BREAKINGNEWS
 
Tax Appeal Season Begins in the City

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The following article appeared in the real estate section
of Friday's Sun-Times.  We thought it would be of particular interest for our clients in Cook County.

The Cook County Board of Review will begin accepting appeals on 2006 property tax assessments for the City of Chicago townships of Rogers Park and Lake View on Monday. Property owners in those townships have until Oct. 18 to file. Also open Monday for appeal are assessments for the townships of Riverside, Norwood Park, River Forest, Cicero, Oak Park, Evanston, Barrington, Berwyn, Calumet, Palos, Bremen and Niles.

Appeals must be filed during specific periods for each township, the remainder of which will be announced soon. Property owners must file an appeal within a period of at least 20 days assigned to the township in which their property is located.

Township filing periods will open on a rolling basis until all appeals affecting the 2006 assessments of real estate have been heard. Appeals may be filed for the 2006 tax year only.

Appeals of assessments might be successful for several reasons. Comparable properties nearby might have been assessed at lower values. The description of the property might contain a factual error, or the assessment itself could contain a mathematical error. The assessment might merit adjustment if the property has sustained damage caused by fire, flood or other casualty or has been wholly or partly demolished. Other reasons might include an extended vacancy in a rental property or recent purchase of the property for a price less than the fair market value indicated by the assessment.

Property owners who believe their property has been unfairly assessed may appeal their assessments to the Cook County Assessor if they wish or go directly to the Board of Review. If dissatisfied with results at those levels, they may continue their appeal at the Illinois Property Tax Appeal Board or the Circuit Court.

The Board of Review does not assess property, set the tax rate, or collect taxes. The Board of Review, managed by three elected commissioners -- Joseph Berrios, Maureen Murphy and Larry R. Rogers Jr. -- is an independent quasi-judicial board mandated to review property assessment appeals.

One should consult with a qualified mortgage professional prior to implementing any mortgage strategies. For more information on how we can provide you with a home equity line at no cost to you, call us today at 630-368-3300.

If you are a tax, insurance, financial or insurance planning professional receiving this newsletter, please call our office and introduce yourself to us. We are always seeking to grow our referral network and expose more service professionals to our client base.

Dylan is a loan consultant with Starpointe Mortgage, a full service mortgage broker  approved with numerous lending sources in IL, IN & MI.  He provides conventional, non conforming, jumbo, and FHA loans. He assists customers regardless of credit. Dylan can also assist individuals who are self-employed and require both full and no documentation loans. He can assist individuals and professionals with their financing needs whether buying, selling or refinancing real estate.   If he can be of assistance or to be added or removed from his distribution list, contact him at the telephone numbers provided or email him directly.  Your request will be immediately honored.

 

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