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Frequently Asked Questions About Property Tax Reduction

What is property tax and how is it determined in Illinois?

Property tax is a major source of tax revenue for local governments. Anyone who owns real property — a house, condominium, commercial building or just land — pays property taxes. Property tax is based on the value that a township assessor places on the property.

What is "market value?"

Most property is assessed based on its "market value," which is essentially the amount of money it would sell for in a competitive and open market. Assessors use market data and the cost to reproduce the property as guidelines for determining market value. The value of income-producing property such as an apartment complex or retail space is calculated by measuring the amount of future net income the property can be expected to return to an investor. By law, most property in Illinois is assessed at one-third of its market value.

What causes property assessments to increase?

Common reasons for a property's value to increase include:

  • A general increase in value throughout the neighborhood
  • Improvements to the property such as an addition or extensive renovation
  • The property was not assessed accurately in relation to other similar properties in the area
  • The property has a homestead exemption that was removed

How do I know if my property has been fairly assessed?

A first step in checking the accuracy of your assessment is to verify that the information the county has on record regarding your property is accurate. You can compare the value placed on your property with similar properties online or at the assessor's office.

Why should I appeal my property tax assessment?

It is not uncommon for properties to be assessed higher than their current value, which means the owner is paying too much in property taxes.

How do I appeal my property tax assessment with Illinois Real Estate Tax Appeals Inc.?

The proper forms for appealing a property tax assessment are available here. Once you have completed the form, email it to us. We will then look up assessed valuations of properties similar to yours. When we determine we have grounds for a successful tax appeal, we will email you our Retainer. Once the Retainer is signed, we will start your appeal. No money is due Illinois Real Estate Tax Appeals Inc. until we have obtained a successful appeal for you. Please know, there are strict deadlines for filing an appeal that must be met or you will lose the opportunity to appeal the assessment for that tax year.

Are appeals successful?

Yes, tax appeals are successful. We know how to research your property and find comparisons and other evidence that supports your claim that your property is overvalued. The team at Illinois Real Estate Tax Appeal Inc. has the knowledge and experience necessary to win an appeal on your behalf.

 

 

Contact An Experienced DuPage County Tax Lawyer

Attorney Linda G. Bal leads a highly qualified team that will help you navigate the property tax appeals process. For your convenience, we have offices throughout Greater Chicago and serve clients in both the northern and southern suburbs. Contact us to schedule a free consultation.

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