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Illinois Property Tax & Real Estate Lawyer

We Serve Cook County, Will County, & DuPage County

As a major source of cash flow for local governments, property taxes are often an annually collected tax on property based on its value compared to relevant markets. Due to the complex nature of property taxes, the vast majority of property owners will take a quick glance at the property tax they owe, determine if it "seems reasonable," and then just accept it. Understandably, few people actually want to go into the details of property and real estate value to calculate fair property taxes, but not everyone is paying their correct dues.

If you want to determine if you have been paying, you should seek legal assistance. Our team of real estate law professionals at the Law Office of Al Beaudreau, Ltd. have dedicated their lives to this unique field of law and are eager to help you.

How are property taxes calculated?

To calculate property taxes, many different councils and legislatures will agree upon how much money needs to be in the budgets for the upcoming fiscal year in order to be a success. Based on the outcome of the projected budget, a few processes must begin:

  • Mill levy: Generally, the city, county, and local school district may all levy against properties within their boundaries to collect finances required for the fiscal year and due so using mill levies or millage taxes. A percentage based on the given value of a property, mill levies are added together once all beneficiaries report their desired budgets.
  • Assessed value of property: The yearly estimation performed to determine market value of a property based on relevant market conditions is known as the assessed value of property (AVP). An assessor will have to perform a sales evaluation, estimate the cost of repairing the property, or determine how much income could be made annually by renting the property to conclude the AVP.

Based on the findings, the requested mill levy percentage will be multiplied with the AVP to determine the tax collected on a property. For example, if your property is valued at $1,000,000 and the AVP is calculated at 5% – a value of $50,000 – and the mill levy for the county is 5%, the tax would be $2500 ($50,000 x 5%).

Get Help with the Bottom Line

At the Law Office of Al Beaudreau, Ltd., we understand that obtaining a fair and accurate tax projection of a piece of property can have a major impact on your decision to purchase or sell it. Our firm can help you obtain a complete property tax assessment, as well as protect your best interests should a tax-related dispute arise. We concentrate solely on real estate law and are confident in our abilities to help you with any dispute or inquiry you might have.

Contact our Chicago law firm today to schedule a free consultation.

Illinois Real Estate Law
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11340 West 159th Street, Orland Park, IL 60467
Law Office of Al Beaudreau, Ltd. - Illinois Real Estate Lawyer
Located at 11340 West 159th Street Orland Park, IL 60467. View Map
Phone: (888) 502-9477 | Local Phone: (708) 460-7688.


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