When Cook County reassesses a condominium building, individual unit owners often focus only on their own assessment notice. That is understandable. But it may be too narrow. For many condominium buildings, the better question is whether the condo board should review the assessments across the entire building and consider a group appeal. Why Condo Buildings Are Different Condominiums are often easier to compare than single-family homes because similar units may exist in the same building. A building may have several units with the same floor plan, same square footage, same number of bedrooms and bathrooms, same tier, similar views, and similar amenities. That creates a useful opportunity. If similar units…
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Why Sellers Give Property Tax Credits in Chicagoland Closings
Why Sellers Give Property Tax Credits in Chicagoland Closings If you are selling a home in the Chicago area, one of the closing costs that can catch you off guard is the property tax credit. Sellers often see this line item on the closing statement and think: Why am I giving the buyer a credit for taxes if I already paid my tax bills? Fair question. Annoyingly, the answer is not always obvious, because Illinois property taxes are paid in arrears. That means the tax bill you pay this year is usually for the prior tax year. Naturally, because nothing says “efficient system” like paying last year’s bill while trying…
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The 3 Main Reasons to Appeal Your Cook County Property Tax Assessment
Cook County property tax bills can be frustrating, especially after a reassessment. But a higher tax bill does not automatically mean your property assessment is wrong. Before filing an appeal, the better question is: What is the actual reason the assessment should be reduced? For many Cook County residential property owners, the most common appeal arguments fall into three categories: lack of uniformity, incorrect property characteristics, and overvaluation. 1. Lack of Uniformity A uniformity appeal argues that your property is assessed higher than similar properties. This does not mean simply finding a neighbor with a lower tax bill. A useful comparison usually involves properties that are similar in location, classification,…
