Gary H. Smith
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Did You Take Advantage of Property Tax Abatement? Your Next Tax Bill May Shock You

Even if a property is fully paid for, tax payments never end. However, some cities offer property tax abatement, also called real estate tax abatement, which can provide savings and help with the resale value of the home. What is Property Tax Abatement? In […]

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What Is Ad Valorem Tax?

Property taxes are considered ad valorem taxes. Ad valorem is the Latin phrase for “according to the value.” One important characteristic of an ad valorem tax is that it is proportional to the value of the underlying asset. This is different […]

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Cook County Assesssor Issues Letters About Pandemic-Related Property Tax Break, But It Isn’t Good News For Everyone

By Dana KozlovNovember 17, 2020 at 6:24 pm CHICAGO (CBS) — In what seems like a gift from the tax collector, Chicago and north suburban homeowners have been getting letters in the mail notifying them of a pandemic-related tax break. But as […]

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Effective Property Tax Rates for Cook County: Analyzing the Ten-Year Trend

Each year, the Civic Federation releases its Effective Property Tax Rates report, which looks at two and 10-year trends in estimated effective tax rates for all properties—including residential, commercial, and industrial—in select northeastern communities in Illinois. The report highlights that […]

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Missing Property Tax Exemptions? Here’s How to Apply for a Certificate of Error

Although Sept. 11 was the deadline to apply for missing property tax exemptions on the second installment of 2019 property taxes in Cook County, property owners can still complete the paperwork as long as they’ve paid their second installment in […]

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Will COVID-19 Impact the Value of Your Residential or Commercial Property?

The Cook County Assessor’s Office plans to provide a COVID-19 adjustment to property values for the 2020 property tax year, to be paid in 2021. Reassessments to Reflect Rental Income Loss Cook County Assessor Fritz Kaegi is undertaking the reassessment […]

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