from Local Attorney, Michael H. Wasserman

Tuesday, February 2, 2010

2010 North & Northwest Suburban Triennial Property Tax Reassessments

Local property tax bills are computed using a formula that takes four important variable into consideration:

  • Governmental tax rates (set every year based on the budget needs of the various taxing bodies that collect property taxes
  • Assessed Valuations (what the County thinks your property is worth)
  • The State Equalization Factor, a/k/a the multiplier (a formula used to balance the assessment formulas used by various counties state-wide), and
  • Exemptions (special discounts afforded to particular classes of tax payers, such as Homeowners, Seniors, and Veterans).
All Cook County properties are all reassessed on a triennial basis (see graphic), that is, once every three years. Properties in our north and northwest Townships are due  for re-assessments in 2010.

The County Assessor is reviewing it's land valuation records and in the coming months, will start mailing out notices of proposed assessments one township at a time.

The operative word is proposed. All property owners are given opportunity to contest the Assessor's valuations, whether based on incorrect property descriptions, or based on fairness, in the case of otherwise comparable properties in a community being assessed at different levels.

Owners of properties in the affected townships are strongly encouraged to stay alert for mailed notices of proposed assessed valuations.

Where appropriate, owners are strongly encouraged to challenge those proposals, in an effort to reduce tax liabilities.

As always, please feel free to contact me if you have any questions or would like assistance in tax assessment matters.