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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 […]
Continue Reading Tentative 2021 Cook County Equalization Factor Set

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, […]
Continue Reading 2020 Second Installment Cook County Real Estate Tax Bills Are Expected To Be Due On October 1, 2021

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 […]
Continue Reading City of Chicago Reassessment Begins With Significant Assessment Increases in Rogers Park

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 […]
Continue Reading Second Installment 2020 Property Taxes For Cook County Taxpayers Will Most Likely Be Delayed

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 […]
Continue Reading Tentative 2020 Cook County Equalization Factor Set

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