Two Changes to Your Home that Should Lower Your Property Taxes
Most property tax reductions are achieved by successfully associating your home with comparable homes (comps) that are assessed less than yours.
However, there are two additional scenarios that could dramatically reduce your property assessment and tax bill: home vacancy and if your home is uninhabitable.
A vacant home may qualify for a partial assessment reduction if it is a rental property that goes un-rented for a certain amount of time despite your reasonable efforts to rent the property.
Vacancies in apartment buildings of six units or less may also qualify a property for a proportionate vacancy reduction.
Property damage from things such as fires or floods that render a home uninhabitable may be grounds for an assessment reduction. For example, we helped obtain a 75% one year reduction in our client’s assessed value of a home in Park Ridge that was damaged by a fire. The one year reduction brought the assessed value from $46,705 to $11,263 for a one year tax savings of $10,492.
Other reasons for a home to be considered uninhabitable may include the state of the property during the rehab process or demolition to make way for new construction. We are currently assisting with appeals on three properties that fit these scenarios and our clients are awaiting results from the county – stay tuned…
Property Tax Appeal Service
Whether the comps may be in your favor or your home is vacant or uninhabitable, appealing your property’s assessment is the best way to obtain a property tax reduction. Just make sure you have someone with experience assist with your appeal. Start with a no-risk assessment.