Many folks will be seeing the first installment Cook County real property tax bills showing up in their mailbox shortly. This year, the County is looking for 55% of last year's full year bill. Then, when they raise your taxes in the fall, it will not seem like such a shock. Thanks for that Mr. Stroger.
In addition, the Assessor has implemented a bit of a shell game for reassessments. Beginning in 2009, the County has adjusted the formula used to arrive at an assessed value. Generally, the county has reduced the number of property classes and reduced the percent of fair market value for the classes to arrive at an assessed value. This can be confusing because a mere review of the assessor’s raw information comparing assessed values for 2008 to 2009 (or thereafter) will not be effective to adequately assess the change in assessed value.
To really have an “apples to apples” comparison of the two amounts, it is necessary to “back out” the figures to the assessor’s fair market value. A truly detailed review of the situation would compare the client’s increase to the median increase in their township.
Finally, residents in the north and northwest suburbs will be receiving their reassessment notices shortly. Be on the lookout and be aware of the time limits to appeal these taxes.
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