Appealing a Property Assessment Can Strategically Lower Taxes

property assessment appeal

Property owners in Lake County, IL can expect to receive their property assessment notifications very soon (if you have not already). When the notice arrives, tossing it to the side with the intent to get to it later can turn out to be a costly mistake, as time is of the essence if you want to appeal. Understanding what an assessed value is and how it affects your property taxes is essential. And if the value of your property is assessed too high, appealing can save you hundreds, or even thousands, of dollars each year.

What is an Assessed Value?

The assessed value of your property that will be shown on the notification is not the full market value. Rather, to calculate the assessed value, the assessor’s office will look at the fair market value of the property, and then take a percentage of that number to determine the assessed value. Generally, that number is 33 1/3%. So, for example, if the fair market value of your home is $300,000, the assessed value should be approximately $100,000.

Why it’s Important That the Assessed Value is Accurate

The main reason that it’s essential to verify the assessed value is that this is the number that the assessor’s office uses to determine the amount of property taxes you will be required to pay. If the assessed value is too high, your property tax bill will be higher than it needs to be. This number is NOT always accurate! If you believe the value seems higher than it should be, acting quickly is essential. The information on the notification is time-sensitive. Once the appeal window closes, you lose your opportunity to challenge the value for that tax year.

Appealing the Assessed Value of your Property

If you believe your property’s assessed value is too high, you have the right to file an appeal. In fact, many homeowners do, and many appeals are successful. To build a strong appeal, you’ll need to provide evidence such as:

  • Recent sales of comparable homes (called “comps”)
  • A professional appraisal
  • Proof of incorrect property data (e.g., square footage, number of bathrooms)

But gathering the right evidence and presenting a persuasive argument can be more complicated than it seems. That’s where legal help becomes a major asset.

Working With Churchill, Quinn, Hamilton & Van Donselaar, Ltd for a Successful Appeal

It is certainly possible to file an appeal on your own. However, working with our experienced team does offer a number of benefits.

  • Legal Expertise – We understand the nuances of Illinois property tax law, deadlines, and procedures and we know how to navigate the system effectively.
  • Accurate Property Valuation – We can help verify the information that the assessor used when determining the value of your home, ensuring that they used the correct lot size, house age, room count for bedrooms and bathrooms, or anything else that might affect the value. We also make sure they compared your house to similar homes based on size, age, etc.
  • The Ability to Present a Stronger Case – There are many details to consider during the appeal process and even if you present a good case, the assessor does not have to agree with you. In fact, they will often do their best to defend their original estimate. We know how to build a comprehensive appeal that includes the right documentation, detailed analysis, and legal arguments tailored to your case.

Our attorneys have an extremely high success rate when it comes to helping our clients save money on their property tax bills.  We will provide a free initial evaluation to determine if an appeal is warranted – and will not charge any fee unless we successfully reduce your taxes.  Contact us at 847-223-1500 to learn more or to schedule your consultation.