If you live in Cook County, are your property taxes too high? Cook County has the largest population in the State of Illinois and includes the City of Chicago. Until recently, it has been difficult to determine your home's value based on it's tax assessed value.
Cook County tax assessments on residental properties reflect 10% of market value. When the assessor values a home at $250,000, then your assessed value would be 25,000. The total Cook County assessment includes an amount for the land and an amount for the building. So in this example, the building would likely be assessed around 20,000 and the land for this Cook County property would likely be around 5,000.
When a property's assessment doesn't reflect today's market value, filing a complaint might be in order.
Protesting your real estate taxes in Cook County can be done in four ways. A home's assessed value can be challenged with 4 different processes. First, the assessor's office. Second, the Board of Review. Third, the Illinois Property Tax Appeals Board. Fourth, filing a law suit against the assessor. There is also an appeal process for each type of complaint.
Is your home assessed at today's Market Value? If not, consider filing a complaint. It is not as difficult as you might think. The most popular forms of complaints are the Assessor's Office and the Board of Review.
In today's reality, it is not unusual for residences having a tax bill around 3% of market value.
Tip: get an appraisal as justification for your complaint.