Property Tax Update 2/27/2023

February 27, 2023

Our real estate tax team at Rock Fusco & Connelly, LLC continues to work hard fighting to keep your property tax bills as low as possible. Below are key updates on the 2022 session.

Cook County: First installment property tax bills have been mailed out. The due date for payment this year was pushed back to 4/3:

The northern Cook County suburbs are up for reassessment this year. Those in Barrington, Elk Grove, Evanston, Hanover, Leyden, Maine, New Trier, Niles, Northfield, Norwood Park, Palatine, Schaumburg, and Wheeling townships should have received a notice of new assessments for the triennial cycle.  If you would like us to review, please feel free to forward those notices so we may begin working to determine if an appeal is warranted.

The Assessor’s Office has opened and closed all townships for 2022. As of this writing, 34 out of 38 townships (or 90%) have been certified. Accordingly, the Board of Review is now open for appeals in townships that the Assessor has certified for 2022. Townships that are currently open for appeal at the Board of Review include: Bremen, Rich, and Stickney (filing deadline: 3/1), Leyden, Maine, Palatine, and West Chicago (filing deadline: 3/9), Hyde Park, Lakeview, Proviso, Wheeling, and Worth (filing deadline: 3/18).

The Board of Review fully adjudicated all appeals for Riverside, Oak Park, Calumet, Cicero, Berwyn, Lemont, Norwood Park, and River Forest townships on 2/22. The 30-day window to file for further appeal before the State of Illinois at the Property Tax Appeal Board (PTAB) for these townships starts now.

The Loop retail vacancy rate rose again last year to 28.3% from 27.4% at the end of 2021, according to Crain’s: We advise anyone who has suffered from vacancy issues over the past year or suffered income losses related to the pandemic to make sure to document attempts to lease the vacant space, tenant concessions, deferred rents, photographs of the vacancy, and projections for a path to stabilization.

Collar Counties: The window for 2022 appeals in all collar counties – DuPage, Kane, Lake, McHenry, and Will – has opened and closed for all townships. The appeal sessions before the individual Boards of Review have commenced and hearings are ongoing.

All Illinois counties outside of Cook will be reassessed later in 2023, including all collar counties. This means that property owners throughout Illinois should be on the lookout for reassessment notices in the coming months. Please feel free to forward those reassessment notices to us so we may begin working to determine if an appeal is warranted.

Rock Fusco & Connelly, LLC is here to serve all your property tax needs from appeals to exemptions to incentives. Please do not hesitate to contact us with any questions or requests.