Rieff Schramm Kanter & Guttman

Rieff Schramm Kanter & Guttman LLC represents clients with properties in the metropolitan area as well as entrepreneurs throughout Illinois. We also work with a network of property tax attorneys throughout the United States and Canada.

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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.  […]
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 […]
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. […]
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, […]
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 of 2019.[1]  Over the past 10 years, Illinois has moved from fifth to sixth place among U.S. states in total population as its overall population has declined from 12,830,632 in 2010 to 12,671,821 as of July 1, 2019, a loss of 1.2% of its…
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 significant assessment increases particularly with commercial, industrial and multi-family properties.  Kaegi has stated publicly his policies are to remedy the fact that Cook County homeowners bear more of the tax burden than they should while commercial, industrial and apartment building owners bear less of a…
Rieff Schramm Kanter & Guttman LLC is located in Chicago, IL and serves clients in Cook County and the surrounding collar counties. Attorney Advertising. This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. [ Site Map ] See our profile at Lawyers.com or Martindale.com. Martindale-Hubbell and martindale.com are registered trademarks; AV, BV, AV Preeminent and BV Distinguished are registered certification marks; Lawyers.com and the Martindale-Hubbell Peer Review Rated Icon are service marks; and Martindale-Hubbell Peer Review Ratings are trademarks of…
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 her February 14th press release.  Pappas also reminded senior citizens to re-apply for their Senior Citizen’s Property Tax Exemption which would help them avoid the tax sale.  Seniors have to re-apply for the senior citizen tax exemption every year. You can check the list of…
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 accounts once a year, after the tax bills issue, before making any adjustments.  Therefore, for those who choose to send the administrative Decision letter showing the revision to your assessment from the Assessor and/or Board of Review, hoping to receive immediate relief in your monthly…
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 have resulted from a reduction in property taxes after the bill was paid.  Of the 29,752 refunds, 8,947 involve homeowners who paid their taxes through a bank/mortgage escrow account.  20,805 homeowners who are entitled to refunds paid their taxes by check or online and are…
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 include all properties located in Barrington, Elk Grove, Evanston, Hanover, Leyden, Maine, New Trier, Niles, Northfield, Norwood Park, Palatine, Schaumburg and Wheeling Townships.  In the prior triennial assessment period (2015) for Triennial District 2 (northern portion of Cook County), these 13 townships saw median assessment…
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 transaction.  The mortgagee bank, Wells Fargo, made a credit bid at the conclusion of the foreclosure case and took title.  Marc Realty created an entity Gateway-Walden, LLC, who made an offer to purchase the property for $7.3 million in January, 2012.  Wells Fargo accepted this…
In a recent Illinois Supreme Court decision named Oswald v. Hamer, which was filed on September 20, 2018, the Court has ruled that not-for-profit hospitals may, under specific circumstances, be exempt from having to pay real estate taxes.    In the unanimous decision, the Illinois Supreme Court held that a statute that was signed into law in 2012, namely Section 15-86 of the Property Tax Code, is in accordance with the Illinois Constitution. This ruling by the Supreme Court follows some years of uncertainty regarding real estate tax exemptions for not-for-profit hospitals in Illinois.  On March 18, 2010, the Supreme Court…
Approximately 53,000 homeowners who paid property taxes via cash or check will be getting rebate checks in the mail due to increases in the homeowner’s exemption and senior citizen’s homestead exemption amounts by the end of August.  Cook County Treasurer Maria Pappas announced that the refunds result from the increase of the homestead exemption from a $7,000 to $10,000 deduction from taxpayer’s equalized assessed valuation and from a $5,000 to $8,000 deduction for the senior citizen’s exemption for the 2017 tax year.  Cook County Treasurer Pappas has set forth in press release on August 3rd that 36,000 homeowners who paid…
by Steven Kandelman The Cook County Clerk’s office has recently issued the 2017 property tax rates.  These rates will be factored into creating the 2017 second installment tax bills which will issue on time and will be due on August 1, 2018. The total of all property taxes billed for Cook County taxing districts in 2017 will exceed $14 billion for the first time.  In 2016, the total tax billed in Cook County was $13.7 billion.  The total taxes sought by taxing districts of $14.4 billion represents a 5% increase from 2016.[1] The City of Chicago tax rates increased…