Chicago property owners have many financial factors to consider. For business owners, every financial aspect related to their companies is important, including property taxes. In some instances, business and property owners may feel that they are paying too much in property taxes, which can certainly cause their bottom line to take a hit, but property tax appeals may be able to help.
Various types of property are regularly assessed in order to determine the applicable amount of property tax. However, some owners often believe that the tax assessment is incorrect or another issue has caused their property tax amount to reach too high of a level. Fortunately, property owners can attempt to have their property assessments or tax amounts appealed in efforts to obtain a lower tax amount. Though assessment appeals are allowed every year, property owners must meet the designated deadline.
Unfortunately, the deadline for appealing property taxes with the Cook County Board of Review has recently passed. That does not necessarily mean property owners are out of luck. Because property tax appeals are allowed every year, they can prepare to have their cases ready at a later date by researching comparable properties in the area.
Because the comparable properties can play a significant role in property tax appeals, it is important to have the right information regarding those comps. It is also vital to have information regarding filing deadlines and other aspects of this type of case. It is wise for commercial property owners to gain professional assistance with this type of endeavor, and experienced tax law attorneys in Chicago may be able to help.