessed value.
  • A home’s value is determined by an assessor from the city every three years — this is called the “triennial reassessment.”
  • The average property tax increase this year was around 12%.

What you can do:

  • Look at your property tax bill or visit the Cook County Assessor’s website and make sure your home is described accurately.
  • Look at the exemptions and deductions listed on the bill to make sure they are accurate.
  • Check the assessed value of similar homes in your neighborhood to make sure that your home’s assessed value is comparable.

If any of these things are incorrect, you may want to file an appeal with the Cook County Assessor’s Office (more info on that here.)

It’s definitely worth it to appeal, because it’s possible that Chicago property taxes will go up again next year!

Watch the full video below:

File: Chicago property taxes