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.

Website: https://www.lowermytaxes.com/
Follow:

Latest from Rieff Schramm Kanter & Guttman - Page 4

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 […]
Continue Reading Cook County Board of Commissioners Waived Penalties and Interest for 2020 First Installment Tax Bill For Two Months or Until May 3, 2021

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 […]
Continue Reading Commercial Real Estate Sales in Chicago drop to a 10-year low in 2020

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 […]
Continue Reading The Cook County Board of Review Has Reviewed and Corrected the Excessive Assessments Issued by the Cook County Assessor

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 […]
Continue Reading Cook County Assessor’s Covid19 Adjustments and Its Real Effects on Taxpayers

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 […]
Continue Reading Commercial Property Owners Are Facing 2020 Assessment and Real Estate Tax Increases

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.  […]
Continue Reading Total Sales of Commercial Buildings in Chicago Plummet From 2018 to 2019

Under Illinois law, local county collectors are bound by state law to collect a 1.5% penalty per month on any unpaid installment balance after the due dates.  Some county boards have recently passed waivers of the interest penalty for the first installment of property taxes. In response to the unprecedented health crisis due to the […]
Continue Reading Some Illinois Counties Have Offered Delayed Penalties For Late Payment of the First Installment Tax Bills

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. […]
Continue Reading Due to COVID-19, the IRS Pushes Tax Deadline Back to July 15

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, […]
Continue Reading Potential Tax Effects Associated with the CARES Act Stimulus

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…
Continue Reading Illinois’ Population Declines for Sixth Straight Year

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…
Continue Reading The Effects Of The New Assessor’s Policies

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…
Continue Reading Lake County Residents Pay Some Of The Highest Property Taxes In The Nation

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…
Continue Reading May 3, 2019 Tax Sale

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…
Continue Reading When Do Mortgage Companies Make Changes To Your Annual and Monthly Escrow Payments For Real Estate Taxes?

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…
Continue Reading Treasurer’s Office Issuing Refunds for Overpayments Without Requiring Refund Applications