Our real estate tax team at Rock Fusco & Connelly, LLC continues to work hard fighting to keep your property tax bills as low as possible.
Below are key updates on the 2022 session.
Cook County: Because the Assessor’s Office was four months overdue certifying 2021 values, the 2022 session – which historically would have started in April – just started in July. The northern Cook County suburbs will be up for reassessment in 2022. As such, those in Barrington, Elk Grove, Evanston, Hanover, Leyden, Maine, New Trier, Niles, Northfield, Palatine, Schaumburg, and Wheeling townships should be on the lookout for assessment notices from the Assessor’s Office throughout the summer.
The first five northern townships are out: Barrington, Hanover, New Trier, Norwood Park, and Schaumburg. Deadlines to file an appeal before the Assessor are 8/2 for Norwood Park, 8/8 for Barrington and Hanover, 8/19 for New Trier, and 8/25 for Schaumburg. We advise anyone who has suffered from vacancy issues over the past year or suffered income losses related to the pandemic to make sure to document attempts to lease the vacant space, tenant concessions, deferred rents, photographs of the vacancy, and projections for a path to stabilization.
In Chicago, all property owners are potentially facing a quadrupling of their annual increase in the city’s property tax levy after Mayor Lightfoot made the decision to tie the formula for calculating the city’s tax levy to the rate of inflation two years ago. Inflation for most of the previous two decades had hovered at or below a very reasonable 3%. But now it’s at a 40-year-high of 9.1%. If Lightfoot decides to collect the full amount allowed under her new tax formula, which is capped at 5% year-over-year, the tax increase would quadruple from $22.9 million in 2022 to $85.5 million in 2023, according to a Chicago Tribune analysis: https://bit.ly/3yXXK2V. The Mayor’s Office is reportedly working on a resolution to change the formula yet again to mitigate the radical increase.
Collar Counties: Lake County has released their entire schedule for 2022 with publication and due dates: https://bit.ly/3HpxW3t.
Kane County: Notices have gone out and deadlines are coming up for the following townships:
7/6:
Dundee (8/5 due date)
7/12:
Hampshire (8/11 due date)
7/21:
Batavia (8/22 due date)
Big Rock (8/22 due date)
7/28:
Kaneville (8/29)
Virgil (8/29)
McHenry County: Richmond Township published on 7/6 with a deadline date of 8/5.
Will County has released their entire schedule for 2022 with publication and due dates: https://bit.ly/3z3wQXc.
No information yet on 2022 dates or townships for DuPage County.
Rock Fusco & Connelly, LLC is here to serve all your property tax needs from appeals to exemptions to incentives. Please do not hesitate to contact us with any questions or requests.