Property Tax Appeal: How to Check If You're Overpaying and Lower Your Bill

If your monthly mortgage payment keeps going up even though your rate is fixed, the reason is usually escrow — and property taxes are often the biggest piece. The good news: your assessed value isn't final. Every homeowner has the right to appeal, and many who do end up with a lower bill.

Why property taxes matter for your mortgage payment

Most lenders collect property taxes monthly through escrow. When your tax bill goes up, your escrow payment goes up with it, even on a fixed-rate loan. Lowering your assessment is one of the few ways to cut your housing payment without refinancing.

It matters even more in Illinois, which has one of the highest effective property tax rates in the country — about 1.84% of home value versus roughly 0.90% nationally, according to ATTOM's 2025 property tax analysis. Read more in why homes are still unaffordable in 2026.

Signs you may be overpaying

• Your assessed value implies a market value higher than what similar homes nearby recently sold for
• The assessor's records list the wrong square footage, bedrooms, bathrooms or lot size
• Your home has condition problems the assessor didn't account for
• Your assessment jumped much more than your neighbors' did
• You're missing an exemption you qualify for, such as a homestead or senior exemption

How a property tax appeal works

1. Check your assessment notice and the property record on your assessor's website.
2. Compare your assessed value with recent sales and assessments of similar homes nearby.
3. File on time. In most Illinois counties outside Cook County, complaints go to the county Board of Review and must be filed within 30 days after your township's assessments are published. Cook County has its own Assessor and Board of Review appeal windows. Check your county's dates — a missed deadline usually means waiting a year.
4. Submit evidence such as comparable sales, photos or an appraisal.
5. Get a decision. If the value is lowered, your future tax bills — and your escrow payment — should come down.

Let Ownwell do it for you

Don't want to research comparables and file paperwork yourself? Ownwell reviews your property, builds the evidence and files the appeal on your behalf. Their fee is based on the savings they get you — see Ownwell for current pricing and the areas they serve.

Check if you're overpaying with Ownwell →

After your appeal: update your escrow

If your tax bill goes down, ask your mortgage servicer for an escrow analysis so your monthly payment reflects the lower taxes sooner. Want to see how property taxes change your total payment? Try our mortgage calculators, or explore homeowner refinance and equity options.

Affiliate disclosure: The Rate Update may earn a referral fee if you sign up with Ownwell through links on this page, at no extra cost to you. Ownwell is a separate company and is not affiliated with PBT Bancorp. This article is general information, not tax or legal advice; appeal rules and deadlines vary by county. Dan Frio | NMLS #246527 | PBT Bancorp | NMLS #257781. Mortgage products are originated by PBT Bancorp, NMLS #257781. Equal Housing Lender.