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Sunday, May 6, 2012

Lake County, Illinois is taxing people out of their homes.



I’m hiring a legal firm this year to challenge my assessment.  I appealed my fair market value assessment in 1999 and won a small reduction.  Since then I suffered in silence.  The real estate boom years resulted in huge property tax increases.   Most of the folks I know in my neighborhood ask me the same question every year; “Are they going to lower our real estate taxes due to the radical drop in our property values?”  Many of these people are hanging on to their homes by only a wish and a prayer; a significant cut in their property taxes would be a blessing.

Well, the taxes on my three-bedroom house have dropped a bit but my wallet will still be $8,452.26 lighter after I pay my latest bill.  The assessor says the fair market value of my home is $264,120, even though no house in our subdivision, many of them bigger and nicer than mine, has sold anywhere near that amount.  The house next door (east side) sold for $124,000 last October.  It is time to put up a fight.


9 comments:

Julie said...

wishing you success ....

James A. Zachary Jr. said...

Thanks Julie

Ruth said...

Good luck. Couple towns over is having the same issue here....

DaddyBear said...

Give 'em hell!

Glenn B said...

Good luck on this issue. It may not prove easy to accomplish but may well be worth it. I pay a fairly high amount of property tax here in NY. Each year, many lawyers from around the area send me unsolicited flyers asking me to apply for a tax reduction. I am hesitant to do so since they say: 'You pay 50% of what you save on taxes to the lawyers no lawyers' fees otherwise.' What they will not tell me is if they have ever challenged an assessment and then had the house assessed at an even higher valuation with higher taxes. Not one will give me a straight answer on that.

All the best,
GB

Wilson said...

Good luck to you Z!

Arthur B. Burnett said...

Greetings from Texas,
We have the same problem Zack. Darring the appraiser to find someone who will pay that for the house dose no good.

hairball said...

in michigan our taxes are less than 1/2 of yours. Not that michigan is the the land of the free but at least we have 'shall issue' - and you don't need a FOID. Maybe you should think about moving...

hairball said...

in michigan our taxes are less than 1/2 of yours. Not that michigan is the the land of the free but at least we have 'shall issue' - and you don't need a FOID. Maybe you should think about moving...