Question 1

How does the County Assessor determine a fair property value?

Accepted Answer

The County Assessor uses an appraisal method to review all sales within a neighborhood in order to estimate and assign market value to individual building characteristics of sold properties. The market values of all properties (sold and unsold) are determined by using the value estimates. Adjustments are made for disparities when comparing the building characteristics, thereby accounting for differences (like age, quality of construction, size, etc.) between properties. Any necessary final adjustments are made to ensure a fair and uniform assessment of all residential properties.

Question 2

Which properties were used to set fair market value of a property?

Accepted Answer

To set the fair market value of any property, the County Assessor compares market values of similar properties in your neighborhood. Neighborhood codes define the geographical area within which home sales will be compared during the reassessment analysis.

Question 3

What are the neighborhood codes?

Accepted Answer

Neighborhood codes are determined primarily by differences in sales prices, housing stock and/or geographical factors. In order to create a neighborhood code, the listed factors are considered and field inspections are conducted for each township as it is reassessed. Analysts also meet with the township assessor to refine their neighborhood codes.

Question 4

Will teardown sale affect my property valuation?

Accepted Answer

A teardown sale is a property that is bought for the land, with the older (and typically smaller) home on it being demolished for new construction. Analysts will study sales over the last five years to see if they are the result of teardowns. If a teardown sale is found, it is deleted from the sales comparison model and therefore will not influence the valuation of the larger homes. All home sales that have been purchased for teardown purposes will be excluded from the overall sales pool to ensure uniformity and fairness.

Question 5

How do sales in the neighborhood affect property valuation?

Accepted Answer

Property valuation is set to the recent overall median sales price of comparable properties in the property’s neighborhood.

Question 6

Does Equalized Assessed Value (EAV) represent my property tax bill amount?

Accepted Answer

The Equalized Assessed Value (EAV) is not the amount of your taxes. The EAV is the partial property value on which your taxes are computed; any exemption deduction from your EAV is not the dollar amount by which your tax bill may be lowered.

Question 7

Who sets tax rates and levies?

Accepted Answer

Tax rates and levies are set by municipalities and local taxing bodies such as school and park districts. Once set, the data is given to a County Treasurer for computation of individual tax bills.

Question 8

How many times per year will I pay property taxes?

Accepted Answer

Property tax bills are mailed twice per year. Your first installment is due at the beginning of March. By law, the First-Installment Property Tax Bill is exactly 55% percent of the previous year’s total tax amount. The Second-Installment Property Tax Bill is mailed and due in late summer; it reflects new tax rates, assessments and any dollars saved by exemptions for which you have qualified and applied.

Question 9

How do I pay my property taxes?

Accepted Answer

Payment methods for your property taxes vary by County. In most counties, you can pay your taxes in person at the County Treasurer’s office or online using its website. Some counties allow you to stop by an affiliated bank to make your payment as well, such as Chase Bank in Cook County, IL.

Question 10

Will property taxes increase after remodeling?

Accepted Answer

If the homeowner applied for a permit during remodeling, the property taxes may rise after remodeling is completed. In some counties, like Cook County, IL, property taxes will not rise if the value of all improvements on the property are less than or equal to $75,000 in property value. If the property value improvements are greater than $75,000 the property tax increase will be calculated based on the difference between the total amount of improvements and $75,000. For example, if the total amount of improvements corresponds to $100,000, the County Assessor will raise your property’s fair market value by $100,000-$75,000 or $25,000 and will use the new fair market value to determine your new total property assessment. In Cook County, this market value increase will be phased in over the 3 years that follow the completion of the remodel and not on the first year.

Question 11

What year’s taxes are payable this year?

Accepted Answer

Property Taxes are billed in arrears (one year later). For example, in 2017 you receive bills for the 2016 Tax Year.

Question 12

What year’s taxes can be appealed this year?

Accepted Answer

You may only appeal the current year’s taxes. For example, in 2017 you may appeal your 2017 property taxes, which are payable in 2018.

Question 13

What is the reassessment cycle?

