Navigating Chicago’s Tax Appeals: Key Terms Demystified

Filing a tax appeal in Chicago, Illinois, involves navigating a complex landscape of legal and financial terminology. To ensure clarity and empower property owners, understanding these key terms is crucial. 

– Assessment: The value assigned to your property by the assessor’s office, determining your share of taxes.

– Board of Review: An administrative body that reviews property assessments and hears appeals from property owners.

– Comparable Properties: Similar properties used as a benchmark to argue for a lower assessment.

– Market Value: The estimated amount your property would sell for under current market conditions.

– Assessed Value: A percentage of the market value, forming the basis for calculating your property taxes.

– Equalization Factor: Applied to bring assessments into line across different areas, ensuring fairness.

– Exemptions: Legal provisions that reduce your taxable value, such as for homeowners or seniors.

– Property Tax Levy: The total amount of tax revenue a taxing district needs to collect to fund services.

– Appeal Deadline: The cut-off date by which your appeal must be filed, typically 30 days after assessment notices are sent.

– Tax Rate: Determined by dividing the levy by the total assessed value of all properties, impacting your final tax bill.

Understanding these terms can streamline the appeal process, potentially leading to significant savings on your property taxes.