While objections to Residential Properties can be based on market value, most are challenged based on the uniformity of the assessment. This analysis compares the subject property's assessment to those properties that are similar in location, age, size and have the same use. The difficulty is quite often found in locating the properties that are truly comparable.
Tax Appeals
The process of creating an assessment is the government's effort to equitably allocate a taxing district's burden. No one should have to bear more than their fair share of that burden.
In Cook County, assessments are created every three years. The appeal of an assessment must be made while the property's township is open for filing. By the time that you receive your second installment tax bill it is too late to file a challenge.
Commercial and Industrial appeals are most often based on the market value underlying the assessment. Commercial properties commonly rely upon an analysis of their income-producing potential. Industrial properties are quite often owner occupied, and therefore may require an independent appraisal to demonstrate a market value.
