If you own property in Cook County, Illinois, you are undoubtedly aware that the odds of the Cook County Assessor raising your taxes every time your property is reassessed, are very high. The best way to help slow the rate of increase is to appeal the Assessor’s results of your property value. Here are three reasons why is makes sense to appeal your property taxes every year.
1. Because you can.
While the Cook County Assessor’s Office typically will reassess property once every three years, because it works on a tri-annual reassessment period, there is nothing which stops a property owner from seeking a reduction in their property tax burden every year. Even if a property owner received a reduction from a successful appeal the previous year, they are still within their rights to ask for a review of the assessed value of their property every year and potentially receiving a reduction every year.
2. Maximize the relief and slow the increase.
Property owners rarely receive the full reduction amount they are seeking when they appeal their property tax bill. By appealing annually, not only are property owners less likely to leave money sitting on the table, they also stand a good chance of slowing the rate of growth of their property tax bill. A property which has a lower assessed value during a reassessment year, will likely have lower assessed value after being reassessed. Meanwhile a property with a higher assessed value during a reassessment year, will likely have a higher assessed value after being reassessed.
3. The return on investment can be very high.
While there may be a nominal fee due upfront, property tax attorneys typically work on a contingency fee which means if no relief is granted to the property owner after an appeal, the owner will not have a bill due from their attorney. The only time a property owner owes a contingency fee is if the attorney is successful in the appeal, and then the attorney will typically collect only on a percentage of the savings of the tax bill for that year. Meanwhile, the savings to the property owner carries on year over year.
