Tag Archives: property tax appeal service

Do-It-Yourself Property Tax Appeals: Don’t

DIY Property Tax Appeal We’ve previously covered how you can appeal your own Cook County property taxes on a do-it-yourself (DIY) basis. We’ve also covered why this approach could result in your leaving money on the table and why using online services may not be much better.

This blog explains why you might leave money on the table in more detail, and why it’s important to at least consider working with an experienced partner like Kensington to appeal your property taxes and to get a reduction ranging from $2,700 to $46,000 over the triennial period.
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Cook Assessor to Adjust for COVID-19 Effects on Property Value

Cook Assessor To Adjust Assessments for COVID-19 Cook County property owners will see their property values adjusted to reflect any “significant” changes in market value that can be attributed to the coronavirus pandemic, the assessor’s office said in a press release this week.

“This is an unprecedented crisis and we’re taking necessary steps to address it,” Cook County Assessor Fritz Kaegi said in the release. “In view of the state and federal governments’ declaration of Illinois and Cook County as major disaster areas, and the pandemic’s toll on markets and property values, we are adjusting assessments to reflect this reality.”

Adjustments will be considered in all townships, including those that have already been reassessed and those in the north suburbs and Chicago that are not scheduled for reassessment this year, according to the release.
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Harris County Property Tax Protest Deadline Nearing

Harris County Property Tax Protests Deadline is Approaching

With all that’s going on in the world right now, it’s easy to lose track of important deadlines.

While the Harris County Appraisal District has postponed its property tax workshops and closed its physical offices to the public, the office will continue to accept protests online.

The deadline to file a property tax protest is the later of May 15, 2020, or 30 days after the Notices of Appraised Value are mailed out by the appraisal district.
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Listening Tour a Chance to Question Cook County Assessor

Listening Tour A Chance to Question Cook County Assessor Cook County property owners who have something they’d like to say to, or ask of newly-elected Cook County Assessor Fritz Kaegi will have their chance next month as part of his roll-out of a “listening tour.”

There will be six opportunities in April beginning at 10:30 a.m. Saturday, April 6 in Palatine, according to a schedule released by the assessor’s office.

Additional events scheduled for April include stops in Schaumburg, Wilmette, Schiller Park and Chicago. Each event will run for 90 minutes and will also be attended by a member of the Cook County Board of Commissioners.

For a complete list of the events scheduled so far, click here.
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Appeal Deadlines Suspended as Cook Assessor’s Office Manages the COVID-19 Threat

Appeal Deadlines Suspended With health and safety as the primary concern at the moment, the Cook County Assessor’s Office has temporarily suspended the deadlines for appealing your property tax assessment and the physical office is temporarily closed to the public.

If you live in one of the nine townships where the appeals window was open as of March 19, that means you can still file an appeal online, and the processing of appeals will continue. Residential property owners can also file applications for any of the various exemptions online as well.

If you live in one of the townships where assessment notices have not yet gone out, new dates for your appeal window will be announced as soon as they are available.

Kensington Taxpayer Advocates are Available to Help

In the meantime, at Kensington, our appeals staff is working remotely and available to help you attempt to lower your assessment. We are processing applications using e-signatures so you will not have to leave the safety and comfort of your home to begin the process of reducing your property tax bill. We will email you all of the required documents and you can sign using a smartphone, tablet or personal computer.
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Commercial Property Managers: The Property Tax Appeal Success Formula

Commercial Property Tax Appeals Few issues are as complex as Chicago property taxes for commercial property owners, with factors like perceived market value, income, and several other factors determining your tax bill. Given the fiscal crises in Illinois, Chicago and other municipalities, the likelihood of future commercial property tax hikes is strong.

The Good News: there is an easy, no-risk way for commercial property managers like you to save their owner clients thousands per year on their property taxes.
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Property Tax Exemption Deadline Approaching for Some Cook County Homeowners

Exemption Deadlines for Some Cook County Homeowners Approaching Eligible Cook County homeowners who did not receive the Homeowner Exemption in 2018 need to file an application for exemption with the Cook County Assessor’s Office by March 6.

The Homeowner Exemption reduces the Equalized Assessed Value (EAV) of a primary residence by $10,000. Your property tax bill is calculated by multiplying the tax rate in your local district by the EAV. The Homeowner Exemption is available to anyone who owns or leases their principal place of residence in Cook County and is responsible for the property taxes.

The exemption renews automatically so it is not necessary to reapply if you are still living in the same home where you received the exemption last year.
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Cook County Property Tax Outlook for 2019

Cook County Property Tax Outlook 2019 Will your property taxes go up or down this year? Who will get hit the hardest? Who might get off easy?

Here’s our current outlook for Cook County property taxes in 2019, based on budget conditions and 20 years of experience in the property tax arena.

Last Year of Rahm’s Tax Hikes

2019 is the last year of Rahm Emanuel’s $588 million property tax increase with a $63 million increase coming due. This is $10 million higher than last year’s increase but less than the increases of $363 million in 2016 and $109 million in 2017 – however, it’s all additive.

The North Will Be Re-Assessed & See Big Increases

Starting with Norwood Park in late February and Evanston in mid-March, all Cook County North townships will be re-assessed this year. View our 2019 property tax deadline calendar to see when you can appeal in your township.
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What Happens after Receiving a Property Tax Reduction?

Cook County Property Tax Appeal Service Payment Impact Congratulations: you’ve received a property tax reduction of $500 to $5,000… now what?

Mortgage Payment Impact & Government Regulations

The Real Estate Settlement Procedures Act (RESPA) limits the amount of money a lender may require a borrower to hold in escrow for payment of taxes, insurance, etc. The RESPA statute and regulations provide that lenders are capped in the amount of cushion they can require a borrower to maintain in their escrow account in the amount of one-sixth (1/6) of the total amount of items paid out of the account, or approximately two months of escrow payments.

Therefore, if you receive a reduction in the assessed value of your property, your mortgage servicer should reduce the amount of your monthly mortgage payment accordingly.
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Senior Exemption Deadlines Approaching

Senior Exemptions

Senior citizens who are newly eligible for a senior citizen property tax exemption or who are eligible for the income-based Senior Freeze Exemption, have until April 10th to apply, under a recently extended deadline.

Under a new law passed last year, senior citizens who have already qualified for the standard senior citizen exemption in past years do not have to reapply. The exemption is now automatically renewed.

Applicants for the Senior Freeze Exemption however, are required to apply each year. Cook County homeowners age 65 or older who have household incomes of $65,000 or less may qualify. This senior freeze exemption provides additional property tax deductions to offset increases in assessed property values.
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