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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 […]

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 […]

Treasurer’s Office Issuing Refunds for Overpayments Without Requiring Refund Applications

By Steven Kandelman The Cook County Treasurer’s Office is issuing nearly 30,000 homeowner refunds without requiring refund applications to be completed and submitted by the taxpayers. The refunds are the results of overpayments made for a number of reasons causing homeowners to pay more than the amount owed on the tax bill.  The overpayments could […]

2019 Triennial Assessment for all Properties Located in Northern Townships in Cook County and 2019 Quadrennial Reassessments for all Properties Outside of Cook County will issue in the upcoming months

On December 3, 2018, the new Cook County Assessor will begin his term in office.  The new Assessor will promptly begin work on the upcoming 2019 assessments at the end of 2018 and during the first half of 2019.  For 2019, the 13 northern townships of Cook County, will be re-assessed.  This group of townships […]

Recent Cook County Circuit Court case where taxpayer’s purchase from a bank is interpreted as an arm’s length transaction

A recent Illinois Appellate Court decision (Gateway-Walden, LLC v. Maria Pappas, County Treasurer – 2018 Ill.App. (1st) 162714-U held that a taxpayer’s purchase of a multi-tenant office building from a bank who took title of the property after a failure by the mortgagor to pay its mortgage was considered to be an arm’s length market […]