Accepted Answer

The reassessment cycle is calculated in years and represents the number of years during which property tax assessments are static  year over year. The County Assessor will re-evaluate property assessments at the end of a single reassessment cycle to set a new property assessment level for the next reassessment cycle. In some counties, the re-assessment cycle occurs annually, while in others, like Cook County, IL, it occurs every 3 years.

Question 14

How is my property tax bill calculated?

Accepted Answer

Your property’s total tax bill amount is calculated as a product of the Total Property Assessment, set by County Assessor, the State Equalization Factor, set by your state, and a local tax rate, set by your school district, city and township. Tax rates and State Equalization Factor tables are published by the County Clerk every year, whereas Total Property Assessment can be found on the County Assessor’s website.

Question 15

Do I need an attorney to file for a property tax exemption?

Accepted Answer

No, you do not need an attorney to apply for a property tax exemption.

Question 16

Can I apply for prior years’ tax exemptions?

Accepted Answer

If you were originally entitled to receive an exemption, but forgot to apply, you can apply for any tax exemption within a 3 year window of the relevant tax year.

Question 17

Can I apply for a senior freeze and senior citizen exemption together?

Accepted Answer

Yes, you may apply for both exemptions simultaneously. You need to insist that you should be granted both exemptions if you are entitled to receive each of them individually.

Question 18

Do I need an attorney to file a Certificate of Error?

Accepted Answer

No, you do not need an attorney to file a Certificate of Error form.

Question 19

Can I file a Certificate of Error to appeal my tax assessment?

Accepted Answer

A Certificate of Error form should be filed with the County Assessor or the Board of Review to appeal a property tax assessment of a property that occurred during the last 3 years if the homeowner believes it was not properly determined. In most cases, this applies to properties that were vacant, uninhabitable, boarded, damaged by fire or demolished during the last 3 years, but was never reported by and the homeowner.

Question 20

Can I file a Certificate of Error to retroactively apply for missed exemptions?

Accepted Answer

A Certificate of Error form can be filed with the County Assessor or the Board of Review to retroactively apply for Property Tax exemptions to which the homeowner was entitled over the course of the last 3 years, but never applied for, nor received.

Question 21

How will my property tax refund be issued after a Certificate of Error form has been filed to contest an incorrect assessment?

Accepted Answer

If a Certificate of Error appeal is successful, acheck will be mailed to the homeowner by the County Treasurer and will reflect the EAV reduction received.

Question 22

How will my property tax refund be issued after a Certificate of Error form has been filed to contest a missed tax exemption?

Accepted Answer

If a Certificate of Error is successful and granted before the 2nd installment tax bill is issued; all credit will be applied to a 2nd installment tax bill. If a Certificate of Error is successful and granted after the 2nd installment tax bill is issued; a check will be mailed to the homeowner by the County Treasurer and will reflect the EAV reduction received.

Question 23

Does the County Assessor set the dollar amount of a tax bill?

Accepted Answer

The County Assessor does not set the dollar amount of a property’s tax bill. The County Assessor’s job is only to determine a fair market value of a property, which will be used to calculate the Total Property Assessment.

Question 24

How is my total property assessment calculated?

Accepted Answer

The County Assessor’s office multiplies a fair "Market Value" (MV) of your property by an assessment level for your property class to calculate your total property assessment. In Cook County, IL, the assessment level for residential properties is 10% of the MV, whereas the assessment level for commercial and industrial properties is 25% of the MV. Simply stated, your total property assessment is a percentage, based on property class, of your fair Market Value, on which your property taxes are calculated.

Question 25

Who should be contacted at the County Assessor’s office for help?

Accepted Answer

The County Assessor’s staff is there to help homeowners with their property tax related questions. If the County Assessor’s staff cannot answer your question(s), consider contacting Homeowner’s Tax Advocates at the County Assessor’s office to help.

Question 26

Do I need an attorney to file a property tax appeal?

Accepted Answer

No, you do not need an attorney to appeal your property taxes.

Question 27

What to do if your assessment valuation is too high?

Accepted Answer

If you feel your assessed valuation is too high, the County Assessor encourages you to appeal your assessed valuation, because no one knows a property better than you, the owner.

