If you’ve seen your property tax bill in Chicago, no doubt you were not happy to see an average increase of 12 percent in what you have to pay.
Real Property Alliance, an Illinois REALTORS® foundation with a mission of educating consumers about private property rights, partnered with the Chicago Association of REALTORS® to produce a short video that explains the the increase, and outlines what options residents have to lower bills on future assessments.
RPA and the Chicago Association of REALTORS® are working together to make sure residents have as much information as possible to understand what they have to do in the face of the increases.
City residents got slapped with a $543 million tax levy increase in large part to fund police and fire pensions, in addition to a triennial reassessment.
Property owners have several options. They can check to see if they are getting the tax exemptions they qualify for, and they can file an appeal based on assessed values for properties that are similar to theirs. The appeals won’t do anything for the 2015 bills and most of the 2016 bills. But future bills could be lowered if an appeal is successful.
The video has the information, and even more in-depth coverage can be found at RPA’s website.