Illinois property taxes are the second-highest in the nation and homeowners should know to file an appeal if they think they may be paying too much. But many Illinois residents are unaware that REALTORS® can help a property owner through the property tax appeal process—even if a property owner has not recently bought or sold a home. Members of the Chicago Association of REALTORS® (C.A.R.) can provide guidance to property owners on best practices for appealing property taxes. REALTORS® can direct property owners to the resources they need to appeal their property taxes and assist them should they require additional help from a trusted tax professional.
C.A.R. recommends that property owners act quickly since owners only have 30 days after their township mails assessment notices to file an appeal. When owners appeal to the Assessor or Board of Review, there is no cost and no chance of an increase. At best, assessments will be lowered; at worst they will remain unchanged. If a property owner is unsuccessful at an Assessor’s office, they can appeal once more to the Cook County Board of Review, which has its own schedule for appeals. Properties in Cook County are reassessed every three years on a rotating basis. This year, the northern suburbs are being re-assessed. Properties in areas like Evanston and New Trier Township have increased 25 percent for residential properties and 54 percent for commercial properties.