As taxes are on the rise around the Chicago region, Hyde Park homeowners are getting a chance to contest their revised property values that are driving up taxes in the neighborhood.
Owners of condos, apartment buildings, homes, and businesses can contest the city valuation of their properties for the next five weeks. Those who wish to have a reevaluation of their property values can present their case to the Cook County Board of Review until March 20.
According to the city, homeowners should be prepared with proof of sales prices of surrounding properties on their street, appraisals from third party companies, and photos of their property to be considered for review by city officials.
A revaluation of property values can lead to significant savings in taxes year over year. The newest tax increase is scheduled to come into effect in the next few months, and is based on the last round of revaluations.
Rising real estate values during 2006 may have led to a slight overvaluation of properties around the Chicago region. However, there has been a marked drop in sales, with fewer Chicago Homes For Sale on the market. Prices are also coming down in some parts of the city.
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