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| Homes in Belmont-Cragin (Eric Rojas, Broker, Kale Realty) |
Our Senior Citizens having trouble paying their property taxes may qualify for relief. The Cook County Treasurer offers the Senior Citizen Real Estate Tax Deferral program. If qualified seniors may defer up to $5,000 in a tax year. The cost is 6% simple interest on the deferred amount. Any amount owed is payable from proceeds upon sale of the home.
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| Doing my civic duty and appealing my property taxes along with other Lincoln Square and North Center neighbors at the 47th Ward office. |
312-603-4210 or info@bridgetgainer.com
Owners get a "break" with signed tax legislation this weekend:
"The law continues a 7 percent limit in annual growth of a home's value for tax purposes. Chicagoans will get up to a $20,000 exemption on property taxes billed this fall under the law, according to Assessor James Houlihan's office. Without it, the tax exemption would have dropped to $6,000."
Now, if all the Obama supporters and Chicago voters would take the same enthusiasm and elect new leaders for the Cook County Board, vote out the Cook County President Todd Stroger and his sales tax, vote out the Chicago Alderman that raised taxes on SELLING your home in a down market, and vote out the legislators that allowed property taxes to spike in the face of decreasing home values and financial losses...
Yes, then we will get somewhere.
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.
Assess THIS!
Check out the true dirt on my favorite Chicago tax from the horse's mouth. Sellers share the wealth. Hope you called or emailed your Alderman... If you didn't; let this be a lesson to you.
This is my favorite passage:
A tax is imposed upon the privilege of transferring title to, or beneficial interest in, real property located in the city, whether or not the agreement or contract providing for the transfer is entered into the city.
Thanks for the privilege to sell my own property... which I have the privilege to pay property taxes on and the privilege to pay transfer stamps on the purchase.
