Did you know the average American pays $2,471 in property taxes every year?
Buying a home is a huge investment, and you want to make sure you’re making the right decision.
Property taxes are one of the most important factors to consider when buying a home. Your property tax bill can be thousands of dollars each year, so it’s important to understand how they work.
But don’t worry. Keep reading because our guide to property taxes in Chicago will answer all your questions, from how they’re calculated to what exemptions are available. We’ll also show you how to estimate your property tax bill so you can budget for this expense.
Property Tax Basics
As a homeowner in Chicago, you are responsible for paying property taxes to the city. The government base Property taxes on the assessed value of your home, and the tax rate is set by the Cook County Board of Commissioners. The money collected from property taxes is used to fund public schools, roads, and other vital services in the city.
They will send your property tax bill to you every year by the Cook County Treasurer’s office. The bill will list the amount of taxes due, as well as the date that payment is due. If you do not pay your property taxes on time, you may be subject to interest and penalties.
You can pay your property taxes online, by mail, or in person at one of the Cook County Treasurer’s office locations. If you have any questions about your property tax bill, you can contact the Cook County Treasurer’s office at 312-443-5100.
Exemptions and Credits
Property taxes can be a burden, but there may be some relief available in the form of exemptions and credits. For example, senior citizens and veterans may be eligible for a discount on their property taxes. You can learn more about exemptions and credits by visiting the Cook County Assessor’s website or by contacting the Cook County Treasurer’s office.
There are a number of different exemptions and credits that may be available, so it’s worth taking the time to explore all of your options. However, even if you don’t qualify for an exemption or credit, you can still appeal your property taxes if you feel that they are too high.
By familiarizing yourself with the various options available, you can ensure that you are paying only your fair share of property taxes.
Appealing Your Property Taxes
Many homeowners are surprised to learn that they can appeal their property taxes if they believe that their home has been improperly valued by the assessor. The process is relatively simple and can be done either by visiting the Cook County Assessor’s website or by contacting the Cook County Treasurer’s office.
The first step is to gather evidence to support your claim that the assessor’s valuation is incorrect. This may include recent appraisals, sales data for comparable properties, or other documentation. Once you have collected this information, you will need to submit it to the Assessor’s office along with a formal request for an appeal.
If your appeal is successful, you may receive a refund for the overpayment of taxes. In some cases, you may also be able to lower your future tax bill. As a result, it is always worth taking the time to investigate whether you have grounds for an appeal.
Calculating Property Taxes in Chicago
Property taxes are one of the biggest expenses of owning a home, and they can vary widely from one city to the next. In Chicago, property taxes are calculated based on the assessed value of the home and the tax rate set by the Cook County Board of Commissioners.
The current tax rate is 2.6%, which means that homeowners will pay $2.60 in taxes for every $1,000 of assessed value. For example, a home with an assessed value of $200,000 would have property taxes of $520 ($200,000 x 0.026 = $5,200).
While the tax rate is set by the county, the assessed value of a home is determined by the Cook County Assessor’s Office. The assessor uses a number of factors to determine the value of a home, including its location, size, and type. Homeowners can appeal their assessment if they believe it is inaccurate.
The best way to estimate your property taxes is to use the Cook County Assessor’s Property Tax Calculator. This tool takes into account your home’s assessed value and the current tax rate to estimate your annual property taxes.
Contesting Commercial Property Assessments
If you believe that your commercial property has been improperly valued, you have the right to appeal the assessment. The Cook County Assessor’s office is responsible for valuing all properties in the county, including commercial properties.
You can learn more about appealing commercial property assessments by visiting the Cook County Assessor’s website or by contacting the Cook County Treasurer’s office.
The process of appealing a commercial property assessment begins with filling out an appeal form. This form can be obtained from the Cook County Assessor’s office or online. Once the form is complete, it must be submitted to the Assessor’s office within 30 days of the date of the assessment.
If you are not satisfied with the outcome of your appeal, you can also file a complaint with the Illinois Property Tax Appeal Board. This Board is responsible for hearing appeals of property tax decisions made by assessors and boards of review. For more information about filing a complaint, you can visit the Illinois Property Tax Appeal Board’s website or contact their office.
How to Pay Property Taxes
You may be wondering how to pay property taxes in Chicago. Let’s look at the different steps in more detail now:
1. Log in to Your Account on the Cook County Treasurer’s Website
After you have logged in to your account on the Cook County Treasurer’s website, you will need to take a few minutes to familiarize yourself with the layout and navigation. The website is designed to be user-friendly, but it is still important to become familiar with the various features and menus.
Once you have done so, you should be able to easily find the information you need. In addition, the website offers a variety of helpful resources, such as FAQs and tutorials. These can be helpful if you have any questions or need more information about using the website.
2. Click on the “Property Taxes” Tab
After logging in, property taxes will be one of the options available on the left side of the screen. Clicking on this tab will take you to a page with information on your current property taxes, as well as any taxes that may be owed from previous years. You will also be able to view and pay your property taxes online using this tab.
3. Click on the “Make a Payment” Button
The “Make a Payment” button can be found on the Property Taxes page. Once you have clicked on the button, you will be taken to a page where you will be able to enter your payment information. You will need to provide your credit card number, expiration date, and CVV code.
You will also need to enter your billing address. After you have entered all of the required information, you can click on the “Submit” button to complete the payment process.
4. Enter Your Payment Information
Entering your payment information is a simple process. You will be prompted to enter your credit card number and billing address. Once you have entered all of the required information, click on the “Submit” button to pay taxes. Your payment will be processed and you will receive a confirmation email within a few minutes. Thank you for choosing to shop with us!
5. View Your Payment History
Payment history is important for a number of reasons. First, it provides a record of all the payments you have made. This can be helpful if there is ever a dispute about whether or not a payment was made. Additionally, your payment history can help you keep track of your spending.
If you see that you are making a lot of payments over time, you may want to consider ways to cut back on your expenses. Finally, your payment history can also provide valuable information to creditors and other financial institutions.
What Happens if You Don’t Pay Your Property Taxes?
If you don’t pay your property taxes, you may be subject to interest and penalties. In addition, the Cook County Treasurer’s office may place a lien on your property. A lien is a legal claim against your property that must be paid before you can sell or refinance your home.
If you are having difficulty paying your property taxes, you may be eligible for a payment plan. You can learn more about payment plans by visiting the Cook County Treasurer’s website or by contacting the Cook County Treasurer’s office.
If you’re ready to buy or sell properties in Chicago and would like help learning more about property tax, go to urbchicago.com.
Want to Learn More About Property Taxes in Chicago?
If you’re in the market for new Chicago homes, it’s important to factor in property taxes. Chicago has some of the highest property taxes in the country, so it’s crucial that you understand how they work before making an offer on a house.
To learn more about property taxes in Chicago and how they could impact your purchase, be sure to check out our blog. We have plenty of information that will help you make the best decision for your family and your budget. Thanks for reading!