issuance of the tax bill (the Assessor and Board of Review) may take up to a year to complete. Filing deadlines are established by township every year. Depending on the back log of the jurisdiction, further appeals to the Property Tax Appeal Board or Circuit Court may take several years before a decision is rendered.
In addition to appealing the real estate tax assessments, unit owners should make sure they obtain all exemptions for which they qualify. For example, a senior citizen is eligible for both the senior citizen exemption and the homeowner exemption. Unit owners should also be reminded that they can only claim exemptions for their primary residence, and you can only have one primary residence. If the government identifies individuals that have claimed exemptions on multiple homes they will claw-back the amount claimed in error, plus interest and penalties. If a senior citizen qualifies for the senior citizen assessment freeze, they may still benefit from participating in the appeal. In no event will participation in the appeal result in a higher tax bill to the senior.
Real estate taxes are a growing concern in Illinois. Most unit owners appreciate when their associations choose to contest real estate taxes for the association as a group as opposed to leaving it to the individuals. Lower real estate taxes result in higher market values which will benefit the association in addition to the homeowners. Don’t let your property taxes get out of control. Hire a real estate tax attorney to be a part of your professional team.
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20 | COMMON INTEREST® COMMON INTEREST
• Spring 2020
Spring 2020 • A Publication of CAI-Illinois Chapter A Publication
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