Chicago Real Estate Attorney: How To Appeal The Property Tax Assessment?
The cost of the property since the past years have fallen down a lot. But there are still many who are paying a lump sum amount of taxes for them as compared to the times before, shares a Chicago Real Estate Attorney. The taxes are usually connected to the fair market value of your house. And when the value is contingent, the tax assessment would eventually be incorrect.
And since the real estate market is not moving fast lesser homes are being bought. And this doesn't allow a right estimate of the value that your house would have in your area.
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Moreover, the assessors are not like before where they had all the raw data, shares a Chicago Real Estate Attorney. And due to this, they get the estimate from the past information. And since many owners feel that they have a much accurate data than the assessors, they appeal the assessment of the asset.
Chicago Real Estate Attorney: Appealing your tax assessment
Doing this is a daunting work, but if you are ready for the hurdle, you need to know some things. Even though the assessment of the property is administered by the Illinois law of the State of Illinois is governed, there are other additional laws that the local town has. This also includes the different filing procedures shares the Chicago Real Estate Attorney.
The assessment appeals are taken care by the count and not the assessor. And you need to fill as per the county rules as they have their own procedure. This is mostly the place a Chicago Real Estate Attorney can help, as they would be familiar with the rules much more than you are.
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Many countries also have a strictness of the time in which you can appeal for the assessment. The basic time is usually 30 days. You can find out about the last day by seeing the date on the notice. Moreover, each document has to be completed in the right way and submitted to the Board on the last date. Else, you would not be able to appeal again, says the Chicago Real Estate Attorney.
Chicago Real Estate Attorney: When the last date has not been crossed
After you know that you still have time, you would need to get the forms and fill them out keeping all the desired documentation in place as well.This all should be completed before you get a hearing time to argue for your position.
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But why Appeal?
The appeal of the tax assessment is done for two reasons:
The property value is not the same as the others in the community after it was assessed.
The property value is more than 1/3rd of the market value after assessment.
For both the situations, you would need the documented proof for what you are appealing for. This would also need a complete detailed data of your property, says the Chicago Real Estate Attorney. The documents can be the:
The assessed price of compared properties.
Evaluation made by an Illinois State Certified or Licensed Appraiser.
Contractor’s affirmation of costs of new developments.
Closing statements.
Listing Contracts.
The listing catalog or websites, or the MLS catalog pages.
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There are different methods for each locality where some ask you to fill the smallest details as well. This is something that needs to be well researched and only a Chicago Real Estate Attorney can help you. So, it is better to get the professional help instead of losing the one chance you have to reduce your taxes for your property.
And that is where the Chicago Real Estate Law Firm can help you. With the best lawyers in the state, you can connect with us and hire one today at a decent rate. Visit at https://www.chicagorealestatelawfirm.com/ for more details today!