Americorp Real Estate
Brokers Associate, e-PRO
Where it's true you can always appeal your taxes, once you've closed on the property, I think it's also important you understand how your taxes are assessed.
A better understanding will not only educate you, but, will give you the ammunition you need to appeal. Click here for more information: http://www.auction.com.
Too many things are tied into your Real Estate Taxes like schools and city services. If we lower the real estate taxes these services would be affected and we would have to pay higher State Income Taxes which has been discussed.
Others have already told you how to appeal your taxes. Remember taxes in Cook County are a year behind (arrears) and are re-assessed every 3 years. Do not expect taxes to go down even though home values are declining because of the reasons I stated above.
Assessors don't go around lowering market value. Owners need to protest based on market values and get comps, etc. However, when you buy a property - market value has been created and the taxes should be lower with your first bill on a home.
If the 5K in taxes do not reflect the Homeowners Exemption then they would go down about $900 once you claim that Exemption.
Realtor - The Pinnacle Team