How to successfully appeal your property assessment

Q. My wife and I are considering appealing our assessment. I remember reading in one of your columns about different ways to request the appeal. Could you please refresh my memory?

A. Sure, especially considering this is a relevant topic for many folks. Most appeals are based on one of the following (this applies to residential properties):

• Comparable assessments: Here, you are arguing your property is not being assessed consistently with similar properties. To determine if this may be a basis for a reduction in your assessment, obtain the addresses of similar properties in your neighborhood (style, age, etc.). Go to the county assessor's website to determine the assessed value of those properties. Pay particular attention to assessment per square foot. This is determined by dividing the square footage of livable space (not including basement or garage) into the total assessment. This information is usually available on the assessor's website. If your assessment per square foot is higher than your comparable properties, you may have the basis for a reduction.

• Comparable sales: Your argument here is that the assessor's estimate of the fair market value of your property (outlying counties: three times the assessed valuation; Cook County: ten times the assessed valuation) exceeds the recent sales prices of comparable properties. Research recent sales in your neighborhood to determine if this could be a basis for an appeal.

• Recent sale of subject property: If you purchased your property within the past year or so, you have the best evidence possible of the fair market value of your property. This is presuming this was a typical, arms length transaction. Compare your purchase price with the assessor's estimate of your fair market value. If your purchase price is significantly lower than the assessor's estimate, this could be the basis for a reduction. If you purchased the property from a friend or relative or the property was purchased from a bank or through a short sale, the sales price loses some credibility as the assessor will argue the sales price was not a true indicator of market value.

• Recent appraisal: Here again, you are arguing that the assessor's estimated value of the property exceeds the actual fair market value. However, instead of using recent sales to make your argument, you submit a certified appraisal to establish that your property is over appraised. The appraisal will cost you a few hundred dollars or more, so I might suggest doing some preliminary research first prior to taking this step.

Q. I signed a one-year lease to rent a condominium. There were, like, six pages of small print on the lease. The one year was up around eight months ago and I have stayed and continued to pay the agreed rent.

An issue has come up which is addressed in the lease and is in my favor. The owner argues the lease is no longer relevant and we are now on a month-to-month tenancy with no written lease. I am arguing the terms of the written lease still apply. Who is right?

A. You are. The terms of the written lease remain binding on the parties, though they can be amended under certain conditions.

• Send your questions to attorney Tom Resnick, 345 N. Quentin Road, Palatine, IL 60067, by email to tdr100@hotmail.com or call (847) 359-8983.