Cracking the Code of Residential Property Taxes in Illinois

In this episode of Divine Intervention, host Kevin Rosenquist and property tax attorney Nora Devine delve into the intricacies of residential property taxes in Illinois. They discuss how property taxes are assessed based on fair market value, the significant role of local government assessments, and the impact of the Property Tax Extension Limitation Law (PTELL). Nora explains the various exemptions available to homeowners, including the homeowner's exemption and the senior freeze, and offers guidance on what homeowners should do if they believe their property tax assessment is too high.

Timestamps

[00:00:06 - 00:02:15] Overview of how residential property taxes are assessed in Illinois.

[00:02:15 - 00:04:40] Discussion of local government assessments and their impact on property tax burdens.

[00:04:40 - 00:06:16] Comparison of property tax experiences in Illinois versus other states.

[00:06:16 - 00:09:09] Explanation of the Property Tax Extension Limitation Law (PTELL).

[00:09:09 - 00:11:17] Discussion on main exemptions for residential property owners.

[00:11:17 - 00:14:41] Challenges of expanding homeowner exemptions and their implications.

[00:14:41 - 00:19:54] Process for homeowners in Cook County to contest their property tax assessments, including error corrections.

 

About The Show

"Divine Intervention" is a podcast that simplifies Illinois property tax issues, hosted by Kevin Rosenquist with attorney Nora Devine. The show covers topics like property tax assessment, the effects of local government decisions, and key laws such as the Property Tax Extension Limitation Law (PTELL). With expert insights and practical advice, it empowers homeowners to navigate property taxes, understand exemptions, and tackle assessment appeals effectively.