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Cook County Board of Commissioners Waived Penalties and Interest for 2020 First Installment Tax Bill For Two Months or Until May 3, 2021
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 […]
Commercial Real Estate Sales in Chicago drop to a 10-year low in 2020
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 […]
The Cook County Board of Review Has Reviewed and Corrected the Excessive Assessments Issued by the Cook County Assessor
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 […]
Cook County Assessor’s Covid19 Adjustments and Its Real Effects on Taxpayers
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 […]
Commercial Property Owners Are Facing 2020 Assessment and Real Estate Tax Increases
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 […]
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, […]
