At the end of 2022, the Illinois legislature enacted a new provision which moved the payment deadline for the 2022 first installment payment from March 3, 2023 to April 3, 2023. This amendment to the Illinois Property Tax Code Section 35 ILCS 200/21-25 was made in part as an accommodation to the 2021 second instalment […]
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Second Installment 2021 Property Tax Bills Due on December 30, 2022
Cook County Treasurer Maria Pappas announced that the second installment 2021 real estate tax bills will be posted on the Cook County Treasurer’s website (www.cookcountytreasurer.com) next Tuesday or Wednesday, November 14th or 15th. Taxpayers will be able to download their tax bill to print and mail their payment in, pay online at the Treasurer’s website, […]
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2021 Cook County Equalization Factor Finalized
The Illinois Department of Revenue (IDOR) finalized the 2021 Cook County Equalization Factor of 3.0027 on Tuesday, October 18, 2022. Since Cook County is the only County in the State of Illinois that “classifies” and thereby “assesses” different types of properties based on their use, the IDOR is required to configure and implement an annual […]
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Cook County Assessor Raise Valuations of Commercial, Industrial and Multi-Family Properties Substantially More Than Residential Properties
2022 marks the triennial assessment year for all of the north and northwestern townships of Cook County. Through the first nine reassessment townships, Assessor Fritz Kaegi continues to increase assessments for commercial, industrial and multi-family residential properties at much higher rates than residential property owners. This trend began during Assessor Kaegi’s first reassessment in 2019 […]
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Tentative 2021 Cook County Equalization Factor Set
The Illinois Department of Revenue announced a tentative 2021 Cook County Equalization Factor on June 14, 2022. The tentative Cook County Equalization Factor of 2.7297 was announced much later this year than in previous years. For example, the 2020 tentative Equalization Factor which was announced on January 25, 2021. This later release was representative of […]
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EB-5 Notice of Appeal Webinar with Rohit Kapuria
Rohit Kapuria, partner at Saul Ewing Arnstein & Lehr (SAUL) will participate in an upcoming webinar with EB5 Affiliate Network (EB5AN), a leading EB-5 regional center network.
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2020 Second Installment Cook County Real Estate Tax Bills Are Expected To Be Due On October 1, 2021
The Cook County Treasurer Maria Pappas has publicly stated that she expects the second installment 2020 real estate tax bill to be due on October 1, 2021. Ms. Pappas anticipates that the bills will go out in August so that they are received by Cook County taxpayers at least 30 days before the October 1, […]
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City of Chicago Reassessment Begins With Significant Assessment Increases in Rogers Park
Every three (3) years, the City of Chicago is reassessed by the Cook County Assessor. When that occurs, the Assessor reviews data from sales transactions within the City proper and looks towards “trends” in the real estate market on a more “macro” level of review. There are eight (8) total Townships within the City which […]
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Second Installment 2020 Property Taxes For Cook County Taxpayers Will Most Likely Be Delayed
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 […]
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HOW REAL ESTATE TAXES ARE CALCULATED
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 […]
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Tentative 2020 Cook County Equalization Factor Set
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 […]
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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 […]
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New Federal Corporate Transparency Act Will Add Owner Disclosure Requirements For All Business Entities
Congress included the Corporate Transparency Act (CTA) in the National Defense Authorization Act for FY 2021. The legislation requires filing of information on beneficial owners of new (and eventually, of existing) US entities and foreign entities which apply for permission to do business in the US. These requirements will be effective on promulgation of regulations by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). This agency is required to promulgate the regulations within one year from the 1/1/2021 date the legislation (P.L. 116-283) became law.
Due Dates For Reports
Existing companies will have to report beneficial ownership information
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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 […]
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<a href="/blogs/70763"><h3>EB-5 Redeployment Webinar with Ronnie Fieldstone and Jay Rosen</h3></a>
Ronnie Fieldstone and Jay Rosen, Partners at Saul Ewing Arnstein & Lehr (SAUL) will be participating in a joint webinar with EB5 Affiliate Network (EB5AN), a leading EB-5 regional center network, to share their advice and experience working with EB-5 project sponsors and developers who have…
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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 […]
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