With steep increases in the past couple of years, Chicago homeowners have learned that ever-rising property taxes are par for the course for living in the city, and also about the value of property tax appeals.
Though the city has been steadily increasing taxes year to year, property tax appeals have actually had a pretty good record, with 50% of appeals approved at the first stage in 2016, and another 30% after a more thorough review, bringing the total success rate to 80%.
And with another property tax increase planned for 2017, this one averaging 10%, property tax appeals could mean serious savings for those willing to file the paperwork.
When it comes to multi-unit buildings, the condo owner’s first line of defense is the joint appeal filed by the homeowner’s association, which covers every unit in the building. Because units are so similar to each other, it makes a lot of sense to file one appeal — if one unit deserves a break on its property taxes, so do the others.
Associations should be filing a property tax appeal every year, unless there’s a good reason to think that the appeal won’t be approved. For condo owners in buildings where a joint appeal doesn’t happen on a regular basis, the individual owners should still file their own appeals on the chance that they can get a break.
Have a question about your building’s property taxes and/or the appeal process? We’re here to help! Get in touch with us for more information!