Holidays can be taxing...

We just couldn't resist ending this year's e-letter with a play on the holiday spirit...sorry...lawyer humor.

So you better be good...

The Cook County Assessor's office was good this year.  Finishing up its review of 2013 real estate tax appeals before year's end gives the Board of Review a head start.  The second installment of the 2013 real estate tax bills should be published July 2014.  Timely publishing of tax bills helps taxpayers budget their payments and saves government from borrowing money to maintain public services.

You better be nice...

Local governments fund services by levying.  In this phase of the property tax cycle, governing boards of each taxing district develop their budgets and determine how much of their revenues will come from various sources, including property taxes.   How much you pay in real estate tax is directly related to the amount of money needed to be raised each year and your assessment.  Holding their budgets to minimums might qualify for being nice.

We're going to find out who's naughty or nice...

The relationship between your real estate tax assessment and your local government levy is a close one.  If government adds money to its levy it stands to reason that this cost will be passed onto to taxpayers.  The assessment is your coupon to finding out how much it will cost you individually.  If levies increase and market values go down, the net effect raises the taxing rates to compensate for the loss in values.  It's all naughty and no nice.

Santa Clause is coming to town...

Not likely.

Twas the night before tax bills and all through the county,

Not a government was stirring while awaiting its bounty,

The levies were hung on the taxpayers with care

In hopes that the tax bills soon would be there

The owners of property were nestled in dread

While visions of borrowing danc'd in their head...

Worry less...Appeal your assessments!

Have a Great Holiday Season!!