Here is your last chance to get your property taxes reduced for 2017's tax bill.
In many instances Cook County property tax assessments have increased by at least 1/3 of the 2016's assessments.
Find out if you are one of the taxpayers that have been subject to this tax hike by running an evaluation on our collaborative platform hosted by Real Estate Tax Master (RETM), the robust software application that has the capacity to spot whether you have been over-assessed.
Don't be lulled into a false sense of security by looking at your tax account on the Cook County Treasurer's website. The Cook County Treasurer publishes first installment tax bills based upon 55% of the 2016 bill. Since the 2017 bill will be much higher in reassessed zones, the brunt or rather shock of the hike will definitely be reflected in the second installment bill due in September 2018.
Rather than experiencing a shock payment, Cook County taxpayers must be vigilant and proactive. Run an evaluation far before Cook County Board of Review's Appeal deadlines.
Taxpayers who have impounded their tax payments with their mortgage lenders and are over-assessed and who choose to do nothing about it, will have the unfortunate consequences of underfunded escrow accounts. When an escrow account is underfunded, a lender will declare an escrow shortage and seek immediate collection of these funds. Lenders are required by law to perform a re-analysis of escrow accounts annually.
Real Estate Settlement Procedures Act (RESPA)
Under RESPA law, escrow shortages must be paid within thirty days if a shortage is less than 1/12 the of the annual tax liability. If an account is delinquent after 30 days, the lender can declare a default which may adversely impact one's credit history. On the other hand, if the escrow shortage is greater than 1/12th of the annual tax liability, than the shortage must be apportioned over a one year period. This can result in a huge increase in monthly payments. One might want to opt for a lump sum payment instead. Either way one must come out of pocket in order to avoid a default.
Real Estate Tax Master, on-line Software
You can run an evaluation with the Real Estate Tax Master's on-line tax assessment tool in order to determine if your property is over-assessed.
It only costs $19 for a residential evaluation and $49 for a commercial property.
If your property is over-assessed, Assurance Legal is available to help you get the reduction you deserve.
1. Register on our collaborative platform.
2. Add your real estate.
3. Run an evaluation. Evaluations are short questionnaires. Based on your input, available data, and RETM algorithm, you will get a thumbs-up or thumbs-down. A thumbs-up alerts you that your property is in fact over-assessed. In this event you can seemlessly hire Assurance Legal, LLC just by clicking the authorize appeal checkbox.
Next, sign your signature Pages and upload exterior photos of your property.
With the use of Real Estate Tax Master, we can help you maximize your property tax relief.