Question 28

Will my assessment increase if my appeal is rejected?

Accepted Answer

If your appeal is unsuccessful, your assessment will not increase!

Question 29

Is there a fee for appealing my assessed valuation?

Accepted Answer

There is no fee for appealing your property taxes with the County Assessor, the County Board of Review and/or the State of Illinois Property Tax Appeal Board.

Question 30

Do I need an attorney to file a property tax appeal?

Accepted Answer

No, you do not need an attorney to appeal your property taxes.

Question 31

How do I reduce my property taxes in a declining  property market?

Accepted Answer

When property values are declining, the best way to reduce your property’s market value is through an appraisal or your purchase price. As long as the property’s appraised value or your purchase price is lower than the property’s market value set by County Assessor, you have a good chance of lowering your property’s fair market value. If the property is vacant, uninhabitable, boarded or no longer exists, other appeal methods should be considered as well.

Question 32

How do I reduce my property taxes in a rising property market?

Accepted Answer

When property values are rising and your property’s appraised value or purchase price is greater than the fair market value assigned to the property by the County Assessor, a Lack of Uniformity appeal may be the best bet to reduce your property taxes. If the property is vacant, uninhabitable, boarded or no longer exists, other appeal methods should be considered as well.

Question 33

How soon can  I appeal my property taxes after my purchase?

Accepted Answer

You can appeal your property taxes for the year in which you first resided at the property as of January 1st. However, if you buy a vacant property you can appeal the property taxes right away.

Question 34

Assess

Accepted Answer

To place a value on property for tax purposes

Question 35

Assessed Value

Accepted Answer

The fair market value multiplied by the assessment level for a class of property.

Question 36

Assessment Level

Accepted Answer

The percentage of value at which property is assessed. It can be different for each property class.

Question 37

Assessment Review

Accepted Answer

The review of an assessment placed on a property. The first place to appeal an assessment is at the Assessor’s Office; the second level of appeal is the Board of Review (BOR); the third avenue for appeal is the Property Tax Appeal Board; the fourth is to file an objection in Circuit Court (only if filed at BOR).

Question 38

Classification

Accepted Answer

The process of dividing property into various groups or categories for purposes of taxing them at varying levels of assessment.

Question 39

Equalization Factor

Accepted Answer

A factor determined by the Illinois Department of Revenue each year to ensure an equal assessment among all 102 counties in the state. State statute requires that the aggregate value of assessments within each county must be equalized at 33 1/3% of the estimated fair market value of real property in the county. The Equalization Factor is also known as the "multiplier."

Question 40

Equalized Assessed Valuation (EAV)

Accepted Answer

The assessed valuation multiplied by the equalization factor.

Question 41

Exemption

Accepted Answer

Release from liability for a portion of property taxes.

Question 42

Extension

Accepted Answer

The calculation of the tax rate by the County Clerk based on the local municipality’s tax levy.

Question 43

Fair Market Value (FMV)

Accepted Answer

The value the County Assessor places on each parcel of real estate.

Question 44

Market Value

Accepted Answer

The value placed on a property for assessment purposes.

Question 45

Property Tax

Accepted Answer

The local tax on the value of real property, land, buildings and homes.

Question 46

Tax

Accepted Answer

A mandatory payment to the government in order to fund government services.

Question 47

Tax Base

Accepted Answer

The total body of tax revenues.

Question 48

Tax Incentives

Accepted Answer

Incentives include exemptions, deferrals, abatements or tax credits. Incentives were established to stimulate a specific type of new growth for certain types of properties (i.e. affordable housing) or growth in areas of economic need.

Question 49

Tax Levy

Accepted Answer

The amount in real estate taxes requested by each taxing body.

Question 50

Tax Rate

Accepted Answer

The tax levy divided by the total equalized assessed valuation. This figure is compiled by the County Clerk and applied to the equalized assessed valuation to determine the amount paid in property taxes.

Question 51

Taxing Body

Accepted Answer

Units of governments that collect taxes to fund government services (the City of Chicago, Chicago Board of Education, Chicago Park District, County of Cook, and local school districts).