cctappeals.com

When do I have to file?

Cook County Tax Appeals — Thu, 13 Aug 2009 22:44:45 +0000

Filing your appeal prior to government determined deadlines is imperative. If an appeal date is missed – you are out of luck. One of the best ways to avoid missing deadlines is to file with us. Our staff checks daily on release and deadline dates set by the Assessor and the Board of Review. Let us take care of your appeal now – click here.

If you have missed a filing deadline for the Cook County Assessor’s Office, an appeal can still be filed with the Cook County Board of Review. Not filing with the Assessor does not prohibit filing with the Board of Review. However, the Board of Review does not provide individual notices to tax payers to notify them of the upcoming deadlines. Avoid this pitfall by registering your appeal with us now – click here.

For the convenience of our clients, a map of Townships and corresponding deadlines can be viewed here.*

*We offer this information as a reference for our clients and Kearney & Phelan, Ltd. does not guarantee the accuracy of these dates. These dates are to provide out clients with a general notice that certain filing deadlines may be approaching. Please contact us if you believe you have missed a filing deadline for your township. Dates are not automatically updated and are provided only as a reference for our clients.

Condominium Association Filings

Cook County Tax Appeals — Thu, 13 Aug 2009 22:43:00 +0000

Condominium Associations should file as a single group. Although individuals may file on their own if their Association has not filed, it is more timely and economical to file as a group.

5 Benefits of filing with Cook County Tax Appeals as a Condominium Association:

1. Condominium Associations receive lower contingency rates than those who file as individuals.
2. Updates and information is communicated directly via email to the individual unit owners, relieving the Condominium Association Board from collecting and disseminating information to the Unit Owners.
3. Cook County Tax Appeals provides a proprietary online portal which allows individual Unit Owners to login to their site to check the status of their appeal 24/7.
4. Condominium Associations do not have to submit a credit card and pay the upfront retainer fee as individuals do.
5. Single point of contact – Condominium Associations benefit by communicating with one representative for the entire association rather than coordinating information for each individual owner who decides to file.

If you would like to further discuss filing as a Condominium Association, please contact us at 312-263-6456 and ask for an attorney in the Condominium Association Department.

New Notice of Assessment Releases

Cook County Tax Appeals — Thu, 13 Aug 2009 22:35:36 +0000

The Cook County Assessor’s Office has begun rolling-out the Notice of Assessments for all of Cook County. In an unprecedented move – the Cook County Assessor is reassessing ALL Townships in 2009 – whereas only Chicago was to be reassessed in 2009. Thus – EVERYONE needs to check their Notice of Assessment and determine where they stand.

Current Assessor Appeal deadlines are as follows:
Palatine - May 13
Wheeling - May 13
Hyde Park - May 13
New Trier - June 4
Proviso - June 4
South Chicago - June 4
West Chicago - June 4

Townships that are closed for appeals in the Assessor’s Office (but can still appeal with Board of Review):
Northfield
Worth
Hanover
Calumet
Barrington
Niles
Maine

For a map of Townships and Deadlines – click here.

IMPORTANT: If you have missed a deadline with the Assessor’s Office – you can still file an appeal with us today! By providing us with your appeal information today, we can assure you an appeal will be filed with the Board of Review in a proper and timely manner. No chance of you missing another deadline!

How do property taxes work?

Cook County Tax Appeals — Thu, 13 Aug 2009 22:27:13 +0000

The basis for your property taxes starts with determining the Market Value of your property. The Market Value is what your property is worth – aka – what someone would pay for it. Market Value is what you paid for your home, or what other people paid for similar properties in the same neighborhood. So, for this example, let’s say your property is worth $500,000 – the Market Value.

Next the Assessed Value is determined. In order to do this, you first must identify what type of property it is – commercial, industrial, retail, mixed-use, large residential rental, small residential/single family, condominium or vacant land. Small residential/single family, condominium and vacant land are assessed at 10% of the Market Value. The focus of this website is to assist residential property owners – so for the purposes of this example – we will identify the property as “small residential/single family” with a corresponding assessment level of 10%. (Kearney & Phelan, Ltd assists all types of property owners – from commercial office buildings in the Loop to farm lands in the suburbs. If you would like assistance for properties other than residential, please call Kearney & Phelan, Ltd. at 312-263-6456)

So, if your residential property is worth $500,000, then by applying a 10% Assessment Level, your Assessed Value should be $50,000. But what does this tell you about your property taxes? NOTHING! That is because you now must multiply that Assessment Value against the Local Tax Rate and the State Equalizer.

The Local Tax Rate is the factor that your local municipalities create in order to collect the money that they had budgeted for that tax year. For the 2008 Tax Year, Chicago’s average Local Tax Rate was .04816. The State Equalization Factor is a factor that ensures that each county pays their taxes in proportion to the value of its taxable property. The State Equalization Factor for Cook County in 2008 was 2.9786.

# So, based on the 2008 rates, a person with a home worth $500,000, and a corresponding Assessed Value of $50,000, would pay the following in taxes:

$50,000 x .04816 (Local Tax Rate) x 2.9786 (State Equalizer) = $7,172*

*This does not account for any homeowner exemptions.

IMPORTANT: Taxpayers are unaware of what their Local Tax Rates and State Equalization Factors are until the Second Installment of the Property Tax Bill is issued in the fall. By that time it is too late to file an appeal! The only thing you can do is to make sure you file an appeal of your Assessed Value NOW!

Why Appeal With Us?

Cook County Tax Appeals — Tue, 26 May 2009 19:43:01 +0000

Taxpayers who file for themselves and allow the government agencies to conduct an internal appeal are missing the opportunity to provide evidence to support an argument for lower taxes. In this instance, the taxpayer is allowing the government agencies to police themselves – which is never a good idea.

Understanding the nuances of property tax law is critical for getting a proper reduction. Many attempt to appeal themselves, but are unknowledgeable in effective analysis and argument strategies.

Kearney & Phelan, Ltd. clients benefit from over 70 years of professional legal experience in the field of Illinois Property Tax. We have filed over 20,000 real property tax appeals since 1970 and have an average success rate of 98%.

Our website, Cook County Tax Appeals Online, allows our clients 24/7 access to appeal updates and other property tax information. Potential clients can register online at anytime and not have to wait for “business hours” to take care of this necessary task. It is this advancement that allows homeowners access to legal representation and knowledge that once was only available to high-end commercial and industrial real estate owners.

It is our skilled expertise and technological advancements which makes Kearney & Phelan, Ltd the best choice when it comes to reducing your taxes.