Tag: Property taxes

That Cook County Covid Adjusted Property Tax Value Won't Save You Much

That Cook County Covid Adjusted Property Tax Value Won't Save You Much
Maybe a week or so ago I received a notice in the mail from the Cook County Assessor’s office explaining that they had lowered my home’s assessed tax value in light of the Coronavirus pandemic. I got about a 9% reduction. My first question was “Why are they doing this?” because I’ve seen no evidence... Read more »

2019 Cook County And Chicago Property Tax Rates Explained

2019 Cook County And Chicago Property Tax Rates Explained
In late June Cook County released their 2019 property tax rates that are used to determine tax bills. By now you’ve probably already seen your own property tax bill if you live in Cook County. Nevertheless, each year at this time I like to distill the tax rate report that I just linked to down... Read more »

2018 Cook County And Chicago Property Tax Rates Simplified

2018 Cook County And Chicago Property Tax Rates Simplified
The 2018 property tax bills are out (you can look them up here although they will be mailed really soon) and with them the 2018 Cook County Property Tax Rate report, which provides way too much information on everything you might possibly want to know about how the tax bills for last year were calculated.... Read more »
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Understanding Chicago TIFs

Understanding Chicago TIFs
TIFs (Tax Increment Financing) have received a ton of coverage in the news recently because of the recent debates about two of Chicago’s largest ever planned real estate development projects: Lincoln Yards and The 78. These two developments will benefit from up to $2.4 B in TIF money, which has been one of the more... Read more »

Lawyers & Realtors Are Screwing Up Cook County Property Tax Prorations

Lawyers & Realtors Are Screwing Up Cook County Property Tax Prorations
Because Cook County property taxes are paid in arrears a home seller always owes back property taxes at closing which need to be paid. The home buyer certainly doesn’t want to pay them. However, the actual amount owed is unknown at that time. Therefore, the buyer and the seller have to agree upon some sort... Read more »

Tax Reform Hacks For Real Estate A Bit More Complicated

Tax Reform Hacks For Real Estate A Bit More Complicated
On Thursday I posted some ideas on how to retain the benefits of the mortgage interest and property tax deductions under the new tax law. But I think I oversimplified it a bit so I wanted to backtrack for a few minutes. Let me clarify a few things. First, I want to make sure that... Read more »
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Real Estate Tax Reform Hacks: Renting, Buying, And Investing

Real Estate Tax Reform Hacks: Renting, Buying, And Investing
Last week I posted on how the new tax reform law has increased the attractiveness of renting a home vs. buying a home because of the increase in the standard deduction and the $10,000 limit on the deductibility of state and local taxes. As I pointed out in a November 2017 post the real problem... Read more »

Renting A Home Suddenly Looks Better Under Tax Reform

Renting A Home Suddenly Looks Better Under Tax Reform
As people are working on their tax returns I suspect the reality of the new Tax Cuts and Jobs Act is starting to kick in – and I’m not talking about the withholding/ refund drivel that the media is obsessed with. The bigger issue is the $10,000 SALT (state and local tax) deduction limitation that... Read more »

2017 Cook County And Chicago Property Tax Rates Simplified

2017 Cook County And Chicago Property Tax Rates Simplified
It’s been almost a month since the Cook County Clerk released the 2017 Cook County and Chicago property tax rates and you’ve probably already received your final 2017 tax bill. I was otherwise occupied at the time so I’m just now getting around to telling you what the numbers mean. In a nutshell it wasn’t... Read more »
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Don't Panic Over Higher Cook County Property Tax Assessed Values

Don't Panic Over Higher Cook County Property Tax Assessed Values
Homeowners throughout Chicago are starting to get a nasty surprise in their mailboxes – significantly higher property tax assessments. What I am referring to here is not the property tax bill itself but the notice of their new Cook County assessed property value which will be used to determine their property tax bill for 2018.... Read more »