Chicago residents like you may be paying a lot through property taxes. While many people simply suffer through the high costs that they are forced to pay, others don’t know that there are actually things you can do to reduce the taxes.
FindLaw brings up the fact that far too many property owners are paying much more in property taxes than they necessarily could or should be. However, you can actually challenge your property tax assessment to get reduced rates. Unfortunately, property taxes don’t always reflect the actual value of the property itself. The economic and physical condition of your property might be much lower than what the assessments seem to think, resulting in you paying for a property that’s higher quality than yours actually is.
As property is reassessed in cycles, you will typically get a notification before your next re-assessment. This is a good time to appeal the re-assessment of your property, as long as you do so within the deadline. However, even if the reassessment is not coming up soon, you can file for what is known as an “out-of-cycle” appeal. If successful, then your taxes will be adjusted for whatever years remain in the current cycle.
Dealing with high property taxes does not have to be something that everyone simply resigns themselves to, thinking that there is no way around it. Those who truly believe that their property has be reassessed poorly can do something about it. They can ensure that they aren’t spending more money than they should on a property that might have been valued incorrectly.