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. As the 2021 appeal session progresses, we wanted to give you an update on the conclusion of the 2020 session, what to expect in 2021, and key dates to keep in mind for filing your appeals.
2020 session:
The 2020 appeal session has officially concluded at the Cook County Board of Review. Due to COVID-related delays, the second installment bills – which would usually come out in July – will likely not be released until August or September.
As a result of this delay, our billing for the 2020 session will also be delayed until the tax rates for Cook County are released and we’re able to calculate more precise numbers using up-to-date information. We will inform you of your result as soon as the decisions are released by the Cook County Board of Review. As always, for any unfavorable decisions we may receive, we will advise whether a further appeal of such assessments should be filed at the Property Tax Appeal Board (PTAB) within the 30-day deadline after certification of results.
2020 Multiplier: On June 30, the Illinois Department of Revenue released what’s called the property tax equalization factor for Cook County. The Department is required by law to calculate the factor, often called the multiplier, to achieve uniform property assessment throughout the state.
Year over year, the multiplier increased from 2.9160 to 3.2234 – a 10.5% increase, which is unprecedented and the first time the multiplier has jumped over 3 since the immediate fallout from the Great Recession in 2008-2010. The 10.5% increase reflects the three-year average level of assessments (weighted by class) for Cook County property determined by the assessor vs. the actual selling price of individual properties. To bring the level of assessment uniform to the 33.3% level required by law under the Illinois constitution for the rest of the state, the Department calculated the multiplier by dividing Cook County’s three-year average of 10.5% into 33.3, coming to 3.2234.
Please note: The equalization factor does not cause individual property tax bills to go up. Property tax bills are determined by local taxing bodies and districts when they request the dollars needed for their municipal budgets. The assessment process simply determines how the bill will be divided among local taxpayers.
2021 session:
Cook County: The 2021 session has begun at the Assessor’s Office and the deadlines to file in Berwyn, Evanston, Oak Park, New Trier, Norwood Park, River Forest, and Riverside townships have already passed. Cicero, Elk Grove, Palatine, and Schaumburg townships are all coming up next in July. You will receive an assessment notice in the mail. Additional township assessments will be released soon.
The City of Chicago will be up for reassessment in 2021 and the first City township due is Rogers Park (by July 19), so property owners within City limits should keep a lookout for reassessment notices this year. Anyone who has suffered from vacancy issues over the past year or suffered income losses related to the pandemic should make sure to document attempts to lease the vacant space, tenant concessions, deferred rents, utility bills, photographs of the vacancy, and projections for a path to stabilization.
With regards to exemptions, the Cook County Assessor’s Office has announced that the “Senior Freeze,” “Persons with Disabilities,” and “Veterans with Disabilities” exemptions will be auto-renewed this year only, due to the COVID pandemic – in addition to the “Homeowner” and “Senior” exemptions automatically being renewed every year. But, you should check the Assessor’s website to be sure you are receiving the correct exemptions.
Collar Counties: The following counties and townships have announced appeal deadlines. 2021 assessments are expected to be released 30 days before these deadlines:
Lake County
Benton Township – 8/9/21
Fremont Township – 8/9/21
Shields Township – 8/9/21
West Deerfield Township – 8/9/21
Zion Township – 8/9/21
Will County
All Townships – approximately 9/6/21 (30 days from notice, likely 8/7/21)
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.