Tax Appeal Overview
Your property tax bill is the product of the value of your home, the equalization factor and the tax rate. The most direct method to reduce this burden is for the property owner to challenge this valuation. A valuation is valid for three years, unless it is challenged and reduced. Your assessed value is multiplied by an equalization factor and tax rate created by the local taxing bodies to create your tax bill. If your assessed value is lowered and the multipliers remain constant, then your tax burden is lowered.
Every year County Assessors determine, mail, and publish assessed valuation. Owners in Cook and Collar counties typically have thirty days from publication to contest the valuation at the assessor’s office. The two most popular grounds for challenging are over valuation and non-uniformity. An overvaluation challenge is typically based on a recent sale or appraisal. A non-uniformity challenge is the assertion that similar properties in the same neighborhoods are valued differently.
An owner can challenge valuation any year during the assessor appeal period or several months later during the defined Board of Review period. All challenges at the Assessor level can be appealed to the Board of Review; if necessary the third opportunity of redress is the Property Tax Appeal Board or Circuit Court.
As a service to all clients, I evaluate the current tax burden on the subject property and any prospective property. In addition to representation through the closing, I provide an annual review of client property to ensure accurate valuation and application of eligible exemptions.