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Author Archives: RSK&G

Total Sales of Commercial Buildings in Chicago Plummet From 2018 to 2019

Sales of commercial buildings located in Chicago declined from $16 billion in transactions in 2018 to $8.07 billion in 2019 per a study by Jones Lang LaSalle (JLL).  2019 was the worst year for the sales of commercial property which includes office, apartment, hotels, retail and industrial properties since 2013 when transactions totaled $7.55 billion.  […]

Some Illinois Counties Have Offered Delayed Penalties For Late Payment of the First Installment Tax Bills

UPDATE: Since we posted our blog on measures taken local boards to aid Illinois property owners in their payment of real estate taxes, the Cook County Board led by President Toni Preckwinkle passed a property tax relief ordinance on May 13, 2020.  This ordinance postponed the date when interest penalties for late payments of the […]

How COVID-19 Might Affect Your Estate Tax Planning

It should not take a pandemic to remind us all of our own mortality and the need to plan for our loved ones. However, the lethal spread of the COVID-19 virus highlights why it is so important to have a sound strategy in place to minimize taxes and maximize the value of your estate. We […]

Due to COVID-19, the IRS Pushes Tax Deadline Back to July 15

The traditional tax day of April 15 has passed and millions of Americans are taking advantage of the three-month reprieve given by the federal government and many states in response to the COVID-19 pandemic. Depending on your individual circumstances, you might be looking to file as quickly as possible in order to collect your refund. […]

Potential Tax Effects Associated with the CARES Act Stimulus

Since March, federal and state governments have engaged in a variety of methods designed to safeguard Americans’ health and financial security in the wake of the coronavirus pandemic. At any time, taxes have a direct impact on our lives, so it’s natural that some of the key provisions of the recently passed Coronavirus Aid, Relief, […]

Illinois’ Population Declines for Sixth Straight Year

For the sixth consecutive year, Illinois’ population has decreased.  In 2019, Illinois lost an estimated 51,250 residents or 0.4% of its population and has lost more residents than any other state over the past decade.  This continued exodus was shown in data issued by the U.S. Census Bureau which released new data at the end […]

The Effects Of The New Assessor’s Policies

Cook County Assessor Fritz Kaegi took office on December 3, 2018 and close to six months into his four-year term, we are beginning to see the effects of his new policies.  In the five townships that he has reassessed in 2019 including Norwood Park, Evanston, New Trier, Elk Grove and Maine Townships, we are seeing […]

Lake County Residents Pay Some Of The Highest Property Taxes In The Nation

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May 3, 2019 Tax Sale

Property owners who have not paid their 2017 taxes will have their properties offered in a tax sale for investors on Friday, May 3, 2019.   Cook County Treasurer Maria Pappas said that there about 1,000 homes owned by senior citizens whose homes are in jeopardy of being offered at the May 3rd tax sale per […]

When Do Mortgage Companies Make Changes To Your Annual and Monthly Escrow Payments For Real Estate Taxes?

As a result of our successful appeal efforts, and in reporting those assessment reductions to our clients, a common question we often receive is, “When will my monthly mortgage payment be adjusted to reflect the reduction in the property tax assessment?” The standard procedure for lenders or mortgage companies is to review the homeowners’ escrow […]