Welcome to our A & L e-letter for this month of March 2013,
Over the past many years Cook County has taken the initiative in changing its policies and procedures, including assessment levels, its timing for the payment of real estate tax bills and its assessment process by legislation. As a result, there are a number of differences between Cook County and other counties in Illinois. Soon, property in counties other than Cook County will be receiving their 2012 real estate tax bills. Shortly thereafter the process to appeal their assessments for the 2013 year will begin.
In Illinois, everywhere else but Cook County:
The 2012 real estate tax assessment appeal process has recently ended for all counties located outside of Cook County. For property owners who had filed appeals, their counties have issued, or will issue soon, their final decisions. The final assessed value shown on the decision will be used to calculate the 2012 tax bill that will be payable this year. If an assessment reduction has been obtained, it will be reflected in the total bill. Tax bills are typically mailed out in late April or early May. In general, most counties divide the total tax bill into two equal installments, with a first installment due around the beginning of June, and a second installment due around the beginning of September. However, some counties have more than 2 installments, and different due dates. In order to avoid penalty fees, it is important to keep a close eye on the tax bill due dates in the area where the property is located.
The next opportunity to file a non-Cook County assessment appeal will come in the fall of 2013. Each local Township or County will begin to publish 2013 assessment notices starting around the middle of August. Appeals typically will then be due within 30 days of the date these assessments are published.
Each year there is an opportunity to analyze an assessment and determine if it is fair and equitable. With 2013 being a non-reassessment year in most non-Cook counties, we begin to review property values in late spring and early summer. If you feel your property is over assessed, has suffered from economic hardships during this 2013 year (high vacancy rates, reduced rental income, etc.), or you've recently had an appraisal done on your commercial or industrial property, give us a call. We may be able to help. Ask for Kevin, Franco or Anthony who headquarter our office in Bloomingdale, Illinois and handle all appeals outside of Cook County.
In our future e-letters we will discuss other differences between Cook and other Illinois counties. It's not as easy as 1-2-3, but hopefully we will be able to answer some of the questions often raised by a property owner who twice yearly pays tribute to our governance.
We also recommend that you visit the website of the Assessor's Office, Board of Review and Treasurer's Office in your county for further information about your property's assessment.
Some quick links to websites for all counties are provided to you in the right hand margin.
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