Tuesday, March 25, 2008

Property Values Falling - Will Our Property Taxes Fall As Well?

Foreclosures. Properties sitting vacants for months. An over abundance of condominiums on the market. Yet our Mayor calls for people to do a Board of Review appeal rather than a true reassessment of all properties.

For those that don't kow, your tax amounts are set by the Cook County Assessor who gets those rates based on the city council vote for the tax amounts. Once the Assessor asses your properties based on number of bathrooms, fireplace or not, finished basement or not, brick or frame, slab or basement, etc. you are assesed on those features. The only thing you can do with the Assessor is certify the validity of them taxing you for a finished attic when all you have is a crawl space.

Once the taxes are assessed, you can then file a request with the Board of Review to appeal your tax amounts. That is what Daley is calling for. Yet as the price of Chicago properties are falling, shouldn't we all be reassessed downward first?

However, since the current option is to appeal your assessment, I urge people to go do. Every dime we can save is money the city won't waste.

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