Cook County Property Tax Bills Mailed

Cook County has just mailed out the second installment 2010 tax bills, which are due on November 1, 2011and will reflect any changes in the amount you owe from the bills that were due in 2010.  This spring was the first time that the first installment reflected 55% (an increase from 50%) of the previous bill.

An increase isn’t always obvious on the face of the assessment notice—Cook County’s notices showed no change in the gross assessment for many commercial properties, but other changes in assessment percentage, etc., will result in big bills. In many cases, commercial property owners can lower their tax bills by proving that the Assessor has overestimated the income they receive from their properties.

Even if your residential or commercial property tax assessment was lowered, remember that local governments still need as much or more money than ever; you may be paying more in property taxes next year, even after a reduced assessment, because you may have to pay a larger portion of the levy than before.

Filing a residential property tax appeal is relatively simple and can be done online at http://www.cookcountyboardofreview.com. Usually appeals have to be filed within thirty days of receiving your home’s “Notice of Proposed Assessed Valuation.”

If you are considering filing an appeal on your commercial property’s assessment, please contact Lynam & Associates.