A longtime Chicago homeowner’s annual property tax bill reached $27,411 after a new assessment. The case shows how a higher bill can strain the budget of someone who has lived in the same home for years, especially an older owner on a fixed income.
For Chicago’s Balkan diaspora, the issue can affect both homeowners and family members who help older relatives manage household bills. When a bill jumps, the first question is what changed in the assessment.
A New Assessment Can Put Pressure on a Fixed Income
A property assessment estimates what a home is worth for tax purposes. It helps determine the tax bill, alongside local tax rates and any exemptions that apply. An increase in the assessed value can therefore raise the bill, even when the owner’s income stays the same.
For a longtime homeowner on a fixed income, a higher bill can mean setting aside more money each month or cutting other expenses. The $27,411 bill illustrates the scale of the increase a homeowner may have to absorb after a reassessment.
What Chicago Homeowners Can Check
Homeowners reviewing a higher bill can look at two documents. The assessment notice shows the value the county assigned to the property. The tax bill shows the amount due and lists any exemptions that the county applied.
An assessment appeal and a tax exemption address different issues. An appeal asks the county to review the value it assigned to the home. An exemption can reduce the taxable value for owners who qualify. Cook County homeowners can check with the assessor’s office for the appeal window in their township and the requirements for available exemptions.
