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Rg2slick, Home Owner in Beach Park, IL

How can I get my taxes on my home down?

Asked by Rg2slick, Beach Park, IL Wed Aug 17, 2011

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I also have used Mike's link and depending on when your deadline is for beach park they stop taking people. Call them and depending on your deadline they might take you on. They charge 25% of your tax savings on a contingency fee basis.
1 vote Thank Flag Link Fri Sep 16, 2011
I use Lake County Appeal to appeal taxes. Go to http://www.LakeCountyAppeal.com I've had dozens of clients use them and love them.

If you need anymore help let me know.

Mike Stodola
0 votes Thank Flag Link Wed Aug 17, 2011
Appeal the tax assessment.

The taxes on your home are calculated using two figures. One is the tax rate. It varies city by city, town by town. But let's say, for example, that your tax rate is $1 per $1,000 of assessed value. That means a property assessed at $300,000 would pay annual taxes of $3,000.

There's nothing you can do about the tax rate. You're stuck with that.

The other factor that is involved--and that you can influence--is the assessment. It's your town's or city's estimate of what your property is worth. (It's how they'd come up with the $300,000 in my example above.) The important point to remember is that tax assessments aren't particularly accurate. They're an estimate based on a range of properties hopefully similar to yours. And every year those properties are adjusted up or down--in bulk--based on real estate trends. Where I live (and this is probably pretty typical) an assessment is considered accurate if it's within about 8% of the property's real value. So, in our example above, a house assessed at $300,000 could be considered accurate if its real value was anywhere between $276,000 and $324,000.

So what you want to do is reduce your assessed value. You want to convince your city/county tax assessor that your assessment is too high.

How do you do that?

Most tax assessors send information out along with the tax bill on how to appeal an assessment. If you can't find that, it's almost always posted online.

To oversimplify, you have to appeal by presenting evidence that your home is worth less than the assessment. The best way to do that is to show the value of comparable properties. That's the same thing a Realtor does when calculating a CMA (competitive market analysis). Or you could pay for an appraisal. But before you pay, check the appeals process and see what the tax assessor wants. A Realtor certainly could do a CMA for you. Or you could try to piece one together yourself from online tax information.

Bottom line, though: You need to reduce your assessed value. And that means showing the tax assessor that comparable properties sell for less.

Hope that helps.
0 votes Thank Flag Link Wed Aug 17, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Hi Rg2slick,

If you believe the assessed value is too high, contact your countay assessors office to find out their procedure for getting your property taxes/assessed value re-evaluated. In the county I live in you can complete a tax assessor's form with comps in the area to see if they will lower the assessed value, which in turn will lower the property taxes.

Good luck.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Wed Aug 17, 2011
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