Cook County Property Tax Bite Could Get Even Worse Under House Plan
Just when you thought the property tax situation for Chicago and Cook County residents couldn’t get any worse: a provision in the House tax plan would cap the property tax deduction for federal income tax filers at $10,000. The current deduction is $15,000.
This is yet another reason why appealing your property taxes is so important, and the only way to ensure you only pay your fair share.
What This Means for Chicago Homeowners
The plan has a long way to go before the provision could become law but, if enacted, it could impact many Cook County homeowners, possibly all, where property tax bills are dramatically increasing and are increasingly in excess of $10,000 per year.
Whatever the outcome, getting rid of deductions is high on the priority list of Republican legislators who want to simplify the tax process.
It’s one more way in which paying too much in property taxes can come back to bite you more than once.
Appealing Your Tax Assessment Can Pay Off Year after Year
Appealing your property tax assessment, on the other hand, pays off over and over again as each year’s tax bill starts with last year’s assessed value. It’s how your share of every new tax hike is calculated. And if you don’t appeal it, you’ll almost certainly be underwriting the tax savings of those who do.
At Kensington Research and Recovery, we offer a free, no-obligation review of your property taxes. We use a data-driven process and a proprietary algorithm that goes deep into the comparable details you need to bring a successful appeal. If we don’t see an opportunity for significant savings, we won’t waste your time or ours. When we do assist with an appeal, our clients win 90% of the time. That’s a savings for you that pays off year after year.
Take advantage of our expertise and don’t get stuck paying more than your fair share.