Introduction

This is one in a series of money-saving tips. For more information, please visit my home page.

Property taxes

Here in the Chicago area property taxes can account for a significant portion of a budget. But make sure that you are not paying more than your fair share.


I live in Cook county and the county assessor has a great web site where you can check on the assessments of your neighbors to determine if you are being assessed higher than comparable properties. Here's a link to the web site where you can begin your research.


Use the "Search by Address" option for your own property. Enter your house number, street, city and click the "Search By Address" button. If you did everything correctly you should see a display showing your property's Property Index Number, Address, Class Code, Neighborhood, Assessed Value and City.


Click on the Property Index Number. A lot of information about your property will be displayed. Check to see that it is accurate. If anything is overstated you should get it corrected. Visit your township assessor's office for help.


If everything looks OK go back to the search page and use the "Search by Neighborhood" option. Select your township from the drop down list and click the "Search By Neighborhood" button. Then select your neighborhood number and Residential Class (Class Code) from the drop down lists and click the "Search By Neighborhood" button.


You'll now be presented with a list of properties in your neighborhood that have the same style as your property but with a range of square footages. Click on each Property Index Number to see if there are other properties with roughly the same square footage as yours and that have lower assessed values.


If you can find 3 or 4 such properties you can appeal your assessment. Visit your township assessor's office for help in filing the appeal. If you subsequently receive a letter saying your appeal was denied, call the Taxpayers Advocate office to find out why. You can also appeal to the Cook County Board of Review.


If you think you have a good case don't give up. I have won four assessment appeals over the years but in most cases I had to take them to the Cook County Board of Review. For the last one, however, after I was denied by the assessors office, I just called their taxpayer advocate office. They reviewed my case and granted a reduction.

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