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BOARD OF REVIEW TAKES UNPRECENDENTED ACTION TO AID HOMEOWNERS
Wednesday, March 5, 2008
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Chicago--Commissioners Joe Berrios, Brendan Houlihan and Larry Rogers, Jr. announced today that they would reopen the Board of Review to hear taxpayer appeals in light of the recent subprime mortgage crisis and downturn in housing prices. Normally, once a township is closed for appeals taxpayers must wait a year before they can file.
"Mayor Richard Daley and his staff have worked tirelessly on this issue over the past several weeks, and the Mayor has compiled persuasive data that suggests certain areas of the city are in economic distress. As a result, we want to afford taxpayers every opportunity to make sure that their property tax assessment is fair in light of the current market crisis," Commissioner Berrios said.
For the first time in its history, the Board of Review announced that it will reopen both city and suburban townships where the filing deadlines had passed. The new filing dates for these townships will be from March 17th to March 31st 2008.
"We are proud to take this historic step to reopen the Board of Review for all taxpayers," Commissioner Rogers said. "I know that in my district many homes have been foreclosed and high property taxes may push many other residents into foreclosure. We want to make sure that residents have every opportunity to make sure their assessment is fair," he said.
While the Mayor of Chicago compiled data concerning the Chicago housing market, the commissioners also stated that the subprime and foreclosure crisis was not unique to the city of Chicago. The Board of Review announced that it would also open all suburban townships where the filing dates had passed.
"This is a problem that is not unique to the City," Commissioner Houlihan said. "Many of the suburban areas that I represent have seen a drop in housing prices as a result of the subprime market and numerous foreclosures. We need to make sure that suburban residents are also given the opportunity to make sure their assessment is fair," Houlihan said.
The Board of Review will be open for all previously closed townships from March 17 to March 31. Anyone wishing to file an appeal should contact the Board of Review at (312)603-5542 or contact the Mayor's Office.
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