How are real estate taxes figured and how do you fight that amount?

Answer 1

There are many difference by locallity, but generally an elected or appointed "assessor's office" determines an approximate value of the real estate.

Similarly in most areas there is an elected or appointed "board of property tax revenue". To appeal the assessment you have to file some paperwork and indictcate whether you are appealling due to errors (like they say your house is two-stories with four bedroom and it is really one story two bedroom) or due to "lack of uniform assesment" (for instance if homes identical to yours are assessed significantly lower) or due to a legal "at-arms-length" purchase for LESS than the assessed value (for instance you cannot buy from a relative for a discount and then claim that the assessment is wrong) or due to negative value changes in the property (like a say a fire or damage recently occured)...

Link is for Cook Co. IL, but other counties/cities have similar process.