For property tax appeal, the attorney send me the agreement with 50% legal fee towards the first year saving plus "A separate contingency fee shall be applied to the subsequent years of the tax period (2010--2013) if, and where, a separate assessment reduction is received from the 2010 base assessment year for whatever reason." Does this mean i have to pay 50% of each year between 2010 to 2013 if there is any property tax reduction?
1 Answer from Attorneys
Typically, fees are at 50% of the first years tax savings. Since property is usually reassessed every 4 years in the outlying Counties (every 3 years in Cook County), basically, the appeal, should it result in "tax savings", the assessment would carry over to future years within the same quadrennial (with some minor changes in the assessment, upward or downward, depending on how the Assessor applied its "township equalizer" to all property within the township).
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