The Thompson Center was sold in the summer of 2022 for $105 million.  Since the subject property was owned by the State of Illinois prior to this sale, it was a property tax “exempt” entity, not subject to real estate taxation for tax years preceding the sale.  Once the property sold to a “non-exempt” joint […]
Continue Reading Thompson Center Assessed Much Higher than Recent Purchase Price

On December 8, 2023, Governor J.B. Pritzker signed into law Senate Bill 1988 which became law as Public Act 103-0583.  The legislation, which is taxpayer friendly, makes it mandatory for the County Assessor to accept tax appeals from Taxpayers for a period of not less than 30 business days from the later of: 1) the […]
Continue Reading Passage of Senate Bill #1988 Requires the Assessor To Accept Tax Appeals For At Least 30 Buisness Days From Issuance of Assessment Notices

2022 second installment tax bills were received in the mailboxes of Cook County property owners on November 1, 2023.  The second installment 2022 real estate taxes are due on December 1, 2023.  The north and northwest suburbs were reassessed in 2022 by Cook County Assessor Fritz Kaegi and the reassessment resulted in a $331 million […]
Continue Reading Cook County Property Taxes in the Northern Townships Increased by 15.7%

The second installment 2022 real estate tax bills are now available online.  Cook County property owners can access their second installment 2022 tax bills by going on www.cookcountytreasurer.com, selecting the blue box labeled “Pay Online for Free” and entering the Property Index Number (PIN) or the address. The Cook County Treasurer’s Office is planning to […]
Continue Reading Reminder for Cook County 2022 Second Installment Tax Bills being due on December 1, 2023

The Illinois Department of Revenue announced a final 2022 Cook County Equalization Factor of 2.9237 on September 5, 2023.  This final 2022 Cook County Equalization Factor is 7.37% higher than the tentative 2022 Cook County Equalization Factor of 2.7230.  Every year, the Illinois Department of Revenue is legally required to calculate the equalization factor to […]
Continue Reading 2022 Cook County Final Multiplier or Equalization Factor Set

Cook County Board President Toni Preckwinkle has recently issued a statement that the second installment 2022 real estate tax bills will issue late again this year.  Board President Preckwinkle has stated that the second installment 2022 tax bills are expected to be released online and by mail by early November with a due date of […]
Continue Reading Cook County 2022 Second Installment Tax Bills are Scheduled to be Due on December 1, 2023

On May, 30, 2023, the Cook County Circuit Court, Law Division affirmed the Illinois Department of Revenue’s holding that the Woman’s Library Club of Glencoe is not entitled to a property tax exemption under 35 ILCS 200/15-65(b). In 2014, North Shore Exchange operated a donation and consignment retail shop for the purposes of donating 100% […]
Continue Reading Strict Construction of Property Tax Exemptions in Illinois Law

The Illinois Property Tax Code provides three levels of assessment review to challenge taxpayers’ assessed fair market values and excessive real estate taxes.  A taxpayer can appeal to the Cook County Assessor’s Office (the first level of appeal), the Cook County Board of Review (the second level of appeal) and can choose a third and […]
Continue Reading Legislative Activists are Seeking to Abolish Cook County Taxpayers from Filing Property Tax Appeals at the Property Tax Appeal Board

Real estate tax assessments are an important part of a home’s value and can affect a buyer’s decision to purchase a particular property.  Among some of the important considerations real estate professionals should have about a property’s real estate tax assessment are: 1. Tax assessment vs. market value: A property’s real estate tax assessment may […]
Continue Reading Important Things Every Real Estate Professional Should Know About a Prospective Property’s Real Estate Assessment

Cook County property owners received their first installment 2022 tax bills in the mail this weekend.  For many property owners, particularly those who own properties located in Chicago which was reassessed in 2021, their first installment 2022 tax bill was higher than in prior years because of dramatic increases to their property values that were […]
Continue Reading Cook County Assessor Kaegi Fails to Uphold Previous Cook County Board of Review Assessment Reductions Granted Last Year

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 […]
Continue Reading First Installment 2022 Real Estate Taxes Due on April 3, 2023

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, […]
Continue Reading Second Installment 2021 Property Tax Bills Due on December 30, 2022