hi and thanks for tuning in I'm Josh Jasien, a professional real estate broker and property investor I've been doingthis for a while now so wanted to make a podcast that would answer a lot ofcommon questions I get from my clients but also address some misperceptionsthat persist in the industry.
So whether you're a brand new buyer totally new toreal estate or you've owned and sold multiple homes in your life I definitelyhave some good experience and advice to share with you.
The title of this podcastis the who, when, and why of property tax appeal.
Why you should appealyour property taxes is that the system is inherently unfair especially if youlive in Cook County.
If you're on the north side and you have a valuable homeyou're probably being taxed less then you are if you live in the south side.
This is true and it's been true for a long time and it will be true for a longtime so if you want to reduce your property tax bill you have to appeal.
Ifyou appeal regularly you will end up paying less than average.
if you don'tappeal which most people don't you will probably pay more than average, so that'sthe why.
the next question is the who.
who should appeal property taxes.
well ifyou're a homeowner you can do it yourself but there are some importantthings to consider.
the first thing to consider is that you need to know howthe game is played before you can appeal your taxes.
the Cook County Assessortries to place an assessed value per square foot tax on homes meaningbasically that the tax you pay is roughly proportional to the size of yourhome.
however there's a big distribution in that assessed value per square footthen you want to make sure you're on the lower end rather than the higher end thesecond thing is you have to have access to the data so you have to know exactlywhich homes are the right comparables if you go in and contest them you can'tjust pick a home that is next to you that's twice the size and 30 years newerit's the wrong comparable most counties sort their homes by size by age etc soyou can't just randomly pick homes you have to stay within your class the thirdthing is that you have to stay on top of very tight appeal deadlinesso in your Township your appeal window could be example February 15 to March3rd with the assessor and April 4th through 28th for the Cook County Boardreview they're totally random they probablychange every year to year takes a lot of discipline to stay on top with thosedeadlines so you definitely can do it yourself I've done it myself in the pasthad some success but found myself consistently forgetting to appeal inthose deadlines and then having to wait another year so if you're not gonna do ityourself what do you do you hire a property tax attorney why should youhire a property tax attorney well they only charge if they win actually so ifthey get you with $2,000 reduction in your property tax bill for this year youwill probably have to pay them between 500 and $1,000 for this year only soyou're still going to come out ahead you're gonna net money too they willlikely have better success than you I've appealed stuff myself was not muchluck I've given it to an attorney had much better luck because they know howthe game is played they know which properties to pick for their appeal andwhat not so they're going to have a better chance than you are as ithappened for me of getting the taxes lowered and then finally truthfullythey're way more politically connected than you are you playing golf with theseguys regularly and the Cook County Board of Commissioners and Assessors probablynot so yes it's not ideal but that's the joy of living in Cook County finallythe question of when when should you appeal your property taxes I would sayyou should always appeal your taxes now so what does that mean well if you hirean attorney you can basically just sign paperwork with them it will enter theirsystem you'll get put in a queue such that when the time comes around you'reautomatically in the system for appeal and you don't have to then worry aboutmissing the deadline they do this year-round and it's their job to managethis process for you also you would probably want to appealevery year because even if you get a reduction in one year it doesn't meanyou can't appeal the next year so if you appeal again the next year youcould even get another reduction and again you only pay the attorney for afraction of your savings the last point keep in mind if you don'tsign with an attorney now you'll probably forget when the time comes nextsix months from now or next year and then you'll put yourself behind yetanother year in conclusion here you can do it yourself it takes a little bit ofskill and hard work to be successful yourself so I recommend to my clients asI do myself now to find a good trusted attorney and I'm more than happy toprovide several with whom I've done business and had success turn it over tothe attorney trust them and you will win in the long run so one common question Iget is well how do I know if I can appeal my taxes or if it's even worth itwell a good attorney will be able to actually look at your home prettyquickly vs.
comparable homes because they have their own database of wherethey've been winning and whatnot and they can tell you pretty quickly and itshould not cost anything and secondly let's say they do think there's a caseto be made but they go and both the assessor's office and the board reviewsay nope sorry we're not gonna give you reduction well it's okay because againyou don't have to pay them an hourly rate at some obscene amount you justhave to pay a percentage of the savings so they are incentivized to save you moneyif they can't due to reduction then that's but you don't all many moneywe've covered a lot of ground and I could talk for a much longer period oftime so if you're tuning in on youtube please leave any additional questionsyou have in the comment section or if you're on facebook go ahead leave acomment if you're listening on audio only feel free to go to my website whichis www.
Com you you.