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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.


Chicago Property Tax Assistance Grants

A friendly reminder to readers who own real estate in the City of Chicago -

If you call Chicago your home and reported income of less than $200,00o, the City wants to give you back some of your tax money.

For real!

Up to $200 of it.

Details here.

The deadline for this program is March 31st. Do not delay.

As always, please feel free to contact me if you have any questions or would like additional information about this program.