The homes may appear similar but it's price per square foot that counts

It's that time of year! The Cook County Board of Review opens for appeal beginning in August of each tax year and all decisions are normally issued by the following April. So, how do you know whether you have a good case for appeal? It's all about the PRICE/SQ FOOT OF COMPARABLE PROPERTIES. Even if your homes LOOK identical, the assessed values of the home may differ greatly. Did you know, for example, that your basement and garage do not count toward the square footage of your home but a finished attic does?

EXAMPLE 1:

My next door neighbor's home at 6508 N. Blueberry Street is a 2 1/2 story frame home with no attic, a large finished below-grade basement, 4 bedrooms, 3 baths, built in 1897. Because the home has no attic and the basement is not counted toward square footage, the home will be assessed based on 2000 square feet. The median price/sq ft for my neighborhood is $150. Assessed value = $300,000

My home at 6510 N. Blueberry Street has a 2 1/2 story frame home with a large finished attic, unfinished basement, 4 bedrooms, 3 baths, built in 1897. Because the finished attic (1000 square feet) DOES count toward the square footage of the home, the home will be assessed based on 3000 square feet. Based on $150/sq ft, assessed value= $450,000

WOW! What a difference!

EXAMPLE 2:

A single family home development has 6 homes built in 2 phases. Phase 1 homes have a large pantry off the kitchen area and a walk-in coat closet on the main level. Phase 2 homes have a smaller pantry and no coat closet. Phase 1 homes are 2100 sq. feet. Phase 2 homes are 2000 sq. feet. All homes were built in the same year. All homes in the development have been assessed at $200,000.

Although the homes were assessed at the same overall value, Phase 1 homes were assessed at $95.20/sq foot whereas Phase 2 homes were assessed at $100/sq, foot. 

As you can see from the above examples, the homes may appear similar. The reality is that it is the price/square foot that may end up making a difference!

If you need help figuring out whether you should appeal, please feel free to give me a call at (773)549-7390 or send your property information to Lauren@easytaxappeals.com. I will prepare an evaluation for you at no cost and with no obligation to you. If you have a good basis for appeal, I can prepare and file the appeal for you.