How to Lessen the Impact of Chicago’s $588 Million Property Tax Hike
With the looming Chicago property tax hike, you have three choices:
- Accept the property tax hike and pay approximately $340-$550 more per year (the lowest projected increase)
- Sell your property
- Appeal your property tax assessment for your Chicago home and potentially save thousands
How Much of $588 Million Do You Want to Pay?
This week, Chicago mayor Rahm Emanuel announced a $588 million property tax hike to be implemented over four years, starting in 2016. This includes a 12% increase on residential properties on homes valued at $250,000 or more. This equates to a $340 to $550 annual increase. The estimated increases go up the more your home is worth.
Businesses Will Pay More, Or Will They?
Businesses will potentially pay an even higher rate but, as we covered in this blog post, are well-represented, so a significant chunk of their would-be tax burden is likely to shift to homeowners that don’t appeal their property taxes.
Ensure Your Assessment is Fair Amidst the Increase
Other than selling your property, your only property tax hike remedy is to appeal your assessment. Property taxes are not a fixed cost. While a portion of the overall Cook County property tax appeals are denied every year, Kensington has achieved a 90%+ success rate. Contact us and we can estimate your property tax reduction (for free). If we determine that you’re not in line for a significant reduction, we will not appeal. However, we are typically able to help save our Cook County homeowner clients thousands of dollars.
What have you got to lose, other than a lot of money by not appealing?