Owners have undoubtedly begun to receive their reports from the Cook County Assessor showing fairly sizable hikes in assessed valuations. In some cases the county has set valuations 30% higher than the previous triennial reassessment. If the new values stay in place, tax bills next year (which will be for 2015) could be quite a bit higher!
The Condo Association has already engaged a tax attorney on behalf of all the owners to appeal the valuations. We are hopeful this will result in relief from the giant hit owners would otherwise get. And I have received confirmation from our attorney that this process is underway.
However, keep in mind the new valuations are for 2015 and beyond. Property taxes are paid in arrears, for the prior year. In 2015, you are paying taxes for 2014. Most owners should receive this tax statement from the assessor, and you will notice it lists your 2013 and 2014 valuation right below the 2015 line, which shows the giant increase.
SO – please do not panic! We are working on it. 🙂
You may also start receiving solicitations from real estate tax appeal attorneys. We suggest against filing separately for the appeal – particularly with other attorneys which would needlessly cost you extra money.
Please let me know if you have any questions. Send me an e-mail at email@example.com.