Are Property Tax Bills Getting Your Down?
I attended a Committee for Business Support meeting this morning at the Crystal Lake Chamber of Commerce and was able to hear a very interesting presentation about property tax reductions in northern Illinois. As everyone knows, property values have declined over the last few years, but our property taxes seem to be as high as ever.
The presentation was made by Tom Stephani of Stephani Enterprises, LLC, a Crystal Lake based builder and nationally recognized speaker and trainer on issues relating to the residential construction industry. Tom really understands the process of reducing property tax bills for both residential and commercial properties and was able to reduce proprty taxes last year by an average of 15%.
One of the most interesting facts I learned was that timing is critical in this process. It’s far too late to change assessments on the 2009 tax bills we are all paying now in 2010. But in order to have a shot at changing the assessments on the 2010 tax bills that are due in 2011, you need to act now. There is a 30 day window when you can challenge your tax assessments. It starts when the new assessements are published (in the fall) and ends about 30 days later. It can be a lengthy process, and there is quite a bit of work that needs to be done. So the preparation for this window of opportunity should be started now.
The savings can be significant. They can add up not only for your own residence, but if you own rental properties or the building your business is located, the savings could be significant and recurring.
I won’t go into details here because, quite honestly, I don’t know them. But Tom and his staff do. He can be reached at 815-459-1205 or by email at tom@custombuilding.com.
Steve Trojan, CPA is owner of SMT & Associates, Inc, a Crystal Lake IL based tax and accounting firm, and Complete Payroll Inc, (www.completepayrollinc.com) a payroll processing firm. He specializes in tax and accounting issues affecting small business owners.
