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Real Estate

Property Tax Appeals

How to Appeal Your Property Tax Assessment

How to Appeal Your Property Tax Assessment

Property values in the past few years have plummeted, yet homeowners find themselves paying higher property taxes than ever before. Your property taxes are linked to the fair market value of your home; however, when the fair market value of your home is uncertain, the tax assessment may be inaccurate. Due to the slow-paced real estate market, fewer homes are being purchased, making it difficult to get a fair estimate of what someone might pay for a home in your area, let alone a home similar to yours. Assessors do not have the raw data to work with as they did in the past, so they must refer to outdated information and do the best they can. Therefore, because many homeowners feel they have more accurate information than the assessor, they decide to appeal the assessment of their property.

Appealing your tax assessment is a daunting task, but if you are up for the challenge, there are a few things you should remember. Although the assessment of real property in State of Illinois is governed by Illinois law, each county and township can create additional rules and filing procedures. And, even though your individual township’s assessor may be the office actually valuating your property and mailing the notice of reassessment, assessment appeals are often processed through your county. Also, since each county has its own appeal procedure, it is crucial to read through your county’s rules for filing the appeal. For example, Downers Grove residents will receive their assessment from the Downers Grove Township, but will need to follow the Rules of the DuPage County Board of Review.

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New Property Tax Exemption For Disasbled Veterans

New Property Tax Exemption For Disasbled Veterans

In 2015, Senate Bill 107 expanded the Illinois  Disabled Veterans Property Tax Exemption.  Beginning in taxable year 2015, which is payable in 2016, veterans with a service-connected disability rating of at least 30% can apply to have their dwelling's assessed value reduced.  The amount of the reduction/exemption depends on the level of disability.

‍Veterans with a disability rating of 30 to 40 percent receive an exemption that reduces the assessed value of their primary dwelling by $2,500.00.  A disability rating of 50 to 60 percent reduces the value by $5,000.00.  A disability rating of 70 percent makes the veteran's dwelling completely exempt from taxation.   

In order to take advantage of the exemption, you can apply through your county's assessor's office.  

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