Could Your Calumet Township Property Be Overassessed?
Cook County has some of the most volatile property taxes in the nation, and the assessed value of properties can swing wildly. This is particularly true during reassessment. Since assessed value is how property taxes are calculated, it is one of the most important factors to keep abreast of, along with the equalization factor and tax rates.
If you discover incorrect property information or believe your property is valued higher than comparable properties, you may have grounds to challenge the assessment.
Explore Your Options for Property Tax Relief
There are several techniques available to help lower your property tax burden, with each serving a certain purpose. The two primary methods are exemptions and appeals. While these two techniques work differently, both are necessary to combat the rising costs and taxes seen across Cook County. This can be true even in years outside of reassessment.
Exemptions:
Cook County offers several exemptions, including the homeowner’s exemption, as well as exemptions for qualifying seniors, people with disabilities, and veterans. The homeowner’s exemption can reduce a qualifying equalized assessed value (EAV) by $10,000, while additional exemptions may provide further savings for eligible property owners.
Because eligibility and requirements may vary, homeowners should review the exemptions available to them and make sure they are receiving every exemption they qualify for.
Property Tax Appeals:
A property tax appeal challenges the value assigned to your property. If your assessment is higher than your property’s fair market value or higher than comparable properties, an appeal may provide an opportunity to lower your assessment and potentially reduce your EAV. They can also be used to help achieve property tax reduction by showing a lack of uniformity in appraisal. Appeals do require extensive evidence to be successful. There are two separate types of appeal in Cook County, with the first being the assessor appeal. This is followed by the Board of Review (BOR), which offers another chance to protest.
Cost Segregation:
This method can help businesses reduce their federal income tax liability by accelerating depreciation deductions on qualifying assets. If a business can successfully identify and reclassify certain tangible assets, it may be possible to increase deductions and improve cash flow. For eligible businesses, this provides some relief and significant federal income tax savings.
Level the Playing Field on Your Property Taxes
Property tax appeals are based on specific grounds that require evidence to be successful. Two grounds are overassessment and lack of uniformity. Overassessment occurs when a property’s assessed market value is higher than what it would reasonably sell for. This can be demonstrated by gathering sales records from the previous three years. Supporting evidence is focused on assessments for similar properties within the same location.
Cook County taxpayers have two opportunities to appeal their property tax assessments, while taxpayers throughout the rest of Illinois generally have one. The first opportunity is an appeal with the CCAO, where taxpayers can challenge their assessment directly. Several months later, taxpayers have a second opportunity to appeal through the Cook County Board of Review (BOR). With the right evidence and a well-supported case, either appeal may result in significant tax savings. It is important for taxpayers to keep key deadlines in mind. The deadline for filing an assessor appeal is 30 business days after the reassessment notice is mailed.
First installment of property taxes due: April 1, 2026
Second installment of property taxes due: October 1, 2026
Assessor appeal deadline: October 2, 2026
Board of Review appeal deadline: pending
Leave the Research to O’Connor
Building a strong property tax appeal starts with the right evidence. For many property owners, researching assessments, identifying potential errors, and finding comparable properties can be complicated and time-consuming. The evidence must demonstrate why a property’s assessed value may be too high or inconsistent with similar properties.
O’Connor can take on this work for you. We begin by analyzing your property assessment to identify potential opportunities for a reduction. If an opportunity exists, our experts use data-driven research and extensive property information to identify relevant comparable properties and develop the evidence needed to support your case.
Once the evidence has been gathered and analyzed, we coordinate your appeal with a law firm that focuses exclusively on property tax matters. There is no upfront cost, and you only pay if your property taxes are lowered.
