What are taxes on homes in Cook County?
Real estate taxes on residential property in Cook County are determined by a fairly complex mathematical process beginning with the property value. The Cook County Assessor uses a computer-assisted mass appraisal system to value residential properties. This system considers several different components including, but not limited to, sales of comparable properties, land, location, building square footage, and construction type. Cook County is divided into 3 assessment zones. The first is the City of Chicago, the second are the northern suburbs and the third the south suburbs. Residential properties are reassessed every three years. Residential properties assessed valuations are determiner based upon 10% of market value, multiplied by the State equalization factor for that year, less any homeowner’s exemption, and multiplied by the tax rate for that year. An example is as follows:
$100,000.00 – Estimated market value
X 10% – Assessment level
10,000.00 – Proposed assessed valuation
X 3.162 – 2010 state equalization factor
31,620.00 – Equalized assessed value
– 5,500.00 – Homeowner’s exemption
26,120.00 – Adjusted equalization value
X .887 – 2009 tax rate for Chicago
$2,316.84 – Estimated tax bill
So if your trying to figure out how much your real estate tax bill is going to be on your home in Chicago and you still cant figure it out or have any questions on how to get them lowered please give me a call to discuss it. There might be a chance we can help you get your tax bill lowered.
Attorney at law
312 346 9420