Attentive, detail-oriented management of your commercial property tax appeal
The commercial real estate market in the Chicago area fluctuates depending on a wide variety of factors. If you are a business owner, a commercial landlord or tenant, or an investor in commercial property, the value of your investment can change from one fiscal year to the next, so much so that your last tax assessment might not reflect the current market value of the asset. This can result in unnecessary losses from too high a property tax obligation. At Rieff Schramm Kanter & Guttman LLC, we help ensure that our clients are not stuck paying excessive property taxes. For more than 20 years, our firm has provided highly professional, detail-oriented representation for commercial business clients looking to reduce wasteful expenses. We effectively manage property tax appeals throughout the greater Chicago area. When you retain our services, you can be confident that you’re getting a committed team of experienced attorneys with the knowledge and skill to achieve the results you need.
Why appeal commercial property taxes in Chicago?
The commercial real estate market in Chicago — and in other major cities throughout the country — has faced incredible challenges over the last several years. Pandemic lockdowns reduced the amount of revenue brick-and-mortar businesses earned, and the transition to remote work reduced the demand for commercial space. What did not decrease is the municipality’s reliance on commercial property tax revenue. Throughout the Chicago area, property tax assessments have skyrocketed, leading to crises for many companies who are now paying much more in taxes than the current value and usage of their property can justify. Too many companies are paying an inflated tax rate, which depletes resources necessary to maintain operations and necessitates an appeal to lessen the financial strain.
Filing commercial and industrial property tax appeals in Chicago
The process for appealing commercial and industrial property taxes begins with an evaluation of the tax assessment. Our team conducts thorough, detailed evaluations to determine whether the assessment is out of line with the asset’s value. If we determine your assessment is too high, we can take further steps, which include:
- Gathering documentation and supporting evidence on factors that can influence an assessment, such as property condition, valuation, income generated and level of occupancy.
- Verifying the accuracy of public records on which the assessment is based, such as descriptions, classifications and exemptions.
- Drafting and filing an appeal for tax relief and representing you throughout the process before the various administrative bodies. In Cook County, taxpayers file their appeals with the County Assessor and the County Board of Review. We also provide representation at the state level before the Illinois Property Tax Appeal Board (PTAB).
- Pursuing refunds for overpayment from prior years (called “Certificates of Error”).
In Chicago, property is assessed every three years. If you are in a re-assessment year, you can appeal to the Assessor within 30 days of receiving the new assessment. However, you can appeal your assessment even in a non-reassessment year. The Assessor usually renders decisions on an appeal within 60 to 90 days of the taxpayer’s filing of a complaint with their office.
How to increase your chances of success with your tax appeal
Taxpayers can file appeals on their own, but the process can be complex and time-consuming. Filing an incomplete or inaccurate appeal will only cause you further frustration and will not solve your tax problem. By partnering with our firm, you can submit a detailed, accurate and effective appeal the first time, greatly enhancing your chances of a swift, favorable outcome.
Contact our knowledgeable commercial property tax appeal lawyers in Chicago
For more than 30 years, Rieff Schramm Kanter & Guttman LLC is a reputable commercial taxation law firm providing reliable representation for appeals of high property assessments. To schedule a free consultation, call 331-310-0855 or contact our Chicago office online.