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CHICAGO PROPERTY OWNERS - Get Help From City Hall to Fight Higher Property Tax Assessments!

SPECIAL TAX APPEAL PERIOD SET - MARCH 17TH - ST FOR COOK COUNTY RESIDENTS!

Last year, Mayor Richard Daley of Chicago received City Council approval for an $86 Million Dollar Property Tax Increase for city residents.  The increases will be reflected on 2007 tax bills, due this Fall.  Subsequent to the increase, however, the sub-prime mortgage crisis began to weaken the real estate market here, and many Chicago tax payers are dreading the arrival of their re-assessed real estate tax bills later this year.

Now, however, many may get a new chance to appeal their reassessment!

Spurred by the sluggishness of the Chicago Real Estate Market, Mayor Daley convinced the Cook County Board of Review to re-open the tax appeal process for a two-week period later this month - even though the filing deadline for tax appeals expired in January.  Such an extension has never been granted before, in the history of Chicago and Cook County! 

Current real estate tax assessments are based on sales data current as of January, 2006, but data from the Chicago Association of Realtors data showing several Chicago neighborhoods with declining property values since mid-2007. Chicago Neighborhoods showing average price drops of two percent or more include Belmont-Cragin, Dunning, Norwood Park, and Portage Park on the North Side.  

South and West Side Chicago Neighborhoods include Englewood, West Englewood, New City, Chicago Lawn, Auburn-Gresham, West Pullman, Roseland, South Chicago, Garfield Ridge, Gage Park, Roseland, and Calumet Heights.

A few neighborhoods showed smaller declines.  Several others including Albany Park on the North Side, and Beverly on the South Side, actually showed average price gains.  Homeowners in these neighborhoods will most likely get less or no tax relief.

The Special Appeal Period will continue between March 17th and March 31st.  Click here for Cook County Board of Review locations and phone numbers, and to find about more about assistance the City of Chicago will provide for city property owners.  Suburban Cook County property owners can also appeal their real estate tax assessments during this period, but they will have to provide their own proof that their re-assessment should be re-evaluated.

Currently, there are roughly 2,400 vacant homes in the City of Chicago, and another 5,500 facing foreclosure.  According to Myer Blank, the Executive Director of the city's Taxpayer Assistance Center, "providing a little relief right now will ensure we maintain our strong tax base in the future."

Please see Gary Washburn's article and relevant video in the March 5th edition of the Chicago Tribune.

DEAN & DEAN'S TEAM CHICAGO

Posted: Friday, March 07, 2008 7:56 AM by Dean's Team

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