Navigating the complexities of the property tax system in Cook County can be daunting for homeowners. My hope is this column makes it less intimidating by breaking down a complex process into simple concepts.

The Assessment Process

Property taxes in Cook County are based on the assessed value of a home, business or land. The Cook County Assessor's Office determines this value through an assessment process, which occurs every three years. The goal of the assessment process is to ensure that property values reflect current market conditions.

The Appeals Process

If a homeowner believes a property's assessment is too high, he or she has the right to appeal. Appeals can begin with the Assessor's Office and proceed to the Cook County Board of Review, or property owners can appeal directly to the Board of Review. A successful appeal can lower a property’s assessed value and ultimately the tax bill for the property owner.

Illinois Department of Revenue Creates EAV

Illinois then gets involved when the Department of Revenue applies a number called the State Equalization Factor, commonly called the multiplier. That number is applied so assessments across the state are standardized. The Equalized Assessed Value or EAV ensures that all 102 Illinois counties similarly determine property tax values, so no county is over or under-taxed.

Taxing Districts Set Their Funding Requests

After assessments are finalized, local taxing districts, such as school boards, park districts and municipalities must determine their revenue requirements and submit revenue requests to the Cook County Clerk’s Office. Those requests are called tax levies.

Cook County Clerk Calculates Tax Rates

The Cook County Clerk next calculates tax rates by dividing the requested levy amounts by the total assessed value of all properties in the taxing district. These rates are then applied to individual properties to determine the amount of property tax owed.

Treasurer’s Office Sends Bills

Once assessments and tax rates are set, property tax bills are sent by my office. The 1.8 million bills are mailed in two installments: the first is due in March and is always 55% of the previous year's total tax, while the second installment is typically due in August and reflects any changes from exemptions or appeals. Homeowners carefully review your bill to ensure all exemptions or reductions have been applied.

Resources for Homeowners

The Cook County Treasurer's website offers a wealth of resources to assist homeowners. Go to cookcountytreasurer.com to access your property tax information, check for available refunds, and learn about exemptions/reductions. Additionally, the Treasurer's Office provides tools to help manage payments effectively.

The property tax system in Cook County may seem complex, but understanding its components and the offices involved can help homeowners ensure they’re paying their fair share and are taking advantage of available savings. Utilizing the resources provided by my office can be a step toward financial well-being.