Cook county illinois property records
As an attorney who contests property tax assessments, I have been hearing a lot from taxpayers this year.
Townships in the north and west regions of Cook County are being reassessed in as part of the triennial reassessment cycle. All other counties in the state are also being reassessed this year on the four-year quadrennial reassessment cycle. It is imperative that taxpayers watch for reassessment notices because appeals must be filed within 30 days of publication. By the time a tax bill is received, it is generally too late to contest the assessment for that tax year. So, if a taxpayer misses the opportunity to appeal to the Assessor, there is another opportunity to appeal to the Board of Review.
In other counties, appeals must be filed to the Board of Review within 30 days of the assessment notice.
Filing an assessment appeal to the Board of Review is a prerequisite to appeals to the Illinois Property Tax Appeal Board or the Circuit Court, so if a taxpayer misses the Board of Review deadline, the right to further appeals is lost. Illinois already has the highest property taxes of any state except New Jersey. So, when property owners see their assessments double or triple, they have good reason for concern.
The new Cook County Assessor, Fritz Kaegi, believes that commercial property in Cook County is under-assessed and is imposing assessment increases the likes of which some taxpayers have never seen. Assessors in other jurisdictions will soon begin to issue reassessment notices and we have yet to see how much those assessments may increase.
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Everywhere in the state of Illinois except Cook County, the assessed value of real estate is one-third of the market value. In contrast, Cook County uses a graduated system of assessment with residential property assessed at only 10 percent of market value and commercial property at 25 percent of market value. In this way, most of the tax burden is shifted to commercial property owners.
Those declarations are not just an additional tax imposed when real estate is sold. The information is used to compare assessments to sales prices. If the Department of Revenue finds a disparity between sales prices and assessments, then it corrects the disparity by an equalization factor. In Cook County, the last published equalization factor was 2. This means that the assessed value is multiplied by almost 3 times before the tax rate is applied. The tax rate is the result of the levies of all of the taxing districts in which the real estate is located.
Illinois has the most taxing districts of any state—ranging from mosquito abatement districts to school districts. In fact, we have about 2, more taxing districts then even the next runner up.
In some locations, tax rates have reached 30 percent. The property taxes are almost as great as mortgage payments and make up most of the rent paid for commercial property. The amount of the tax burden can make or break a business. As if assessments and taxes are not enough to worry about, taxpayers have another reason for concern. The Cook County Assessor is promoting legislation that will require owners of income producing property to turn over their financial records and tax returns every year—even if they do not file assessment appeals.
Failure to comply would result in financial penalties. Multiple Payments Via Wire Transfer. Exemption History Search. Lists of Properties Missing Senior Exemptions.
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Homeowner Exemption. Senior Citizen Homestead Exemption. Senior Citizen Assessment Freeze Exemption. Home Improvement Exemption. Property Tax Relief for Military Personnel. Disabled Veteran Homestead Exemption. Overpayment Refund Search. Overpayment Refund Status Search. How to Apply for a Property Tax Refund.
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Update Your Name or Mailing Address. Monitoring Your Mortgage. Taxing Districts' Financial Statements and Disclosures. Duplicate or Overpayment Refund. Certificate of Error Refund. Third Party Notification Request. Duties and Responsibilities of the Cook County Treasurer. Freedom of Information Requests.
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- Property Tax Classification in Cook County, Illinois | Lincoln Institute of Land Policy.
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