Legal Question in Real Estate Law in Illinois

An appeal has to be done, which is a lenghtly process. Contact assessors office to learn more about it.

The assessor considers relevant evidence of market value, including "arm's length" sales of homes in determining a property's value. An "arm's length" transaction is generally one in which a willing Seller and a willing Buyer enter into a contract without any duress or undue influence affecting the transaction. "Short sales" are generally not considered "arm's length" sales since a Seller may be negatively motivated or influenced by external factors.

That being said, in the current market, the Assessor should weigh all factors, including short sales and determine whether that sale has any bearing on the market generally. The question for the Assessor is how much weight and credibility does that transaction give to the overall market value of the subject property.

The appeal process begins at the Assessor's Office. The window of opportunity for filing an appeal is limited each year (roughly 30-35 days). You can obtain information as to your property township's filing deadlines at www.cookcountyassessor.com by looking under the "Appeals" tab under "Appeal and Closing Deadlines". You can also file a residential appeal on-line under the same "Appeals" tab, or by mailing in the appropriate appeal form, including the documentary evidence of value (Sales Contract, Closing Statement, Deed, Picture of property, MLS Listing, etc.).

If the Assessor doesn't grant relief, or grants relief and you believe you are entitled to more relief, the appeal process may continue by filing a complaint with the Cook County Board of Review (www.cookcountyboardofreview.com). It's the same situation with the Board of Review, namely, there are limited filing deadlines to file an appeal. With the Board, you may have hearing with a hearing officer if you choose, or simply file the complaint with your evidence and await a written decision based on the evidence submitted.

If the Board grants partial relief, or doesn't grant relief, you may continue the appeal by filing a complaint with the State of Illinois Property Tax Appeal Board (PTAB). In order to file with the PTAB, however, you must have filed a complaint with the Board of Review first in order to continue the appeal at the PTAB. Complaints filed at the PTAB must be made within 30 days of receiving the decision of the Board of Review, or when the Board certifies the closing of all appeals for the township where the property is located, whichever date is later.

The PTAB's website is www.state.il.us/agency/ptab/procedur/default.htm.