Property owners in Chicago can expect their property to be assessed in 2018. Cook County uses a triennial reassessment schedule and property owners should always consider appealing the assessments during the first triennial year. If they don’t, the assessments that they receive will impact them for the following three years. 2018 is the first year in the current triennial cycle for all Chicago properties. A property tax appeal lawyer files challenge to assessments when they appear to be incorrect.
How the Triennial Assessment Works
Cook County has three assessment districts, which include the city of Chicago, the North district and the South district. Each assessment district’s property is assessed during its assigned year of the triennial assessment cycle. In 2018, all real property in the City of Chicago is scheduled to be assessed. People who have questions about whether their properties will be assessed can search their addresses on the Cook County Property Tax Portal website.
What the Assessment Period Means for Commercial/Industrial/ Apartment/Business Owners
As recently reported by the Taxpayers’ Federation of Illinois, in 2016 commercial and industrial properties in Chicago were already taxed at the third highest effective tax rate in the nation when compared to the largest city in each state. Future property taxes generally increase in relation to the amount of the property’s assessment increase. Many commercials, industrial and apartment property owners are already highly stressed due to their tax burdens. Anyone that owns a property in the City of Chicago will be suffering from the 2018-2020 reassessment of their property. The assessment increases are on top of the tax levy increases already approved by the City Council.
What the Assessment Period Means for Home Owners
People who own homes in the City of Chicago will have their properties assessed in 2018. Chicago has recently increased the tax rates, which means that people are already expecting to pay substantially higher property tax amounts. In addition, the recently passed Federal tax reform bill caps the amount of state and property taxes that can be deducted on the federal returns to a maximum of $10,000. Since Chicago has some of the highest property tax rates in the nation, many homeowners in the city may find that they are forced to pay thousands more in State and local and property tax dollars than the amounts that they can deduct.
Appealing Property Tax Assessments
Property owners are able to file appeals of the assessments that they receive with the assessor’s office and with the Cook County Board of Review. Circuit Court or Property Tax Appeal Board (PTAB) filings are also available if the property is still over assessed after the initial filings. People should consider filing appeals of their property taxes as soon after they receive their re-assessments as possible. An assessment that is not objected to will stay in place as proposed. Assessments that are too high and inaccurate may prove to be difficult for both property owners and tenants since the property owners may be forced to raise rents to compensate for the increased property tax bills they will receive.