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Was helping a new purchaser finish up with a few loose ends regarding his new home purchase in Hoffman Estates. Big problem - his taxes. Don't quite know what the previous owner did but it's a costly mistake. An absolute blunder! Taxes on this house are now $5809.07for 2007. Before you say - well too bad this rich guy deserves those taxes - think again! Let me tell you that this is great ranch house in a 'regular Joe' subdivision in Hoffman Estates with 3BR 2 BA's, Familyroom addition with fireplace, 2 car garage, regular sized lot. The amazing thing is when you delve further into similar homes the injustice and inconsistencies with Cook County just kicks you right in the head!
So let's look at the comparable properties that I used all in the same subdivision:
#1 - 3 blocks away from subject - Ranch, 3BR 1.5BA, Familyroom addition, Fireplace, 2 Car Detached Garage. Taxes for 2007 = $3504.18 Less $2304.89
#2-6 blocks away from subject - Ranch 3BR 1BA, Familyroom addition, Fireplace, 2 Car Detached Garage Taxes for 2007 = $3754.23 Less $2054.84
#3 - 5 blocks away from subject - Ranch 3BR 1BA, Familyroom addition, Fireplace, 2 Car Detached Taxes for 2007 = $4287.56 Less $1521.51
#4 -3 blocks away from subject - Ranch 3BR 2BA, Familyroom addition, NO Fireplace, 3 Car Detached Taxes for 2007 = $3245.31 Less $2563.76
So it's an easy choice, a 'no brainer' if you will. The new owner is going to file an appeal with either the Cook County Board of Review or with the Cook County Assessor. Either way, it's a good bet that you should file an appeal because you should only pay your due portion and absolutely nothing more!
The variances of tax amounts is what I'm trying to point out to you in this post. Virtually the same house, plus or minus 40 square feet or so and the tax range can be huge if you don't do anything about it. I wanted to quote John Lawson at the Schaumburg Tax Assessors Office from the Town Crier Bulletin:
"For residents who appealed their property taxes this year, the Board of Review reduced assessments 87% of the time, while the Cook County Assessor's Office only reduced assessments 11.25% of the time".
"SO MY SUGGESTION IS TO GO BEFORE THE BOARD OF REVIEW simply because they seem to be more lenient".
"Schaumburg Township residents can appeal their assessment in late fall of 2008. Go to the Cook County Website to keep posted on the estimated date for filing an appeal. Once the Cook County Assessor opens for appeals, there will only be 30 days for appeal. If you file an appeal and it is successful, it will be applied to your 2008 tax bill, payable in 2009."
Other ways to be sure your taxes are as low as possible - Senior Exemptions! If you were born in 1943 or before, you are entitled to the senior exemptions. There are three exemptions that seniors may be eligible for: Homeowners Exemption, Senior Exemption and Senior Freeze.
Exemptions are deductions applied to your real estate tax bill, if you qualify. The exemptions are only applied ON THE SECOND INSTALLMENT of your property taxes every year. If you qualify and the exemptions were not applied, you can file a 'CERTIFICATE OF ERROR' to correct this error at the Schaumburg Township Assessors Office or the Chicago Assessor's Office. In recap, we are filing on two different grounds:
Uniformity Appeal - the assessed valuation of your home is not in line with the assessed valuations of other homes, comparing your property to similar homes.
Over Evaluation Appeal - appeal if you believe the estimate of the property value is overvalued for any reason. So this post will be marked 'to be continued'. But this gives you some guidelines and suggestions should you decide to appeal your taxes with Cook County.
And you thought Realtors only knew about real estate!
Resources: MRED MLS, Cook County Assessor, Cook County Treasurer, Town Crier October 2008 - "All names were changed to protect the innocent" and addresses were deleted but can be provided upon request.
Lyn Sims ● Schaumburg IL Area ● Northwest Chicago Suburbs ● (847)230-7324
Market comments, updates and news about the surrounding communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Bloomingdale, Bartlett, Streamwood, and Hanover Park in the Chicago Northwest Suburbs.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.