Property Taxes – 2nd Installment – What to expect and how to evaluate them
During the last several months, all properties in the City of Chicago have been re-assessed for tax purposes as the result of the 2012 triennial reassessment. The Cook County Assessor’s Office and the Board of Review expect to complete the 2012 reassessment process before the end of April, 2013. Therefore, it is likely that the 2nd installment tax bills will be issued in June, with a due date in July, 2013. The early due date will help the County to avoid the cost of tax anticipation bonds. Unfortunately, it also means that the tax escrows for some taxpayers may be a little short.
Many homeowners will find that their assessed values have been reduced for 2012, reflecting the decline in the real estate market since the 2009 reassessment. However, a reduction in assessment will not automatically translate into a reduction in tax. It is likely that the City tax rate will increase somewhat to compensate for the overall decline in assessments.
When you receive your tax bills, you should check to make sure that you have received the appropriate exemptions. If you received the homeowner’s exemption for 2011, a homeowner’s exemption should be applied automatically to the 2012 tax bill. In contrast, the senior exemption will not be applied unless a new or renewal application was mailed in on time. However, if your bill does not contain the correct exemptions, the Assessor’s Office will correct this for you through a certificate of error. If you apply promptly, you should be able to obtain a corrected bill prior to the due date for the 2nd installment.
If you think that the assessed value of your property is too high, now is the time to look into filing a 2013 assessment complaint. In some cases, it may even be possible to correct the 2012 assessment through a certificate of error. The Assessor’s Office has already begun accepting complaints for some townships. The Board of Review will not open up for complaints until later in the summer.
If you would like assistance in contesting the assessment of your property or with an exemption problem, we invite you to call the Law Offices of Terrence Kennedy, Jr. The firm consists of 6 attorneys, and has been fighting real estate taxes for both residential and commercial properties for more than 20 years. Terry Kennedy grew up in the 47th Ward and was previously president of the Ravenswood Community Council. Another attorney in the firm, Dan Farley, is a life-long resident of the 47th Ward.
The firm is located at 180 N. LaSalle, Chicago, IL 60601. You may contact the firm by phone: 312-641-0100 or fax: 312-641-0014, or by email: firstname.lastname@example.org.