Property owners and tenants in west suburban River Forest & Riverside Townships are bracing for the triennial reassessment of their properties; a revaluation that will greatly impact their real estate taxes due in 2018. In their last reassessment in 2014, River Forest Township property owners saw an average assessment decrease of 2.8%, 6% in Riverside. Despite this, increases in tax rates and the state multiplier left many homeowners, commercial property owners, and managers scrambling to adjust to 2015â€™s increased property tax bills. This year the Cook County Assessor is scheduled to mail reassessment notices in the first half of February.
Proactive taxpayers, who have 30 days from the date of their reassessment during which to file an appeal, should consider the challenges of do-it-yourself property tax appeals or plan on selecting professional assistance.
Raila & Associates, PC, a law firm serving Cook County and Illinois property owners, including thousands of clients in the northern suburbs, suggests acting now to review the accuracy of your current assessment and your exemptions to prepare for imminent appeal deadlines at the Cook County Assessorâ€™s Office, and, later in the year, at the Cook County Board of Review.
Looking Backward and Planning Forward
In 2014, reflecting the economic effects of the Great Recession, assessments decreased 2.8% in River Forest and 6% in Riverside township suburbs.Â However, increases in tax rates and the state â€śmultiplierâ€ť left many taxpayers, including responsible landlords and investors, scrambling to adjust to the new tax environment. Â 2017 estimates for pending assessment increases range from 20% to 40%, but considering challenges to local governments and taxing bodies, including oppressed school districts, trying to fund their budgets, itâ€™s even harder to predict how much local area property owners’ actual tax bills will increase in 2018.
Taxpayers who want to learn about the assessment and appeals system on their own can do so by attending a free, no-obligation, property tax appeal information session conducted by our staff. Â Follow the link to see a schedule of tax talks at the Raila & Associates, PC website TaxesToHigh.com. Plan to attend a session and learn more about your property taxes.
In addition, Money Smart Week, starting April 22nd, 2017 and sponsored by the Federal Reserve Bank of Chicago, will present hundreds of choices for free financial workshops, including those presented by Andrea Raila,Â Sr. Tax Analyst with Raila PC. Â You too can become an educated property taxpayer. Â You also can find a number of self-help resources on our law firmâ€™s Resources Page.
However, you may be among the many taxpayers who opt for help from a professional firm like ours to research your prospects for successfully appealing assessment increases or to take on the varied appeal challenges of home, condo and business owners, as well as managers of apartment buildings. Raila & Associates, PC will provide a free evaluation of your assessment and chances for relief if you submit our Reply Form, or call our office today at (866) 931-1428. Â If you engage our services, you pay only if you win tax relief!
Exemptions & Tax Savings
In a recent newsletter, Raila PC provided important details and links on exemptions to thousands of readersâ€”reviewing a tax bill for proper exemptions is a quick way for property owners to ensure fair taxation, and when exemptions have been missed, may provide opportunities for refunds. Â Illinois Department of Revenue data for 2016 suggest that in River Forest and Riverside townships as many as 296 single family homeowners may be missing out on their Senior Exemption savings.
In addition, many more property owners may be missing out on tax savings from exemptions that they need to apply for every year, e.g., long time owners, senior freeze, disabled and returning veterans, disabled persons, and victims of natural disaster.
For more information, get an â€śExemption Check-Upâ€ť by calling us toll free at 866-931-1428. Â We have many of the applications or forms available for you to help yourself, or you can get assistance from our experienced legal team and qualified staff at Raila & Associates, PC.
Raila PC provides services intended to achieve and maintain fair taxes for property owners and residents in the northern suburbs and throughout Cook County and northern Illinois.