Oct

15

Making the Least of Your Property Taxes

Filed Under Home Finance, News, Real Estate |

It’s property tax time again, and if you’ve cracked open your recent bill (or a copy of the Chicago Tribune), you know that while your home’s value may have dipped in the past year, your taxes almost certainly haven’t.

If your bill is more than expected, you might investigate the following potential money saving options:

Protest your taxes if they are higher than comparable properties in the area. You might start by calling your real estate agent to ask for help in researching what your neighbors are paying for their property taxes. Then call your real estate attorney to see if they can represent you in a protest filing. If so, know that they are typically compensated based on a percentage of any reduction obtained.

If your real estate tax bill is for your primary home, you should be receiving a “Homeowner’s Exemption.” Depending on the value of your home, this can amount to more than $1,000 in savings per year. You can verify if you are getting the exemption by looking at the Cook County Treasurer’s Website. Click on the “Exemption History” link and then enter your PIN number.

If you are not receiving your Homeowner’s Exemption, you can file a Certificate of Error with the county and get money back. Attorney Kent Novit has helped several of my clients with this process for a nominal fee. His number is (312) 332-2407 ext. 203, and his email address is novitlaw@covad.net.

If you are over 65 years old, you qualify get a Senior Citizen Homestead Break.

In the meantime, don’t forget your second installment bills are due November 2, 2008. If you miss that deadline, then penalties start to accrue.

UPDATE: Alderman Gene Schulter of the 47th Ward has released this notice regarding the filing of assessment appeal complaints for Lakeview township residents.


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