How do you know if your property tax bill is too high?

On Behalf of | Oct 23, 2020 | property tax appeals, tax law | 0 comments

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 receive a raise every year, you may not feel the impact. Forbes explains that if you have a fixed income or if your percentage in property tax is high compared to your income, you may struggle. It might be time to consider whether your tax bill is worth it.

Judge the nearby schools and infrastructure

High property taxes should indicate decent schools, great park districts, libraries and other public amenities. To build better facilities and to hire a qualified staff requires funding that schools would not have without taxes. Most of your tax bill goes towards education. If your community has services and amenities that you would not have in other localities, it might be worth the higher tax rate.

Compare your assessment to your property value

While you cannot change the tax rate, you can appeal the property’s assessment, according to Illinois Revenue. If you recently purchased your property or if you had a professional appraisal and discovered your actual market value is less than the assessed value, you probably have a higher tax bill than you should. Tax assessors may have inaccurate information, such as lot measurements. Typically, if similar buildings in your neighborhood have a lower assessed value, yours may be too high.  In this case, you can appeal your tax bill.