Property Assessments
Gregory K Zieba & Associates - Real Estate Appraisers and Consultants
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Property Assessments

Fall is here. In a few months the various Illinois Counties will be publishing the property assessments for the upcoming tax year. Are you fairly assessed? Taxes are used to support necessary services including schools, and county governments. However, no one wants to pay more than their share of these expenses.
 
I recommend comparing your property assessment to others in your community or neighborhood. This is easily accomplished, and most counties will permit free copies of the assessment records for property owners. Make sure you chose similar properties and property types. For instance, if you own a 3,000 SF office building, compare your assessment to other similar sized buildings of similar age and design in your area, and particularly city and county.
 
For an appeal, many jurisdictions will require you to provide sales of similar properties. Again, similarity is the key. For a four unit apartment building, use sales of other buildings having two to six units. They can be compared to your property on a price per square foot or price per unit basis.
 
If you feel there is a discrepancy or feel you are unfairly assessed, you can also consult or hire an appraiser or tax consultant to assist you. But know the difference. A Tax Consultant advocates your position, and usually charges a fee in proportion to the tax savings achieved. An appraiser, on the other hand, MUST act as an uninterested third party, advocating only for the property value.  An appraiser generally charges a flat fee regardless of the outcome.
 
If you wish to hire an appraiser, feel free to contact us. We will be happy to look at your property and review your assessment.

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