Property Taxes in Chicago

Posted at 5:58 AM, Sep. 22, 2008

Here are some of the basics you should know regarding property taxes.  First being, What role do property taxes play?  Property taxes support local governments with a district.  About 62% of that goes to schools.  The tax cycle is generally every two years.  A tax year is the year of assessment and reflects the value of the property as of January 1st of that year.  We pay our tax bill in two installments and in arrears, which means, the 2007 tax bill will be paid in 2008. 

How is a property assessed?  The level of assessment is 33 1/3 percent of the property's fair market value except in Cook County.  You will be notified of any increases.  Every four years, all properties are reassessed to detect any market changes such as:

*The property values in the area are increasing.

*Improvements were made to the property (deck added, extensive remodeling, additions added).

*The property was under-assessed in relation to other properties and this error has been corrected.

*The property has an homestead exemption or senior-freeze that has been removed.

How do I know if my property has been fairly valued?  Your first step is to make sure the information on the public records is accurate.  Secondly, contact your local Realtor for comparables of homes in your immediate area.  If you believe you have been wrongly assessed, you can file an appeal with the Illinois Department of Revenue.