Fortunately in 2020 the Board renewed its agreement with Terrence Kennedy and Associates, for a contingency fee of 10% of the value of any savings they secure, capped at $10,000 (15% and $3000 respectively for the mall area commercial units). They will specifically contest the “Assessed Valuation” which is the only factor that we can have some measure of control over. There is no guarantee, but their track record has been very good in recent years.
The new assessment figures are already being reviewed and compared to actual market values we are seeing in sales at the building and our neighborhood. An appeal will be filed with the Assessor’s Office and from there we expect to wait about 2 to 3 months. Usually, we see very little relief from the Assessor, so it is likely that after that an appeal with the Board of Review will be filed – and even after that, if we are not satisfied, an appeal with the Property Tax Appeal Board can be filed.
Park Tower Owners have an experienced team working for a reduction, and if at all possible we can reasonably expect some measure of relief. But, as that process unfolds, the first installment is due. Regardless of the new assessment figures, the first installment is always 55% of the prior years bill.
Cook County Treasurer Maria Pappas has posted the First Installment Tax Year 2021 bills on cookcountytreasurer.com, and they are due March 1, 2022. By providing an early look at the bills, property owners can plan their finances or make payments before the end of the year.
From a recent press release, “During the holiday season, it’s good to think about what bills will come due in the new year,” County Treasure Maria Pappas said. “My office is committed to helping taxpayers keep their homes and seeing these bills early allows people to think ahead about their budgets.”
You can download your tax bill and make a payment by visiting the website and following these steps:
There is no fee if you pay from your bank account. The Treasurer’s Office accepts partial payments but First Installment taxes must be paid by March 1 to avoid a late charge of 1.5 percent per month, as mandated by Illinois law.
You can also use cookcountytreasurer.com to:
There is also a great link with a video and downloadable material to help you better understand your tax bill: