"Protesting your taxes" is a misnomer! It is NOT the taxes that you may wish to protest, rather, it is the assessed value of the property as determined by the township assessor that you may wish to challenge.
Your first step is to analyze the assessed value. You may or may not wish to proceed after determining if your assessed value is above, below or perhaps accurately reflects the current market value of your property.
Although many real estate values in the greater McHenry & Lake County area have been declining over the past several years, our research indicates it is typical for assessed values to have increased annually while the market value was declining. For 2009, many assessed values as established by area township assessors held steady or recognized a slight decline, yet the market indicates there was a significant decrease in value during this time, typically -9% to -15%.
These increases in assessed values/holding steady/slight decreases while actual market values have been steadily declining has resulted in many assessed values being 10% to as much as 50% above the actual current market value of property. Our research indicates typcial variations of (20% - 30%) ABOVE current market value.
We will assist you with a complimentary initial consultation to help establish if protesting your assessed value makes sense. If it does, we will provide you with comparable sales data.
If necessary, we will refer you to area appraisers and attorneys who can help guide you through the process of protesting your assessed value, which may result in a reduction of the real estate taxes.
Serving Northern Illinois (northern Cook County, Lake County, McHenry County and Kane County) including Algonquin, Arlington Heights, Barrington, Barrington Hills, Buffalo Grove, Carpentersville, Cary, Crystal Lake, Deer Park, East Dundee, Fox River Grove, Grayslake, Gurnee, Hainesville, Harvard, Hawthorn Woods, Hoffman Estates, Huntley, Ingleside, Inverness, Island Lake, Johnsburg, Kildeer, Lake Barrington, Lake Barrington Shores, Lake in the Hills, Lake Zurich, Lakemoor, Lakewood, Libertyville, Long Grove, McHenry, Mundelein, North Barrington, Oakwood Hills, Palatine, Port Barrington, Richmond, Round Lake, Schaumburg, Spring Grove, Tower Lakes, Wauconda, West Dundee and Woodstock.