I will not dive into the subject of what the county taxes are for and who uses taxpayers dollars to get rich. I am here to jump to the subject of “How do you lower Cook County property taxes“.
Since the market value is a very subjective and Overevaluation is costly and pretty hard-to-prove subject let’s concentrate on the Lack of Uniformity way. What it is and how it works. (more…)
First get to read a bit on how the tax bill works for cook county taxes. If you read or you don’t care, let’s move on.
So we have a masonry, 50-year old house of 1000 sq.ft. sitting on 2,000 sq.ft of land which is valued by the County of Cook in, say, $100,000. This whole package is called Property (or parcel in legal terms).
We already figured that Estimated Assessed Value of your property, it equals 10,000 in our example. If you go to a sample house and have a look at EAV, you will notice that it has two Values: land and house/building itself. Let’s say, that Land is valued 2,000 and, what we will use further on, Building Assessed Value is 8,000 (remember it). Simple enough for now, right? (more…)