Windy City residents prepare: Property tax increases are ahead. Despite already having some of the highest tax rates in the United States, Chicago costs keep going up. If you are one of the thousands of residents who expect this year’s tax bill to hurt their wallet, there are ways you may be able to lower your taxes.
When the government calculates your bill, several factors can determine how much you owe. For example, who you are, the condition of your home and where you live can significantly increase or decrease rates.
Appeal your tax bill
For a tax assessor, one of the most useful pieces of information about a property is its estimated value. If you disagree with the amount you owe, there may be something you can do about it if your reasoning has to do with the estimated home value. While you cannot change taxation laws, you can challenge the assessment and appeal it if you can prove it is wrong. Remember, you will need to compare your property to similar ones around it.
Check for discounts
Another way to lower your taxes is by checking to see if you qualify for a “homestead exemption” when you file. In addition, there may also be cost reductions for veterans and seniors. To find out what savings you may qualify for, call your county treasury department.
Taxes are unavoidable, but they do not have to be unbearable. Although Chicagoans continue to face increasing property taxes, there may be ways for them to reduce their bills.