Author Archives: RSK&G

Due to delays in the finalization of Cook County Board of Review tax appeals and certification of final assessments, Cook County property owners will most likely get more time to pay their 2020 second installment property tax bills.  The current due date for the 2020 second installment of property tax payments is August 2nd, but […]

In an effort to maintain our status as one of the preeminent real estate tax law firms in Illinois, Reiff Schramm Kanter & Guttman, LLC continuously endeavors to issue informative articles and blog posts that apprise our clients, and other interested real estate taxpayers, regarding the intricacies of minimizing the burdensome financial liability imposed by […]

It is with great sadness that Rieff Schramm Kanter & Guttman LLC announces the passing of a founding member of our law firm, Melvyn A. Rieff. Born on January 31, 1944, Mel lived to become a highly-respected attorney-at-law who had become admitted to practice before the Illinois Bar on May 20, 1969.  Over his 37 […]

The Illinois Department of Revenue announced a tentative 2020 Cook County Equalization Factor of 3.0861 on January 26, 2021.  Every year, the Illinois Department of Revenue is legally required to calculate the equalization factor to achieve uniform property assessments throughout the state. The Cook County Equalization Factor or multiplier is a 5.51% increase from the […]

The Cook County Board of Commissioners in November 2020 waived the 1.5 percent late fee, for two months, on all Tax Year 2020 property taxes.  As a result, Cook County Taxpayers can pay the first installment which is due on March 2, 2021, through May 3, 2021, without incurring a late fee.  Late fees will […]

The Covid-19 pandemic, coupled with a deep recession and other factors in 2020, has caused the fewest number of commercial property sales in a decade.  Real estate investors bought and sold just under $11.5 billion of Chicago-area commercial real estate which is a 32% decrease from 2019 according to the data put forth by the […]

Fritz Kaegi and the Cook County Assessor’s Office has recently prepared a report which it claims to show that the Cook County Board of Review has corrected the Assessor’s Office’s original assessments in an excessive manner, especially those assessments placed on commercial, industrial and multi-family property owners in the northern townships of Cook County during […]

The Cook County Assessor Fritz Kaegi has been sending out notices to taxpayers, particularly, residential homeowners and owners of apartment buildings of less than seven units.  A number of clients and attorneys have asked our attorneys the meaning or effect of these notices on their property taxes which become payable next year.  In response to […]

Each year one-third of Cook County gets reassessed by the Assessor.  In 2020, the south and southwest suburban townships have been reassessed by Assessor Fritz Kaegi for the first time.  The Assessor has continued his trend to increase the assessments of commercial property owners much more aggressively than residential property owners for the 2020 triennial […]

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.  […]