Property taxes are often one of a company's largest recurring operating expenses. The Cook County Assessor's Office reassesses the properties in a township on a triennial cycle – once every three years. Once established in a reassessment, the property assessment is generally unchanged for the final two years of the triennial cycle and directly impacts the property tax liability.
Below are upcoming reassessment townships for 2017 and the estimated assessment notice mailing dates:
- March 21, 2017: Cicero Township
- April 3, 2017: Palos Township
- April 17, 2017: Bremen Township
- April 28, 2017: Berwyn Township
- May 8, 2017: Lemont Township
- May 25, 2017: Lyons Township
If warranted, an appeal must be filed within 30 days of the assessment notice mailing date. A successful appeal in a reassessment year may result in up to 3 years of property tax savings. Any errors identified in prior years can be corrected and may result in property tax refunds.
Duff & Phelps specializes in identifying property tax savings opportunities by helping our clients determine which properties are over-assessed, the factors leading to over-assessment and pursuing assessment reductions through the property tax appeal process. For organizations that believe their property tax values are excessive and should be reviewed and appealed, Duff & Phelps will perform a complimentary review of their real estate portfolio.