Might as well listen to a classic while getting shaken down.
I'll be appealing my assessed valuation as an individual condo unit. After some conversations with industry experts, I may have a better chance appealing as a single unit, rather than as part of the entire condo building (6 units in my case).
You may simply fill out an appeal form. Or, you may make a case with several pieces of information.
Below are the instructions for both filing a Joint Appeal for a building and filing as an Individual Unit. The information was copied from the Cook County Assessors Site.
Filing a Condominium Valuation Appeal
Joint Appeal: A joint appeal filed by the Association or Board on behalf of all condominium owners is the most effective way to appeal the valuation of any condominium building(s). There are three advantages to filing a joint appeal: (1) market forces that affect the value of an individual condominium unit will have a similar affect on the other units as well; (2) the percentage of ownership assigned to each unit is a major valuation factor; and (3) the Association or Board is most likely to have access to relevant sales information.
The following information must accompany each joint condominium valuation appeal:
(a) A copy of the original declaration of condominium ownership with all subsequent amendments;
(b) A list of all unit numbers, and the corresponding permanent index numbers, which are subject to the terms of the declaration. Include all property owned by the Association or Board, including recreational, parking, or other facilities, whether adjacent or not;
(c) A description of the size of each unit, the unit blend of the building(s) and the percentage of ownership of each unit;
(d) Interior and exterior photographs of the building(s);
(e) The closing statements for all units which have been sold within the last five years;
(f) Actual construction or renovation cost information if the building(s) has been constructed, converted or renovated within the last three years; and
(g) Three years of financial statements if the building(s) has been constructed, converted, or renovated within the last three years.
Individual Appeal: If you elect to file as an individual unit owner, the following information should accompany your appeal:
(a) The closing statement if the unit has been sold within the last five years;
(b) A copy of the local municipality’s occupancy permit if the unit is newly constructed or converted;
(c) The percentage of ownership of the individual unit, and if presented, the percentage of ownership of comparables.
As your Realtor, I can help you determine if assessed values are higher for comparable properties.
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