A nice write-up in Chicago Lawyer Magazine about the high volume of property tax appeals in 2015. Here in Lake County, we have had a record number of clients sign-up for property tax reviews; this article shows taxes in Cook county are also being appealed in record numbers. Roy Strom of Chicago Lawyer Magazine offers insight into the process in Cook County.
Chicago Lawyer Magazine, September 2015 – THE ASSESSMENT SQUEEZE Lawyers are busier than ever filing property assessment appeals to cut tax bills. Last year, they helped wipe out $3.5 billion in proposed assessments. That doesn’t mean Cook County collects less. It means others pay more. by Roy Strom
Source: Chicago Lawyer – THE ASSESSMENT SQUEEZE Lawyers are busier than ever filing property assessment appeals to cut tax bills. Last year, they helped wipe out $3.5 billion in proposed assessments. That doesn’t mean Cook County collects less. It means others pay more.
Gary Smith is not an entertainer or a clown or, for that matter, anybody whose work would seem to have anything to do with squeezing balloons.
But, of course, it does.
Smith is a lawyer, and for the past 30 years he has been appealing Cook County property assessments — perhaps the most fundamental figure in a complex calculation that creates two tax bills a year for each of the county’s 1.8 million parcels of land.
It is a math-heavy, deadline-driven and bottom-line-focused practice.
Just consider: There are 38 townships in Cook County and each has its own deadline for an appeal at the county assessor’s office. Then there are deadlines at the three other levels where appeals take place: The Cook County Board of Review, the Illinois Property Tax Appeals Board (PTAB) and Illinois’ circuit courts. If successful, the attorneys’ work will reduce their clients’ tax bills and the attorney will take a cut of those savings — often 20 percent for single-family homes and a weighted average of 10 percent for commercial properties (the city’s largest buildings pay less in fees while other commercial properties pay more). Continued
Original article: http://www.chicagolawyermagazine.com/Articles/2015/09/Taxes-Sept15.aspx