Lowering your property taxes can help any home owner or prospective home owner these days even if you are not struggling to make monthly payments. With increasing inflation and a possible “recession” looming, who wouldn’t benefit? In the housing market of today, decreasing your overall housing payments can make properties more affordable for buyers. For sellers, it can make your property more attractive to buyers.

How your taxes are assessed

Generally, property-tax bills are calculated by multiplying the assessed value of a home or condo by the local tax rate. Some towns may assess homes at full market value, while others assess properties at a percentage of market value. In Cook County homes are assessed at 16% of its estimated property value. The overall amount of real estate taxes to be collected in your community is determined by all local governments providing services in your community, such as your municipality, school, park and library districts. That is why it is important to be aware of any proposed increases in spending by your local governments.

What should you do?

- Use online real-estate sites like PropertyShark.com to research what neighbors with similar homes are paying.

- Visit your local assessor’s office to find out that the information they have for your home is correct (square footage, bedrooms, bathrooms, etc)

- File an appeal. You’ll need evidence to back up your case to put together a file of public records, records for other homes, etc. Consult a reputable real estate attorney to assist.

James Weber
Real Living Helios Realty
jweb@reallivinghelios.com
http://www.chicagoagentblog.com/
312-224-9109