Federal prosecutors charged a Cook County tax assessor with accepting bribes to reduce property tax assessments for property owners. The alleged corruption occurred between 2016 and 2018. What does this mean for Cook County residents? What are the accusations? An official with the Cook County assessor’s office faces charges that he and two co-conspirators accepted jewelry, home improvements, sports tickets and other items of value from property owners in exchange for lower property tax bills. A spokesperson for the Assessor’s Office claims that the alleged crimes took place during the prior ad ..read more

When planning home renovations, materials and labor are not the only costs to consider. Some renovations also raise your property taxes. Generally, if a modification increases your home’s value, you can expect your property taxes to increase. 1. Building an in-ground pool Permanent modifications like in-ground pools raise your home’s value. Above-ground pools and hot tubs generally do not affect property taxes, as they are not permanent features. 2. Increasing liveable square footage Renovations that add living area are likely to increase your taxes. Building an addition Building an addition i ..read more

Property taxes provide funds to schools and local municipalities to provide community services. However, the value of individual tax assessments may rise if some prices become inflated. During this peak real estate market, the value of homes and businesses has risen and has driven tax rates through the roof. It may help to look at how inflated real estate impacts tax rates. What factors determine value? When taking a look at a neighborhood, assessors use various factors to establish the value of buildings. Using a wide lens, the assessor takes a snapshot that applies to similar buildings and s ..read more

The county or state will estimate how much you owe in property taxes through a sometimes-fuzzy method of estimation. Assessors do not have the time necessary to put a lot of detailed research or thought into every single property they manage, after all. Fortunately for property owners, however, an immediate acceptance of this assessment does not need to happen. It is possible to appeal an assessment you disagree with. Missed details and incorrect information Urban Institute takes a look at property taxes in the local area. Malignant behavior is not the only reason for an incorrect tax assessme ..read more

Paying property taxes in Illinois might feel like it is becoming the biggest bill you pay each year. With values increasing all across the nation, you might wonder what drives these changes. If you do not notice much difference in your home’s appreciation, you may question the legality of paying more for taxes. Calculating values Even though you might pay more for property taxes despite your home’s value remaining the same, the value of your home does influence how much you pay. Multiple factors impact your home value including its size, layout, renovations and location. Your property tax levy ..read more

While the formula for figuring out property taxes is complex and difficult to understand, there are four main elements to property tax calculations. The tax rate for your area, the value of your home, an equalization factor, and the exemptions that may affect your home are all factors in determining the property taxes you owe. 1. The tax rate for your area Each year the government figures out the amount of property tax it will need in order to achieve funding for the public services it provides. This number determines the aggregate tax rate for each area. Your location in your county determine ..read more

Paying property taxes in Illinois can absorb a substantial amount of your budget each year. How much you end up paying depends on your location, the size of your property and other specifics. If you ever question the validity of the amount you owe, you have the right to appeal your property tax. Knowing how the state utilizes the funds you pay might change your perspective on paying. Maintenance and growth One use of property taxes is to maintain local amenities. Public safety, street maintenance and sanitation services all benefit from the money you pay in property taxes. Growth in your commu ..read more

Real estate tax assessments generally rely on each property’s current fair market value. When Illinois homeowners find increases on their property tax assessments, they may appeal them. Commercial property owners may also appeal their assessments. As noted by Crain’s Chicago Business, assessments on residential property values reflect sales prices of comparable homes. Similar homes in a neighborhood may lead to an assessment proportional to each property’s current market value. Commercial property tax assessments require a more detailed analysis. Officials may assess taxes based on how much in ..read more

At some point as a homeowner in Illinois, you may feel the need to appeal your property tax assessment. This is your right, but exactly how does the appeal process work? The property tax assessment explained Property taxes finance the services your local government provides to residents. The appeal process concerns the assessed value of your property. You are not appealing the tax bill. There are various reasons for an appeal. For example, perhaps the property assessment was based on incorrect information, or the assessment for your property is higher than those of comparable properties in the ..read more

If you have a disability, you are far from alone. In fact, according to the U.S. Census Bureau, roughly 41 million Americans have some type of disability. This figure translates to about 13% of the population. Still, knowing you are in good company probably does not make your disability any easier to manage. Fortunately, having a disability may lower your property tax obligations. That is, Illinois law may allow you to reduce the equalized assessed value of your property by $2,000. This may make a meaningful difference in the amount of property tax you must pay every year. Who qualifies for th ..read more