The whole idea of appealing your Cook County property taxes is to lower your property tax "dollars". However, when decisions arrive, you will notice there is no mention of "dollars" anywhere. That's because decision letters show "Assessed Value". We describe Assessed Value (AV) simply as a number designed by the county, just to confuse you. This calculator will clear up the confusion by translating the Assessed Value on your decision letter, into "Tax Dollars" SAVED! First, please remember your reduced Assessed Value only shows on 2nd Installment property tax bills that arrive around July. For example, if you WIN a 2021 appeal it will show in July of 2022 because the tax bills come out a year later. Simply grab your decision letter and follow the steps below based on what agency sent you the decision letter, the Cook County BOARD OF REVIEW or Cook County ASSESSOR'S OFFICE. If you're wondering what Assessed Value really is, it's 10% of the Market Value on your 2nd Installment property tax bills (which has nothing to do with real value, in most cases the home will sell for more). It tricks a lot of people into staying quiet, go figure. Therefore, if you put a ZERO behind the Assessed Values on your decision letters, it basically becomes the PROPERTY TAX VALUE on your tax bill. For Example: Assessed Value 25,200 = Property Tax Value $252,000
IMPORTANT NOTE A WIN DOES NOT ALWAYS MEAN YOUR PROPERTY TAXES ARE GOING DOWN, HERE'S WHY. A reduction in your Reassessment Year (the year your property tax value was hiked), will probably NOT lower the tax dollars at all. You will more likely be SOFTEN THE BLOW (increase). Attorneys make you pay dearly to SOFTEN THE BLOW. You are most safe with us and our LOW FLAT FEE, especially in a reassessment year. This Savings Calculator does NOT work for CONDOS, read condo estimates (bottom of page).
STEP #1 ENTER PROPERTY INDEX NUMBER FROM THE DECISION LETTER:
We need this so our savings calculator can grab the most recent State Equalizer and Tax Rate from your area and calculate your Assessed Value reduction into tax dollars saved!
COOK COUNTY ASSESSOR'S OFFICE DECISION LETTER:
If you have a letter from the Cook County Assessor's Office take your ORIGINAL / PROPOSED ASSESSED VALUE and SUBTRACT the ASSESSOR FINAL. Take that number and ENTER IT in the SECOND BOX and click CALCULATE SAVINGS.
COOK COUNTY BOARD OF REVIEW DECISION LETTER:
You will see some ASSESSED VALUES enter the CHANGE number in the SECOND BOX and click CALCULATE SAVINGS.
Property tax savings may last several years as long as you do NOT do any improvements with building permits. HOW MANY YEARS WILL MY REDUCTION (SAVINGS) LAST?
If you live NORTH OF CHICAGO (Evanston all the way West to Barrington):
A 2020 appeal will be good for 2 years, 2020 and 2021. In 2022 a NEW tax value is issued.
A 2021 appeal will be good for 1 years, just 2021. In 2022 a NEW tax value is issued.
If you live in the CITY OF CHICAGO.
A 2020 appeal will be good for 1 year, 2020 only. In 2021 a NEW tax value is issued.
A 2021 appeal will be good for 3 years 2021, 2022 and 2203. In 2024 a NEW tax value is issued.
If you live SOUTH of the CITY OF CHICAGO (all the way to Calumet):
A 2020 appeal will be good for 3 years, 2020, 2021 and 2022. In 2023 a NEW tax value is issued.
A 2021 appeal will be good for 2 years 2021 and 2022. In 2023 a NEW tax value is issued.
***Tax Rates, State Equalizer and Exemption Values change each EVERY year on the 2nd Installment tax bill. Your savings was calculated using the most recent values available. Therefore actual savings this JULY may vary.***
Farlap & Associates
3447 W. Foster Avenue Suite B
Chicago, IL USA 773-409-4405