Skip to main content

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.

Comments

Popular posts from this blog

The Equifax data breach and you — 6 steps to take now

Identity thieves hit a major credit reporting agency—hard. Millions of consumers’ confidential identity information has been compromised.

Equifax, one of the big three credit reporting agencies announced that a massive security breach took place earlier this year. Offenders accessed data sets of 143 million US consumers.

What to do when drones fly near your home

Imagine a quiet evening on the deck of your new home when—out of nowhere—a noisy drone begins hovering around your property, almost certainly snapping photos or video. It’s like Space Invaders meets Gladys Kravitz. So what do you do?

Help! My Neighbor’s Old Tree is Growing Over my Roof

Let’s say about 100 years ago, a family planted an oak tree on the edge of their property. Over generations it’s grown into a magnificent tree that provides summer shade, autumn color and a swing for the neighborhood kids. You probably even liked the tree when you bought the house next door to it.

But today, its root system is invading your basement, its acorns bombard your yard and its huge limbs loom threateningly over your roof. By law, can you cut it down? Trim it? Turn it into a boat?