Frequently Asked Questions
Your appeal absolutely will not cause your taxes to increase.
A lower assessment is always to your benefit because your taxes with a lower assessment are lower than they would be with a higher assessment. However, because the tax rate is set by many different taxing bodies every year, your taxes might rise from the previous year even if your assessment is lowered because the tax rate might have risen.
You can represent yourself if you are appealing a piece of property you own yourself. A lawyer must be used if a corporation owns the property.
Only licensed attorneys can practice before the Board of Review. This is by order of the Illinois Supreme Court.
An exemption only reduces your property's assessment. Because the tax rate changes every year, the dollar value of your savings can change every year.
Your exemptions are listed on your second installment tax bill (the yellow bill).
Qualifying industrial real estate is assessed at 10% of market value for the first 10 years, 15% in the 11th year, and 20% in the 12th year. The municipality must support the 6b application by ordinance or resolution, and the property can be new construction, substantial rehabilitation, or substantial re-occupancy of an abandoned property.
If a property is uninhabitable, the Board will grant vacancy relief for that portion of the property and/or year it was uninhabitable. If a commercial landlord is simply unable to rent a usable portion of the property, the Board may in its discretion grant vacancy relief only if the landlord shows good faith attempt to get tenants.
The analysts can take anything into consideration that they, in their discretion, think affects the fair market value of the property. The major considerations usually are locations, condition, and special external factors that are unique to the property that could affect the value.