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Exclusively Inverness Magazine - 322

 Inverness Homes Get 2022 Triennial Reassessment LETTERS by Chris Jacobs

When it comes to property taxes, Cook county is not shy about reaching into your pocket. We boast some of the highest property tax bills in the country, value to tax rate.

This year is our triennial reassessment. Every three years the county reassesses the values of properties within a certain area. The county is split into three sections, the northern suburbs, the south and west suburbs, and finally the city of Chicago. One section gets reassessed each year. So for Inverness, 2022 is the big year for your property to be reassessed.

I have heard many concerns regarding the new 2022 reassessments showing up in the mail and angst over what this may mean for future tax bills. It is not a one to one ratio, which makes it hard to decipher. Here is a basic understanding of how it works. Your property taxes are budget driven not value driven. When all the taxing bodies that levy taxes against your property, like the School District, Park District, County Forest Preserve District, etc., etc., determine their budgets, that amount is then apportioned to each property according to it's assessed value. Just because a home's assessed value increases by 25%, it does not automatically mean the taxing bodies budgets get a windfall and go up proportionally.

Remember the 2020 CoVid reduction in assessed value you received on your 2020 tax bill? No? I'll refresh your memory. The Cook County Assessor reduced assessed values of residential property in our area by 10% in anticipation of values dropping because of the pandemic. Oops, he got that one wrong. Your 2020 assessed value was reduced by 10%, but your tax bill was approximately 2% higher than your 2019 tax bill. So assessed values are not always the final determining factor on what your bill will be. Again, it's budget driven.

It is always very important for resale purposes, and your own personal budget, to keep your property taxes as low as possible. Make sure you have all the exemptions you are allowed. If your home is your primary residence, you are allowed a homeowners exemption. If you are a senior (65 or older) you are allowed an additional senior exemption. If you are a senior and make less than $65,000 a year, you are allowed a senior freeze of your home's assessed value. You can go to the Cook County Assessors website (CookCountyAssessor.com) to check the status of exemptions on your home. You can also find all the rules that apply to claiming these exemptions.

Protesting your assessed value is something you can also do. You can do it yourself or have a property tax attorney do it for you. For more details on how to do this yourself, contact either the Palatine or Barrington township office, whichever one you are a part of, for assistance. They can provide deadline dates and walk you through the process. A property tax attorney can do all of this for you and will generally take a percentage of your potential savings, provided they are able to get you a reduction in the assessed value.

Property taxes over the past decade have grown in significance to buyers. We have seen some homes linger on the market because of an over assessed value and thus high property taxes. We have seen other homes bought for the low property taxes. But buyers should be aware. What the current homeowner pays may only be an indicator of what the new owner will pay. A good real estate agent can explain to you what exemptions will transfer and what the new purchase price may do to the property assessment.

If you have more questions regarding your homes property taxes, feel free to reach out to me at 847-401-4859. Likewise, if you do not know a property tax attorney and would like information for one, give me a call and I can provide a few reputable names.

Chris Jacobs
Broker Associate

Chris Jacobs & Associates
Century 21 Circle
Direct: 847-401-4859


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