Property Tax Appeals
To ensure you are not overpaying, your property taxes should be appealed during every reassessment. In Cook County, property taxes are reassessed every three years. In one year, the north and northwest suburban properties are reassessed, in the next year, the City of Chicago properties are reassessed, and in the third year, the south and southwest suburban properties are reassessed. The exact timing of reassessment and the time where appeals can be made depends on your township where the property is located.
It should be noted that property taxes may increase when reassessed even when an appeal is successful, as the amount owed would be greater than if the property taxes were not appealed. For example, in 2020, the property taxes were $10,000. In 2021 the property taxes were reassessed, and taxes increased to $12,000. After appealing the 2021 taxes, the amount of property taxes was reduced by $1,000. The property owner would still pay $11,000 ($1,000 more than before the property was assessed). However, if the property taxes were not appealed, the property taxes would be $12,000 ($2,000 more than the prior year before reassessment). The attorney appealing takes a percentage of the amount saved, but the attorney is not compensated if the appeal is unsuccessful.