Home Buying in 60022>Question Details

Babysteps, Home Buyer in Phoenix, AZ

I saw a beautiful property selling for $700,000 with a $24,000 property tax. Seems like it could be $8-10k lower. How can I lower the tax rate?

Asked by Babysteps, Phoenix, AZ Wed Aug 29, 2012

Serious question. How can I decreased the assessed value? Appeal? Destroy the garage?

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Answers

4
Call Sharon Eckersall in Evanston.
Has successfully fought takes for many of my Clients.
0 votes Thank Flag Link Mon Mar 18, 2013
In Cook County, taxes are based on the assessed value. Theoretically if you could prove that the home is worth 60-75% of what it is currently assessed at, you would be correct.
0 votes Thank Flag Link Thu Feb 21, 2013
Many ways to file tax appeals. I like Sharon Eckersall in Evanston! She has had a good success rate for me.
0 votes Thank Flag Link Sat Nov 24, 2012
I want to preface this response with a note that I am not a property tax expert nor an attorney. This response is based on my experience as a real estate agent on the North Shore

Property taxes in the North Shore (Cook County) suburbs generally run at around 2% of the genuine market value or slightly less. One would think that the property taxes should adjust to a level around $14,000. Of course, the formula utilized to compute property taxes is much more complicated with the most important factor being the "total assessed value" which is determined by the Cook County Assessor. Many homes that have not had a transaction in recent years have an assessed value that is considerably higher than the current value.

There is a very specific process by which a homeowner can protest their property taxes. This can be found at :
http://www.cookcountyassessor.com/

Having a recent "arms length" transaction of a non-distressed (foreclosure or short sale) property is a very strong tool for waging a protest. Many homeowners have had success protesting their taxes.

Many North Shore residents hire attorneys to protest their taxes. These attorneys are generally compensated based on a percentage of the amount of money that they save you and often receive no compensation if they are unsuccessful.

Tearing down a garage?...Maybe, but probably not significant.
0 votes Thank Flag Link Wed Aug 29, 2012
So is it fair to say that the assessed value should somewhat correlate with the actual market value (as determined by non-distressed sales) but that there can be divergences since assessed value is calculated by the CC Assessor?
Flag Wed Aug 29, 2012
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