Respecting the review and contest of assessments, there are two points we emphasize. First, any assessment may be contested in any year whether or not the property is being reassessed for that year. Second, we strongly recommend that a separate file be opened for each property so applicable deadlines can be monitored and clients advised prior well in advance.

COOK COUNTY ASSESSMENTS

Currently, the entire City of Chicago is being reassessed for the 2006-2008 triennial. For 2007-2009, the north and northwest suburbs of Chicago will be reassessed and the south and southwest suburbs will be reassessed for the 2008-2010 triennial.

In reassessing property, the Cook County Assessor generally eliminates any relief in effect and establishes new assessments based on current valuation data. Unless successfully contested, an increased assessment will result in a tax increase for the reassessment year and subsequent years. Any increase is reflected on the Second Installment Tax Bill that issues the year following the reassessment. Therefore, to avoid an increased tax bill, the assessment must be contested when it is made.

COLLAR COUNTY ASSESSMENTS

As in Cook County, each township has a separate filing deadline each year. The great variety of filing deadlines in each county (and the relatively short response time allowed) only underscores our advice that a separate file be maintained for each property.

Whether in or outside Cook County, Rieff Schramm Kanter & Guttman would be pleased to be of service regarding your real estate tax concerns. To assure that any unfair assessment can be reviewed in sufficient time to comply with applicable filing deadlines, we recommend that you identify properties so files can be maintained for each of them.