As a new year begins, tax season begins with it. The first installment of your 2015 property tax bill is likely to arrive soon.
For condo owners who plan to appeal their property taxes – this can be due to a number of factors including overvaluation or property damage – it is best to file a joint appeal. (Many boards and associations automatically file one on behalf of their owners.) There are three major advantages to filing a joint appeal:
- Market forces that affect the value of an individual condominium unit will have a similar effect on the other units as well
- The percentage of ownership assigned to each unit is a major valuation factor
- The association or board is most likely to have access to relevant sales information
What to consider
Factors for a board to consider when filing a joint appeal include the total number of units in the building, the number of rental units in the building, the way the building’s space is divided and the condition of the property.
What to include in your appeal
When presenting a property tax appeal, a condo board should include documentation such as the original declaration of condominium ownership, interior and exterior photos and the closing statements on all units sold within the past five years.
Contact your property manager today to see if your building filed a joint tax appeal.
For more information of filing an appeal, visit the Cook County Assessor’s website.