How Property Tax Assessments are Determined

Episode Summary

In this episode of Divine Intervention: Shedding Light on Illinois Property Tax, host Kevin Rosenquist sits down with property tax attorney Nora Divine to break down how property tax assessments are determined. They explore the factors assessors consider, how market conditions and comparable sales impact valuations, and common mistakes in the assessment process. Nora also provides insights on how homeowners and business owners can challenge inaccurate assessments and navigate the complexities of Illinois’ property tax system.

Timestamps

• [00:00] – Welcome to Divine Intervention
• [00:06] – Introduction to property tax attorney Nora Divine
• [00:35] – How property tax assessments are determined
• [02:25] – Standard methods vs. local variations in property valuation
• [03:45] – How improvements, renovations, and location affect assessments
• [06:48] – The impact of neighborhood changes and gentrification
• [08:44] – The role of market conditions and comparable sales
• [09:51] – Errors and inefficiencies in the assessment process
• [12:14] – Common assessment inaccuracies and what to watch for
• [13:34] – Special considerations for unique and historic properties
• [15:32] – Steps to take if you believe your property assessment is incorrect
• [17:41] – Accessing property tax data and navigating the appeals process
• [18:04] – Closing thoughts and how to connect with Nora Divine

About the Show

Divine Intervention: Shedding Light on Illinois Property Tax is a podcast dedicated to helping property owners understand and navigate Illinois' complex property tax system. Hosted by Kevin Rosenquist and featuring property tax attorney Nora Divine, the show provides expert insights on assessments, appeals, and strategies to manage property tax burdens effectively.