Chicago, Illinois Tax Law Blog
What does the IRS consider evading behavior?
Illinois residents like you have paid taxes for years. Sometimes, it can feel like a constant battle between you and the IRS to get the most money back or pay as few taxes as possible. While avoiding behaviors are not criminal and are in fact perfectly legal, this is...
How do you know if your property tax bill is too high?
Feeling as though you pay too much on your property tax is something that other Chicago residents can relate to. If your tax bill seems too high for your locality, you may want to further investigate it. Property taxes can fluctuate. If your taxes increase but you...
What qualifies you for a property tax savings?
Illinois property taxes may feel crushing when it comes time to pay. Regardless of how you have saved to pay them, they may escalate suddenly, leaving you strapped. Is there any type of relief? You may qualify for a property tax break or exemption for a few reasons....
When do changes to monthly tax escrow accounts happen?
If you believe you are paying too much in property tax, you likely have the legal right to appeal the assessment. Doing so may be in your financial interests, as an appeal may reduce the property taxes you owe. If you have a mortgage, there is a good chance the...
How do I appeal a property tax assessment?
Property taxes depend on the assessment of your property, including buildings and land. You have little control over the process, and you often do not even know the results until you get your property tax bill each year. According to Illinois.gov, you can appeal your...
Income tax property tax credits
If you are one of the many people who itemize your deductions when preparing and filing your personal Illinois income tax return, there may be many potential opportunities for items you can add as deductions. In some situations, you may qualify to receive a credit on...
When a solar energy system may lower property taxes
If real estate owners' property taxes seem high, they may want to search for issues with the assessment made by the County Assessor's office. One factor that may bring down the amount of property tax is the incentive for solar energy systems. According to the...
What property taxes are based on and other property tax basics
Property taxes may be a significant worry for property owners, especially when they come due. To be able to prepare for property taxes, it is helpful for property owners to understand what property taxes are and what they are based on. What are property taxes?...
What is the real estate transfer tax?
Residents across the United States know that taxes are part and parcel of today's world. The income generated through taxation may often fund important infrastructure efforts and programs. However, it is important that taxes be fairly assessed and understood by those...
What are ways to build an assessment appeal?
Even if you have fully paid your mortgage, a high property tax bill can continue to make your home a burdensome expense. So if you feel your property taxes are too high, you should think about whether your assessor has accurately assessed your home. There are ways you...
