Chicago Bulls star Dwayne Wade is known for many things, commonly his multiple MVP titles, foundation that supports health and social skills for children, and astounding field goal percentage. Interestingly, as of late, his home has been in the news, offering an interesting study in appealing property tax assessments.
A native of Chicago, Wade resides in a modest south suburb of Cook County with homes that sell for around $150,000. Complete with a sauna, basketball court, six bedrooms, seven bathrooms, theater room, exercise room, and pool, Wade’s mansion is quite the standout.
The 7,800-square-foot South Holland home, which was formerly appraised at $1.2 million, is now for sale for $350,000, making it more than a touch more financially plausible for prospective homebuyers. Not reflected in the price, however, are the outrageous property taxes which were over $58,000 in 2014.
The real estate listing for Wade’s home claims that “the taxes reflect no exemptions and are in the process of being appealed.” It’s something that many in Cook County are considering.
According to Illinois Governor Bruce Rauner, residents of Illinois pay the highest property taxes in the nation, and Chicago’s south suburbs boast the highest tax rates in the state.
Wade’s $58,000 tax bill is just one notable example of such tax rates begging the question — to appeal or not appeal?
The tax bills associated with Wade’s home highlight the fluctuating rates of the property tax system, particularly those in Cook County. Many choosing to challenge their property’s assessed values choose to partner with a property tax attorney to navigate the complicated process.
AppealTrack is a property tax software product that makes the lives of paralegals, attorneys, and property tax professionals easier. With quick access to annual property information and historical records, professionals can easily see trends and how all of the individual pieces fit together.
For more information on AppealTrack’s software and how it can help manage your appeal protests, click here.