By now, all owners should have begun receiving their property tax bills for the “2nd Installment” of the 2015 property tax season. (Property taxes are paid in arrears, so what you pay for this year 2016, is actually your bill for last year 2015.)

We received word from the Law Offices of Terrence Kennedy, the Tax Attorney hired by the Association to appeal the triennial reassessments, they were successful in securing a reduction.

In response to our complaint, the Cook County Board of Review reduced the 2015 assessments for all of the units at PTCA by approximately 6%. This reduction should be reflected on the “2nd Installment” billing that owners are now receiving. If you compare the ‘assessed valuation’ from the 1st installment in the Spring, to the 2nd installment you are receiving now, you should see the reduction.

The good news? Collectively, unit owners received a reduction of almost $55,000 annually. Per unit, in most cases this means about $84 to $250 per year.

The bad news? Despite this reduction, your bill most likely went up. These valuations are only one factor that impacts the bottom line. And, as most owners are likely aware, property taxes were increased. The valuations just happen to be something that is variable.  We can analyze them compared to other properties and pursue them with the county if we believe they are out of balance.

So, your savings of $84 to $250, is really a savings over what you would have otherwise paid in addition to the increase you see.

If you have any questions about this process or your individual valuation results, please e-mail me at t.patricio@dkcondo.com.