What Causes My Property Taxes to Increase?

Contact: 312-789-4298

When you become a homeowner, you take on many new responsibilities. One of them is paying property taxes. Knowing how your property taxes work, what causes them to go up and down and what exemptions are available is important – and that knowledge can even save you money.

Three things determine property taxes: The assessed value of a home and the local property tax rate state equalization rate. Of course, within that, there are a million moving parts and any number of things that can result in higher taxes. Here are a few things that can cause your property taxes to increase:

1. State and Local Budget Increases

Because many local governments receive the majority of their funding through taxes, any state and local budget cuts directly affect property taxes. In order to make up for the deficits they’re experiencing in budget cuts, governments oftentimes raise property taxes. The money collected from property taxes is usually used to fund fire departments, schools, libraries and other community services, so when funding for those services are cut, property taxes tend to go up. The only thing that the public can do to attempt to change this is to vote for elected officials who won’t raise property taxes and to vote on their schools’ budgets.

2. State Employee Benefits

This is closely related to the budget cuts above. Property taxes are used to pay for essential government services. For example, in Chicago, $45 million of the recent property tax increase is earmarked for the Chicago Public School system, while another (undisclosed) amount of the property tax hike is going towards the Chicago Police Department pension program.

3. Converting an area into a living space

Your home’s available living space determines what buildings are considered ‘comparable properties.’ Traditionally comparable properties with more living space tend to have significantly higher assessed values. Take this into consideration when remodeling an attic or basement.

Your Solution

Don’t settle for paying higher property taxes than you have to. Although property taxes can’t be avoided, you can contest the assessment of your taxes and possibly reduce the tax liability that you owe. You have 2 opportunities to appeal your Cook County property taxes every year. Visit http://diypropertytaxappeal.com and see how easy it is to contest higher taxes yourself!

DIY Tax Appeals LLC was founded to assist property owners in Illinois to receive a fair assessed valuation of their properties and to provide support to to protest real estate tax assessments. DIY strives to provide a simple “do it yourself” cost-effective solution for protesting county tax assessment of properties.

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    DIY Tax Appeals LLC: 312-789-4298

    Email Address: diypropertytaxappeal@gmail.com

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