How Property Tax Assessments are Determined
Manage episode 475636439 series 3607409
In this episode of Devine Intervention: Shedding Light on Illinois Property Tax, host Kevin Rosenquist sits down with property tax attorney Nora Devine to break down how property tax assessments are determined. They explore the factors assessors consider, how market conditions and comparable sales impact valuations, and common mistakes in the assessment process. Nora also provides insights on how homeowners and business owners can challenge inaccurate assessments and navigate the complexities of Illinois’ property tax system.
Timestamps- [00:00] – Welcome to Devine Intervention
- [00:06] – Introduction to property tax attorney Nora Devine
- [00:35] – How property tax assessments are determined
- [02:25] – Standard methods vs. local variations in property valuation
- [03:45] – How improvements, renovations, and location affect assessments
- [06:48] – The impact of neighborhood changes and gentrification
- [08:44] – The role of market conditions and comparable sales
- [09:51] – Errors and inefficiencies in the assessment process
- [12:14] – Common assessment inaccuracies and what to watch for
- [13:34] – Special considerations for unique and historic properties
- [15:32] – Steps to take if you believe your property assessment is incorrect
- [17:41] – Accessing property tax data and navigating the appeals process
- [18:04] – Closing thoughts and how to connect with Nora Devine
Devine Intervention: Shedding Light on Illinois Property Tax is a podcast dedicated to helping property owners understand and navigate Illinois' complex property tax system. Hosted by Kevin Rosenquist and featuring property tax attorney Nora Devine, the show provides expert insights on assessments, appeals, and strategies to manage property tax burdens effectively.
10 episodes