Frequently Asked Questions
When are the tax savings realized after a successful appeal?
- In Cook County, tax savings are reflected in the second installment tax bill. The first installment tax bills are always 55% of the prior year’s tax bill.
- In all other counties, tax savings are reflected in both bills that are split into equal installments.
Will I get a refund of my property taxes?
- Only if we determine that there is evidence or grounds to support a Certificate of Error for prior tax years or recommend a tax objection lawsuit or complaint to the Illinois Property Tax Appeal Board (PTAB) & those actions are successful.
- Most clients receive tax savings on the second installment tax bill in Cook County rather than refunds. Meaning they pay less than they would have because of our appeal.
Can I appeal annually?
Under the Illinois Property Tax Code, a taxpayer can appeal annually if there is evidence to support a complaint. Value is fluid and market evidence can change. Our office monitors our client’s properties for appeal opportunities and advises accordingly.
Is there a risk to appealing to the Assessor or the Board of Review?
No. Our firm would only recommend filing if we determined that the evidence merited an appeal. There is not a risk of an increase and the least favorable outcome is that the proposed assessment remains the same.
How is an assessed value determined?
In Cook County, property is classified and there are three different base levels of assessment.
Residential property is assessed at 10% of its market value
- A home with a market value of $100,000 would have a corresponding assessed value of $10,000
Commercial & Industrial properties are assessed at 25% of market value
- This property type with a market value of $1,000,000 would have a corresponding assessed value of $250,000
Property owned by eligible Not-for-Profits are assessed at 20% of market value
- An eligible property with a market value of $100,000 would have a corresponding assessed value of $20,000
Our Process at MBH, P.C.
How do I know if I have grounds for a property tax appeal?
If you believe your property’s assessed value is significantly higher than its fair market value, you may have grounds for appeal. You can get started with a free property tax analysis at our firm to see if there’s potential for a reduction.
What is the cost of hiring your firm?
We work on a contingency fee basis. This means you don’t pay us unless we successfully reduce your property tax assessment. Our fees are a percentage of the tax savings we achieve for you.
How long does the property tax appeal process take?
The timeline varies depending on the jurisdiction and the complexity of your case. However, the process typically involves stages like filing an appeal, attending a hearing, and potentially further appeals. We’ll guide you through the entire process and provide realistic expectations.
What information do I need to provide to get started?
To begin, we’ll need some basic information such as your property address, PIN (parcel index number), and any recent appraisals you may have.
What are the benefits of hiring a property tax appeals attorney?
Experienced property tax appeals attorneys have in-depth knowledge of the local assessment laws, valuation methods, and the appeal process. We can help you build a strong case, negotiate with assessors, and represent you at hearings to maximize your chances of success.