Events Calendar
S | M | T | W | T | F | S |
---|---|---|---|---|---|---|
30 | 6 | |||||
7 | 10 | 12 | 13 | |||
14 | 15 | 20 | ||||
21 | 22 | 27 | ||||
28 | 31 | 1 | 2 | 3 |
These show your present 2022 and 2023 assessed value, versus what it’s been increased to for the 2024 tax year. Keep in mind, this will not impact the taxes you are charged for this year. This change will be reflected on your tax bills in 2025. Cook County taxes are paid in arrears, so what you are paying this year is for 2023 and next year will be for 2024.
As previously posted, the PTCA Board approved to appeal the triennial assessed valuations in February, and that appeal is underway. The Association’s tax attorney reported recently that we should be able to expect results of that appeal in 7 to 8 months. Since the first tax bill each year is always half of what the prior years total was, that means the valuations will not impact the 1st installment spring bill in 2025. So, whatever assessed valuation reduction our attorney is able to achieve should be reflected in time for the 2nd installment in the fall of 2025.
Being realistic, property values have gone up pretty sharply in the past two years. It is my educated opinion that they will secure some reduction, but certainly not back to the 2023 level. Therefore, Owners should prepare for a substantial increase in the actual dollar amount to be paid in coming years.
Want to learn more about the basics of your tax bills?
The law firm of Worsek and Vihon, LLP put together a Property Tax Handbook, which they shared with the team at The Habitat Company, who shared it with us for Unit Owners.
Property Tax Handbook – By Worsek and Vihon LLP
This guide helps taxpayers understand the basics of the tax bills. It explains the Triennial Tax reassessment cycle and the appeals process, and walks readers through the terms used and the numbers found on the Cook County tax bills Owners receive twice per year. Incidentally, the PTCA Board is currently appealing the triennial reassessments on behalf of all Owners.