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?
So, we have Building Assessed Value of $8,000 and we have 1,000 square feet of living area, right? How much is each sq.ft. valued? Correct answer is $8,000 / 1000 sq.ft. = $8/sq.ft.
Estimated Assessed Value of your property Square Foot
Why are we drilling down to how much the Estimated Assessed Value of your Square Foot is? Because it is the most crucial element for Lack of Uniformity property tax appeal is. And we will see it in just a few moments.
(it’s 3:30am and I am tired. I will go on when I get more time, alright?)
Please leave your questions below and I will be glad to answer them, well, if I know the answer and they are relevant.