TAX APPEALS
Lower Your Property Taxes with a Strong Tax Appeal Strategy
Many homeowners in the Chicago area are concerned about recent property tax hikes due to increased assessed valuations on residential properties. If you believe your property tax assessment is too high, you have the right to file a tax appeal with your local county assessor’s office.
A professional tax appeal appraisal is essential to strengthen your case. Appraisals conducted for lending or other purposes do not qualify for tax appeals. To successfully lower your property tax, you must provide accurate comparable data proving that your property’s market value is lower than its assessed value.
At Banner Appraisals, we specialize in Illinois tax appeal appraisals and can help you build a strong case to reduce your property tax burden efficiently.
Timeline to File Your Illinois Tax Appeal
Timing is critical when filing a property tax appeal. After receiving your reassessment notification, you have between 30 to 90 days to file your appeal. The exact deadline will be listed on your notification.
When Should You File a Tax Appeal?
Upon receiving a reassessment notification
If there are errors in your property details, such as:
Incorrect living area, lot size, or bedroom count
Outdated or incorrect assessor information
Structural changes such as vacancy or demolition
Your property tax bill is calculated by multiplying the assessed value by the local tax rate, which varies by jurisdiction. Ensuring accuracy in your property’s valuation is key to avoiding overpayment.
Steps to Prepare for a Tax Appeal
To ensure an accurate assessment of your property’s true market value, obtaining an appraisal from a licensed or certified Illinois appraiser is essential. Before submitting your appeal, review your property details on file with the assessor’s office to identify potential inaccuracies.
How to Build a Strong Tax Appeal Case:
Provide comparables with a retroactive date prior to the pre-tax year.
Ensure the appraisal complies with Uniform Standards of Professional Appraisal Practice (USPAP).
Submit clear and well-documented evidence demonstrating an inaccurate assessed value.
The county assessor’s office assumes its assessed value is correct unless proven otherwise. It is your responsibility to provide compelling evidence for an adjustment.
Property Owners: Additional Tax Appeal Considerations
If you own** multi-family properties**, the tax appeal process requires additional considerations such as:
Income approach analysis to determine valuation
Rental comparisons for similar income-producing properties
Expense ratio reviews to ensure accurate assessment
Working with a qualified tax appeal appraiser ensures your appeal is backed by credible valuation data.
Work with Expert Illinois Tax Appeal Appraisers
At Banner Appraisals, we provide professional tax appeal appraisals to help you lower your property tax liability. Our certified appraisers ensure you have the strongest case possible with accurate, compliant, and well-documented evidence.
Why Choose Banner Appraisals?
Certified Illinois tax appeal appraisers
Competitive pricing for professional tax appraisals
Expert analysis to help you win your property tax appeal
Don’t overpay on your Illinois property taxes—contact Banner Appraisals today to schedule a consultation and take the first step toward reducing your tax burden!
For more information on specific county appeals the following links are helpful resources.
Professional Assistance
Hiring an experienced real estate attorney or a property tax advisor can be beneficial in navigating the tax appeal process. You get guidance on the legal needs, help prepare the case, and represent the property owner's interests during hearings.
Presentation of Evidence
During a tax appeal hearing or review process, we present your case and evidence supporting the claim of an incorrect assessment. It will include an appraisal report, true comparable sales data, photographs, and any other relevant support documentation.
Assessment Discrepancies
We do our part to file a tax appeal if the assessed value of the residential property is significantly higher than its actual fair market value. Discrepancies can occur due to various reasons, such as inaccurate data, market conditions, or property-specific and locational factors.
Legal Requirements
The process and requirements for filing a tax appeal vary by jurisdiction. Property owners typically need to follow specific procedures, including filing deadlines, forms, and documentation. This process may require you to hire a real estate attorney to guide you through the process.
Appraisal Evidence
Our independent and certified real estate appraiser will deliver you a qualified supporting appraisal report as evidence of the reduction of the property tax. We will evaluate the property, examines sales, and provide strong evidence to support the cause.
Proven Outcomes
With our help and expertise, the property owner will get proven outcomes and receive a reduced tax amount on the property evaluation. We make every effort that a property owner gets the reduced tax liability over his property. This includes expert witness and board hearings if needed to support our conclusions.