Is your property overvalued?

On Behalf of | Apr 19, 2021 | property tax appeals | 0 comments

The assessor’s office has a lot on its plate in Chicago. Their job is to evaluate changes in the real estate market, take everything about your property into account, and determine if any shift in those factors changes your property value.

This directly affects your property tax and whether you have a mortgage or own a business, that affects your financial situation. But what if the evaluation seems off? Cook County’s Assessor Office has a few reasons you might need a property tax appeal.

Uniformity

It all comes back to those factors — neighborhood, size, age and other details. If it turns out that your property has a higher estimated value than a similar building in a similar neighborhood, there may be a disparity in that uniform evaluation.

Description

Property description comes into play, since that may have a lot to do with comparing those details. An error in describing your floor space or a categorization mishap may impact not only the average value of your property but to what properties the assessor’s office compares it to.

Use

In some cases, a portion of a building may be uninhabitable for any part of a year. This may result from construction or rehabilitation, but you may have a full assessment on your hands when a partial assessment is more fitting to your situation.

Property tax is something every owner needs to reckon with and little details might add up to big costs. Appealing with clear information, having hard evidence and bringing an understanding of how someone overvalued your property may ease the process of getting things fixed.