TAX APPEALS
What You Need to Know Before Hiring Illinois Tax Appeal Appraisers
Many people are concerned about the recent 2022′ tax hike resulting from higher valuations on residential homes in the Chicago area. If you believe your property tax is too high by the local Chicago area county assessors office then file a tax appeal. Generally, a tax appeal will almost always require taxpayers to present a qualified appraisal with the intended use of a tax appeal. Prior appraisals are not accepted if completed for lending or any other purposes. If you want to lower your property tax, you must prove that your property value is less than its assessed market value based on true comparble data. At Banner Appraisals, we are experienced tax appeal appraisers that can help you win your appeal to reduce your property tax burden.
Timeline to File
You have 30-90 days to file an appeal after receiving your reassessment notification. The last date to file an appeal for that year will be printed on your notification. Once you have appealed your reassessment once, you do not need to do it each year, unless the characteristics of your property have changed significantly. Changes can include issues due to vacancy, demolition, or other issues such as incorrect assessors information impacting values. These can include innacurate data such as the the wrong living area, site, bedroom count ect. The property tax bill is calculated by multiplying the assessed value by the local tax rate on your notification. This rate varies from one juristriction to another.
Preparing for a Tax Appeal
For a precise assessment of your property’s value, it’s crucial to obtain an appraisal from a licensed or certified Illinois appraiser. Before initiating an appeal, carefully review your property details at the assessor’s office to spot potential errors. Understand that Fair Market Value isn’t just the highest or lowest conceivable price; it specifically denotes the most probable selling price.
When presenting sale comparables, ensure they align with a retroactive date preceding the pre-tax year, requiring strong evidence for support. Appraisals submitted for a tax appeal must adhere to the Uniform Standards of Professional Appraisal Practice (USPAP). It’s the taxpayer’s responsibility to demonstrate that the assessed value is inaccurate, supported by valid and well-documented evidence.
Keep in mind that the county assessor’s office isn’t obligated to provide support and operates under the assumption that their assessed value is accurate until proven otherwise. For exceptional appraisal services at competitive rates, reach out to Banner Appraisals, your source for reliable and certified appraisers.
For more information on specific county appeals the following links are helpful resources.
Banner Appraisals | Tax Appeal Appraisal | Service Fees 2023′ | |
Single Family – Assessed value less than $500,000 | $ 375.00 |
$600,000 to $750,000 | $ 475.00 |
$750,000 to 1M | $ 575.00 |
Single Family – Assessed value 1M to 5M+ | *Bid: $575 – $1,200 |
Multi Family- 2 Unit | $ 550.00 |
3 Unit | $ 600.00 |
4 Unit | $ 650.00 |
Expert witness fee-per hour- County Board of Appeals | $ 260.00 |
including prep time | |
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Call or Text us for a consultation at 630-995-5421. Fill out our contact us form and we will follow up with your request within the same business day.
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.