Taxes. Nothing in life is surer, than, well, death and taxes. In January 2018, all property within the City of Chicago limits will be up for reassessment; this will include commercial, industrial, residential, and any other taxable property types.
Reassessment is the process by which the County evaluates the value of property in order to determine the applicable taxes due. For example, in the last two years average assessment increases in areas outside of Chicago have ranged from 15% to as high as 35%. Expect similar or higher results in the coming months for your Chicago property. The reassessment process is a complex formula that likely means most property owners will have considerably HIGHER tax bills.
Be assured, however, our staff and attorney network has assisted clients in managing their tax liability, appealing assessments, filing for certificates of error, and aggressively pursuing property tax relief for property owners.
While the Assessor will likely increase your assessment, it does not mean that it is the final tax bill. If you own your property, or you lease commercial space where you are responsible for the taxes, you can fight back to help reduce your final tax bill. There is a process by which you can dispute the assessed value and ask that it be lowered for a variety of issues. All property owners have the right to appeal. It is especially recommended for multi-unit apartment buildings (like 3 and 4 flats) as well as all commercial property owners to fight the tax man to win some savings.
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