In this video, we’ll look at what’s happening with property taxes in Cook County (for the Chicago Bears and homeowners alike), and I’ll give you several options for getting a lower tax bill. A few are extreme, but desperate times call for desperate measures. But I’ll also give you a few options that could get you a lower bill with a few clicks of a mouse.
If you’d like help selling or buying a home in Burr Ridge or the western suburbs of Chicago, contact me today!
Eric Andersen, B.A., M.Div.
Owner/Designated Managing Broker, Eric Andersen Homes
📲 Text/Call: 708.674.6725
📩 Email: eric@eandersenhomes.com
🌎 https://www.ericandersenhomes.com
Did you enjoy this video or find it helpful? If so, be sure to 𝐋𝐈𝐊𝐄, 𝐒𝐇𝐀𝐑𝐄, & 𝐒𝐔𝐁𝐒𝐂𝐑𝐈𝐁𝐄 to my YouTube Channel.
Want to know what your home is worth?
https://www.ericandersenhomes.com/go/home-value/
Looking for homes for sale? Search the entire MLS on my website: https://www.ericandersenhomes.com/homes-for-sale/
Or, better yet, contact me directly for help with buying or selling a home: https://www.ericandersenhomes.com/contact/
I have a number of awards and designations, including:
⭐️ Gold, Diamond, & Platinum Sales Award (Mainstreet Organization of REALTORS®)
⭐️ 20 under 40 (Mainstreet Organization of REALTORS®)
⭐️ Endorsed Local Provider (RamseyTrusted)
⭐️ Best of Zillow
⭐️ Pricing Strategy Advisor (National Association of REALTORS®)
⭐️ Certified Staging Consultant (Mainstreet Organization of REALTORS®)
⭐️ Accredited Buyer’s Representative (ABR®)
Transcript:
Tired of Cook County property taxes? So are the Chicago Bears. I’m Eric with Eric Andersen Homes. Consider this: the NFL generates about $18.6 billion per year. If an NFL team can’t afford the property taxes, what hope is there for the rest of us? Cook County’s property taxes are insane. In this video, we’ll look at what is going on with property taxes in Cook County, both for residents and for the Bears, and what you can do about it. Every day, I’m seeing new headlines about people who’ve lost homes they’ve been in forever because they couldn’t afford the ridiculous tax increases. ABC7 recently reported that thousands of people saw tax bill increases of one hundred percent or more. Dorothy Ross, a senior citizen in Cook County, saw her bill increase by eight hundred eighty four percent. That’s insane. The Chicago Bears are the latest victims of Cook County’s ridiculous property taxes. You may know the Bears were planning to relocate from downtown Chicago to Arlington Heights. Last year, the Bears purchased Arlington Park for about two hundred million dollars, but they were nervous about developing the land until they found out how much the county was going to tax them. The Bears expected the appraisal to come in around sixty million dollars, but the local schools wanted a value of one hundred sixty million. Enter the Cook County Board of Review, who set the value at one hundred twenty five million dollars, more than double what the Bears were expecting. And if that weren’t bad enough, instead of setting the tax rate at the normal ten percent for vacant land, they are demanding twenty five percent. The Bears responded by promptly committing to build a new stadium in the city. Part of the issue is the fact that taxes often increase after the sale of a property. That’s why if you look at the property tax bills in a neighborhood, the old lady at the end of the block who’s lived there for a hundred years is probably paying ninety percent less than everyone else. The person who bought last year probably inherited a lower bill, but now theirs is the highest. The county reviews tax bills, but when a property sells, it gives them a fresh opportunity to reconsider the tax bill along with some hard data about the home’s true market value, which almost always means a higher tax bill. The irony is that despite having some of the highest taxes in the United States, most homes in Cook County are under assessed. When they sell, the county adjusts the market value of the home upward, along with the taxes. Cook County has a major problem on its hands. In 2023, the population of eighty seven Illinois counties shrunk (for those keeping score, there are only one hundred two counties in Illinois—that means eighty five percent of the counties in the state lost population). Cook County’s exit rate is the second-worst in the nation, behind only Loss Angeles County. More than fifty eight thousand people left Cook County last year. ABC7 called it an outmigration crisis. So what can you do about the absurd property taxes in Cook County? You could join crowd and become one of the fifty eight thousand or more that will leave in 2024. While that’s a drastic option and it won’t be for everyone, it is an option. You could get out of dodge. Desperate times call for desperate measures. For my part, I’ve moved across the country and have helped others do the same, so I know what it takes to make such a significant move, both on a personal and professional level. I have all the contacts you need and understand the process, and my goal is to make your out-of-state move as easy as one-click ordering on Amazon. Well, maybe not quite that easy, but as close as possible. If leaving the state isn’t an option, you still have choices. You could relocate to an area still in Illinois with a lower tax rate. You might especially consider unincorporated areas, which usually offer a lower tax bill. The last two homes I bought were both in unincorporated areas, and I love it. You should also know that in addition to county property taxes, you also pay local municipal taxes, so there will be some variation in tax rate within a county based on what the village or town charges. Property taxes are complex, but if you’re looking to relocate within Illinois to a tax-friendlier area, we should talk. If moving isn’t an option, you still may be able to stay in your current home and get a lower tax bill. The first way is to make sure you have all of the exemptions you’re entitled to. You’d be surprised. I’ve sold homes where the current owner was entitled to a tax break but never received it because they didn’t file for it. That’s bad for two reasons. One, you’re giving away money for no reason. And two, when you go to sell your home, the taxes are higher than they should be, which will deter prospective buyers. If you live in your home as a primary residence, you are entitled to a homeowner exemption. If you’re a senior citizen, you are entitled to a senior citizen exemption. And if you’re a senior citizen and qualify based on income, you may also get a senior freeze exemption. Those are the most common exemptions, but Cook County also offers exemptions for disabled veterans, returning veterans, disabled persons, longtime homeowners, and a home improvement exemption. The final option you have for trying to get a lower tax bill that doesn’t involve moving is appealing your taxes. I recommend you do this at every opportunity, because it may result in a lower tax bill. If your appeal fails, like mine just did, there is no penalty. The tax bill won’t go any higher. You can appeal your property taxes yourself directly through the county, or you could hire a real estate tax attorney, or hire a company to file the appeal for you. Most attorneys and appeal companies won’t charge upfront for the service but will take a percent of the award if the appeal goes in your favor. I’m Eric, Cook County resident and taxpayer, and managing broker of Eric Andersen Homes, a family-owned brokerage where we treat our clients like family.
References:
https://abc7chicago.com/cook-county-property-tax-bill-appeal-taxes/12848190/