The value of a person’s property and the surrounding properties significantly influences the amount of taxes paid on that property. In many cases, Chicago residents wonder whether they are paying the right amount of property taxes and whether they could potentially pay less. Often, property tax appeals can help them address this concern.
Numerous tax appeals have recently taken place in another state due to a revaluation of city property. It was noted that the revaluation was the first in over 25 years, and as a result, many homeowners in the area would see a reduction in their property taxes. However, not all residents and commercial property owners were pleased with the outcomes, which has resulted in a number of tax appeals.
The revaluation resulted in approximately 2,500 property owners having a reduction in their tax bills, but about 1,500 saw an increase in their property taxes. The report indicated that commercial properties made up most of the 452 appeals that had been filed. Though there were many appeals filed, a spokesperson for the city indicated that there was a high level of acceptance by property owners after the revaluation.
Many factors can influence the amount of property tax a person or company owes on property. If commercial property owners in Chicago feel that they may have reason to file property tax appeals, they may want to gain more information on this option. In successful cases, property taxes may be lowered, and property owners may reap the benefits that such reductions may present for them.