Real Estate Toronto Canada

Now that the election is over, the 2nd installment of Cook County real estate tax bills are now out. The tax bills are due to be paid next month, and this is sure to dampen some home owner’s holiday spirit. Especially when you consider that the first installment of the 2010 bills will be due just a few months later.  Home values have gone down sharply over the last few years, but the accessed values aren’t going in the same direction. No one wants to pay extra for taxes when their values are down, but with local governments in a cash crunch, they aren’t in a sympathetic mood.

Our real estate tax system is complicated and there are a number of factors that go into calculating the tax bill. The first thing to do is to check your bill and make sure you are getting all the correct exemptions. If you are not getting your homeowners exemption this could make a big difference. But one of the major factors is the accessed value. If you can show that the accessed value is higher than the current market value, you may be able to get your tax bill lowered. There are attorneys and specialists who do this regularly and charge you a percentage of the taxes you saved. Or you can do this yourself.

If the property was purchased within the last 3 years, the assessor will base the new accessed value on the sale price. This might not help you if you bought when the market was still moving up, and now it is down from what you paid. If you have owned the home longer, your accessed value will be based on what comparable homes have sold for recently.

Here is the link to what you need to do to appeal your property taxes in Cook County.

Here is the online Cook county residential property tax appeal form.

Tax appeals are handled the same way in all of the Chicago area collar counties.

Dupage County property tax appeal process.

Kane County property tax appeal process.

Will County property tax appeal process.

Will County tax appeal forms.

Kendall County Assessors Office

Lake County property tax appeal process.

McHenry County property tax appeal process.

Peter Thompson                              630-479-6424

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