Reassessment Hikes Hit Some Evanston Homeowners Hard
Some Evanston homeowners seeing the results of the recently completed property tax reassessment are reeling from increases of more than 50 percent, according to news reports.
The reassessment, while conducted under a formula tweaked by a new tax assessor working to revamp the much-criticized processes under his predecessor, is not expected to bring much good news to the county’s northernmost townships, particularly for homeowners along the lakefront.
Cook County Commissioner Larry Suffredin, who urged residents to appeal their assessments both to the assessor’s office and to the Cook County Board of Review, reported through his office that homeowners along the lake had median increases in assessed values of 50%, while those in Evanston’s south and southwest neighborhoods had median increases of between 6% and 9%.
A summary issued by the assessor’s office of residential property sales in Evanston, New Trier and Rogers Park reported a median increase in assessed value of 8.56 % since the last reassessment in 2016.
Property Tax Appeal Window Open for Evanston Homeowners
Evanston township residents have until April 15 to file an appeal of their assessment with the assessor’s office.
There are 10 townships in the county’s north triad assessment district still awaiting the results of the reassessment. Cook County is divided into three assessment districts, which are reassessed every three years. The districts are further divided into townships. Each township has a different schedule for the appeals process. You can track deadlines for your township here, or click on the link below to learn more about how Kensington can keep track for you.
The appeals process is a critical step in ensuring that you are not paying too much in property taxes. An assessment that is too high will inflate your tax bill year after year, diminishing the value of the investment that you have made in your home. Appealing in the first year of the triennial reassessment can multiply your savings, reducing the baseline of your property tax bill for three years.
Find Out if Your Property Assessment is Too High
After you have applied for any exemptions you are eligible for, appealing your assessment is the only way to be sure that you are not paying too much in property taxes.
Take advantage of a free, no obligation assessment of your property tax bill to find out if your assessment is likely to be reduced on appeal. At Kensington, we have decades of expertise and a proprietary algorithm that allows us to pinpoint comparable properties for estimating your likely savings. If there isn’t a likelihood of significant savings, we will not recommend an appeal. If you decide to let us assist in your appeal, you pay nothing unless you win.
Don’t wait. The window for appealing your assessment is only 30 days from the day that your township appeal process opens.
Call us or click on the link below to get started.