Options for Reducing Taxes

While the equalization factor and tax rates are in the hands of the government, the average taxpayer can lower their tax bills by reducing their taxable property values. These efforts do not hurt the resale value of a home or business, but simply correct any issues or overassessment that the CCAO is responsible for. Cook County has the highest property taxes in the nation, and even suburbs like Palos are not spared. With no legislative solutions coming, it is up to the average taxpayer to fight back.

Property Tax Appeals Help Taxpayers Fight Back

With reassessment grinding through, the people of Palos Township need a way to protect themselves. While exemptions are a necessary step, appeals can bolster them, bringing in double the savings. Exemptions are applied to the equalized assessed value (EAV), while appeals typically lower the market value. Market value is used to calculate EAV, so getting the first figure lower provides excellent reduction potential. In such a high-tax environment, taxpayers need every edge they can get. This is especially true for businesses, which have a higher tax burden and fewer exemptions to rely on. There needs to be grounds for an appeal, however. This can be because a property is overassessed or is not assessed uniformly.

Taxpayers in Palos and the rest of Cook County do have advantages over the rest of Illinois, most notably, they have two appeal deadlines instead of one. The first option is exclusive to Cook County, which is assessor appeals. These are directly with the CCAO itself and can often result in excellent reductions. Months later, taxpayers have the option of doing a formal appeal with the Board of Review (BOR). Assessor appeals must be filled within 30 business days of the notice of reassessment being issued.

O’Connor Aids Appeals with Analysis and Evidence

While government agencies, including the CCAO, recommend that Cook County taxpayers appeal annually, doing so successfully is another matter. First, evidence must be gathered. For cases of overassessment, this means putting together sales records that date back up to three years for various properties in the area. For lack of uniformity, this means putting together assessments that show the taxpayer’s property is being assessed at a higher rate than their peers. For the comparisons to be valid, the properties must share the same location, size, number of rooms, and age.

We at O’Connor can help by providing premium assistance when it comes to analysis and evidence gathering. We use data-driven techniques to check assessments for any issues that need to be resolved. We then use our advanced databases to find the best sales and assessment comparisons possible. Finally, once this is all put together in a professional package, we coordinate an appeal with a law firm that has expertise in property tax protests. There is no upfront cost, and our clients only pay if they and their attorneys can lower their property taxes.