This news article from the Daily Herald illustrates that as property values climb, so do assessments which in the end equals higher property taxes.
Northwest Suburban Cook County property owners are getting a dose of sticker shock this year as triennial reassessment notices have been averaging 15 to 25 percent increases by township.
Wheeling Township, with 36,000 single-family and 19,000 condominium properties in Arlington Heights, Mount Prospect, Buffalo Grove and Wheeling, among others, is the most recent to get reassessment notices.
The township’s median assessment increase is 16.8 percent over 2013, the last reassessment. The median sale price of homes went from $270,000 to $315,000 in the same three years.
Call or Contact Us at the O’Keefe Law Firm to find out how are services can reduce your property tax assessments.