The Assessor will begin mailing re-assessment notices in February. 2018. He will reassess 7 Chicago townships and will mail notices one township at a time from February through September. The Assessor will announce his anticipated mailing schedule in January and we will. in turn. notify you
Generally, property values in the City of Chicago are rising. As a result. we expect assessments to rise in 2018. We expect assessment increases to typically range from 20% to 35%, depending on location.
Tax rates in Chicago have been rising over the past 3 years as the City and Chicago Public Schools have adopted special levies (in addition to general property tax levies) to shore up their underfunded pensions. Over the past 3 years, these special levies have tacked about 15% onto Chicago tax bills.
We expect these additional pension levies to grow in upcoming years.
When should you hire your attorney?
- By the end of 2017 – recommended
We will thoroughly evaluate sales in your building and aggressively contest assessments in 2018. Once reduced, the 2018 assessments should remain constant in 2019 and 2020. We will monitor 2019 and 2020 assessments to ensure any reductions we obtain carry forward to those years.
We will monitor sales in the remaining years of the assessment period (2019 and 2020) to look for additional appeal opportunities. But. if sales prices continue to rise, we expect limited opportunities to obtain additional tax relief in 2019 and 2020.
Exemptions. Homeowner exemptions will rise in 2018 to provide additional tax savings for owner-occupied units.
The general homeowner exemption will increase about $175 per year.
The senior exemption will increase about $175 per year.
©Copyright 2017 Elliott & Associates Attorneys, P.C.
Revised: November 30, 2017