4 questions every
Chicago property owner
should ask when
the tax bill arrives
The tax bills for 2015 are hitting mailboxes. When you get yours, this simple checklist could save you money.
- Is my property described and classified correctly?
- Did I buy my property within the last 3 years?
- Do I have all exemptions that I am qualified to receive?
- Is my property assessed uniformly with my neighbors?
Why are my property taxes soaring?
City of Chicago property owners face a double-whammy of a property tax increase to make up budget shortfalls and a scheduled re-assessment. And while you can’t do anything about the tax bill you may have received for 2015, you can take steps to potentially lower future bills. Learn all about it here.
Need forms to file a Property tax appeal? Need to look up your property records at the Cook County Assessor’s Office?
Property ID Number Lookup
Every property in Cook County has a Property Identification Number, more commonly called a “PIN” number. Look up your property by PIN here.
Unsure how to do that? Go here.
Do you need to file for a property tax exemption? If you qualify, this could save you money. Go here to see what exemptions are currently filed for your property.
See the list of exemptions to see if there’s any of them you qualify for?
File an appeal
Think your property has been assessed for too much? Here are resources to guide you through the process of determining next steps.
Don’t miss your chance to file for an appeals. Different townships have different deadlines.
Terms to know
What’s the difference between assessed value and assessment level? Here’s a list of common terms you’ll encounter in the appeals/exemption process.
Did you know?
Perimeters a tax factor
The Assessor measures the exterior perimeter of a home to come up with the square footage used to calculate a tax bill. That’s why the square footage used for the bills may differ from the square footage of living space which you might be more familiar with.
Know the math used
to calculate tax bills
Property taxes are calculated by taking the assessed value of your property and multiplying it by the State Equalization factor, subtracting any exemptions, then multiplying it by your individual tax rate. Here’s a quick tutorial on how this works.
Do you qualify for exemptions?
If you are a senior citizen, have served in the military or lived for a longer period of time in your home, you could qualify for tax savings. See the full list of exemptions.
Latest property tax news from Real Property Alliance
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