Are Property Taxes Good Or Bad?

          If anytime you hear the word “taxes” you think of nails scratching a chalkboard, you are not alone. “Taxes” is just the fancy way of saying “taking money out of your pocket.” Winston Churchill once said, “a nation [trying] to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” The big 3 taxes that many property-owning Americans think of are: 1) Income tax, 2) Property tax, and 3) sales tax. Of the 3, the property tax is the one that some Cook County residents have found relief from by appealing their property tax assessments to the Board of Review.

          But here comes the silver lining. Property taxes actually provide a benefit to your community. In many case, they are responsible for fixing those nasty potholes in the streets, that great book in your local library, or that nice park where your children play up the street. These funds can also pay to keep you safe (police/fire) and to educate your kids (public schools).

          The balance between 1) taking money out of your pocket, and 2) providing the benefit to your community is a difficult one. Your portion of property taxes is based on the tax assessment of your home. That means that the higher the assessment, the more you pay. That’s the reason why “over-assessment” is a problem. In that scenario, a property owner is paying more than his/her fair share. If you feel like you have been over-assessed, consider my Law Office for filing your next property tax assessment appeal.