Illinois Voters Support Property Tax Relief Measure

 Posted on November 15, 2024 in Real Estate

A ballot measure in the recent election asked voters to support a three percent surcharge on incomes exceeding $1 million per year. Sixty percent of Illinois voters resoundingly voted "yes" on the measure. Former Illinois Governor Pat Quinn said the tax would provide the largest property tax relief measure in the state’s history, generating sufficient revenues to ease the property tax burden on homeowners across the state.

The Illinois Dept. of Revenue estimates the surcharge could generate as much as $4.5 billion a year and could also reduce the number of property tax appeals. Illinois currently has the second highest property taxes in the country at 2.07 percent – almost double the national average. The median price for a home in Cook County is $255,500; the property tax on a home of that value is $5,605, or 2.19 percent.

DuPage County has a median home price of $315,600, with property taxes on that value at $7,221, or 2.29 percent. If you believe a property tax appeal in Cook or DuPage Counties is warranted, a DuPage County, IL property tax appeal attorney from Whitacre & Stefanczuk LTD can help.  

Why Are Property Taxes So High in Illinois?

There are more than 8,000 taxing authorities in the state of Illinois, which significantly contributes to the high cost of property taxes. Sanitary districts, park districts, fire protection districts, school districts, and city and county governments are just a handful of taxing authorities reflected in property taxes. Property tax assessments run on a two-year cycle. In year one, real estate is appraised to determine market value. The assessed value of residential real estate is generally about one-third of the market value.

Exemptions like the General Homestead Exemption can help reduce assessed value and, in turn, property taxes. The General Homestead Exemption offers a $10,000 reduction in value in Cook County and $6,000 in all other counties to homeowners living in their principal residence. Homeowners who are 65 and older qualify for the Senior Citizens Homestead Exemption, which equals an $8,000 reduction in Cook County and a $5,000 reduction in other counties.

Can You Appeal a Property Assessment in Cook and DuPage Counties?

Appeals are usually filed when the actual market value of a home is significantly less than the assessor’s market value. Another time an appeal could be warranted is when the assessed value of your home is at a higher percentage of market value than the prevailing county median level.

Your property tax bill depends on how much money local taxing districts believe they will need in the coming year, along with the amount your property is assessed for. Your property assessment is set by assessors who work for your county. Those residing in Cook County can file a property assessment appeal with the County Assessor or the County Board of Review.

If you are a resident of DuPage County, you can find information about filing a property assessment appeal here. In Cook County, you must file your appeal within 30 days of the written decision from the County Board of Review or within 30 days of written notice of the application of final, adopted township multipliers by the Board. Filing a property tax assessment appeal can benefit significantly from having an experienced property tax appeals lawyer advocating on your behalf.

Contact a DuPage County, IL Property Tax Appeals Lawyer

Filing a property assessment appeal can be daunting. When you have a knowledgeable Cook County, IL property tax appeals attorney from Whitacre & Stefanczuk LTD, the appeal process may have a more favorable outcome. We are proud of our intimate legal practice, especially the fact that we are very communicative with every client. We want our clients to feel comfortable, so we treat them like family. Attorney Daniel Stefanczuk is first-generation Polish and speaks fluent Polish. Contact Whitacre & Stefanczuk LTD at 773-622-6100 to schedule your free consultation.