Tax Cycle

Assessing property taxes is a complicated process that begins with the tax assessor and ends with the taxpayer. Various government agencies play specific roles at each stage. The cycle can be divided into four steps, which we will discuss in the remainder of this section.

Step I: Placing an Assessment
Placing an assessment on a property is a multi-step procedure that includes the appeals process.

• Cook County Assessor: The tax process begins with the Cook County Assessor (CCA), which places a value on every plot of land, building and permanent fixture (i.e. kitchen cabinets, number of toilets, etc.) in the Cook County area (nearly 1.6 million parcels). The value placed on the building is known as an assessment. In Cook County, roughly 1/3 of all townships are reassessed each year, which means a property is reassessed every three years. If you know your property is scheduled for reassessment, contact the Assessor’s Office to find out when this will occur.
  
  The Assessor’s Office does not determine the tax rate or generate the tax bill -- it only places a value on the property, which aids in calculating the tax rate and generating the bill. For more information, visit CCA’s Website, or call 312-443-7550.

• Cook County Board of Review: If you believe your assessment is incorrect, contact the Cook County Board of Review (CCBR) and apply for an appeal. You might want to file an appeal if your assessment has increased substantially from the last cycle, or is higher than those of similar properties in the area.
  
  Check the assessment of various properties on the CCA website. The CCBR hears complaints about assessments and will then determine the value and assessment of properties in dispute. For more information, contact 312-603-5542 or visit www.cookcountyboardofreview.com.

Once you receive a decision from CCBR, you have two options for pursuing a decision:

1. Illinois Property Tax Review Board: You can file a second appeal with the PTRB, which will review your case and make a decision. Their ruling is considered final, and may take up to 12 months or more to be determined. For more information, contact the PTRB at 847-294-4360 or visit www.state.il.us/agency/ptab.
2. Cook County Circuit Court (CCCC): You can also file a refund lawsuit with CCCC instead of filing a second appeal with the PTRB. The court's ruling is also considered final, and may take several months. For more information, visit www.cookcountycourt.org/ or contact 312-603-4742.

Step II: Taxing the Property

• Cook County Clerk: The County Clerk reviews Chicago’s and other county townships’ budgets, and determines the tax rates that should be applied to each property. This rate is based on the expenses for each area of local government, which can include the school district, forest preserve district, park district, fire and police departments, sanitation, etc. For more information, visit the County Clerk’s Website, or phone 312-443-5100.

Step III: State Equalization Factor

• Illinois Department of Revenue: Analyzes the assessments in every Illinois county and determines the State Equalization Factor (SEF), which ensures that the median value for assessments remains consistent from county to county. For more information about IDR, visit their Website.
  
  State law requires that the combined value of assessments within each county must be set at 1/3 of the estimated Fair Market Value of real estate in the county. This means that the median values of the assessments must be equal to one third (33 1/3%) of the combined value of all property in a county. So, if a county’s combined property value is $10 million, then that particular county’s equalization factor would be set at $3.33 million.

Step IV: Applying the Tax

• Cook County Treasurer: Calculates the tax bills based on information from the County Clerk, then mails out the bills and collects the tax. For more information, visit the CCT Website, or contact 312-443-5100.
• You: Taxpayers fund community needs by paying property taxes. Because the tax bill is usually the last step in the tax cycle, be proactive in finding out how much you owe. At minimum, know where your property is positioned in the assessment cycle, and follow up to make sure you have a valid assessment.
  
  Taxes are billed in two installments. The first payment is always due on the first business day in March. The payment schedule of the second bill varies. See the section Paying Your Taxes for additional information.