Gary Smith
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Reassessment Notices Are in the Mail
By Gary Smith
09/25/2018

About 144,000 single-family and 4,000 condo homeowners in Lake Township received reassessment notices from the Cook County Assessor’s office in August. These reassessments are based on a new assessment model created through a collaboration with the Cook County Assessor’s Office, […]

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Property Tax Hikes Strike Small Apartment Building Owners
By Gary Smith
09/17/2018

Tax hikes are hitting small apartment building owners as properties within the city of Chicago were reassessed this year, which, in turn, will impact renters. According to a spot survey by The Home Front, assessment increased 40 to 112 percent […]

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Increased Property Tax Exemptions Lead to Refunds for Thousands in Cook County
By Gary Smith
09/10/2018

Property tax time in Cook County usually brings dire news of property tax hikes for homeowners opening the mail, but for about 53,000 homeowners, this year could bring a payday. Approximately $19.5 million will be returned to homeowners because of […]

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Skyrocketing Assessments Are Hitting Property Owners Hard: People Are Pushing for Change
By Gary Smith
08/22/2018

Skyrocketing assessments are hitting property owners hard in Cook County this year and people are pushing for change. Cook County is divided into three sections for property tax purposes, and home values are reassessed on a triennial system within those […]

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What Is the Equalization Factor ?
By Gary Smith
08/15/2018

The equalization factor is a multiplier used to ensure that the total equalized value, or EAV, of real estate property in all Illinois counties equals 33 1/3 percent of the fair market value. This process is known as inter-county equalization. […]

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A Higher Tax Rate Magnifies the Impact of Inaccurate Assessments
By Gary Smith
08/08/2018

Since 2009, Cook County has increased its tax rate from 4.6 percent to 7.1 percent, magnifying the impact of inaccurate assessments on which property taxes are based. Property owners may be stuck with the higher tax rate, but they can […]

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Illinois Property Tax Could Soon Become Highest in the Nation
By Gary Smith
07/20/2018

If congressional leaders adopt a 1 percent statewide residential property tax to shore up the state’s pension debt, Illinois’ property tax burden would be the highest in the country. Illinois currently ranks 45th in the nation for its property tax […]

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Illinois Hospital Property Tax Exemptions Remain In Place, For Now
By Gary Smith
07/17/2018

Hundreds of hospital property tax exemption requests remain on hold while the Illinois Supreme Court decides a case involving the constitutionality of a 2012 law that created an easier path for hospitals to acquire tax-exempt status. The case, brought by […]

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Are You Paying Double Due to Hidden Property Taxes?
By Gary Smith
07/09/2018

Property owners in Cook County could be paying double property taxes due to something called PIN slamming. In some cases, homeowners might even owe back taxes on these hidden PINs. How to Read a PIN Each parcel of land that […]

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Berrios Is Out: How Will Cook County Taxpayers Be Affected?
By Gary Smith
06/21/2018

Fritz Kaegi’s victory over current Cook County Assessor Joseph Berrios in the Democratic primary included a message of reform to an office that has long been in need. But overcoming the entrenched bureaucracy to overhaul the county’s property tax system […]

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