SUCCESSFUL

REAL ESTATE

TAX REDUCTION

 

A Strategy Guide for Taxpayers

 

 

by

 

 

CHRISTOPHER B. COHEN, Esq.

Cohen Law Firm

444 Greenleaf

Glencoe, IL 60022-1908

847/835-4002

847/867-8500

847/835-0088 Fax

 

Due to provisions of the Illinois Rules of Professional Conduct,

this Guide is designated as "Advertising Material."

 

Christopher B. Cohen 1998

all rights reserved
SUCCESSFUL

REAL ESTATE

TAX REDUCTION

 

A Strategy Guide for Taxpayers

 

by

CHRISTOPHER B. COHEN, Esq.

 

 

CONTENTS

Table of Contents.................................................................................................... 2

About the author..................................................................................................... 8

Preface................................................................................................................ 9

 

Section I Understanding the Real Estate Tax System ................................................. 11

Basic Concepts...................................................................................................... 12

A. Administrative Agencies...................................................................................... 12

B. Assessed Value.................................................................................................. 12

C. Classification in Cook County............................................................................... 12

D. Statutory Standard............................................................................................. 13

E. Equalizer......................................................................................................... 13

F. Personal Property.............................................................................................. 15

 

2. Real Estate Tax Formula..................................................................................... 16

A. Formula.......................................................................................................... 16

B. Example.......................................................................................................... 16

C. Relationships.................................................................................................... 16

 

3. Effect of the Multiplier............................................................................................ 17

A. Multiplier's Effect.............................................................................................. 17

B. Equalized Assessed Value.................................................................................... 17

C. Recent EAV's................................................................................................... 18

D. Equalized Tax Rate............................................................................................ 19

E. Using the Multiplier............................................................................................ 19

F. Historical Rates................................................................................................. 21

 

4. Finding Your Property's Fair Market Value.............................................................. 22

A. Approaches to Determining Value.......................................................................... 22

B. Leases................................................................................................................

C. Catastrophe...................................................................................................... 23

D. Occupancy/Vacancy Factors................................................................................ 23

E. One-Year-Only Reductions................................................................................... 24

F. Environmental Hazards....................................................................................... 25

G. Appraisals....................................................................................................... 26

H. Short Form Appraisals........................................................................................ 26

 

5. Hypothetical Taxes on a $1,000,000 Property........................................................... 29

 

6. Supporting Documentation....................................................................................... ............................................................................................................................ ............................................................................................................................ 30

 

7. Changing a Property's Assessed Value.................................................................... 32

A. Cook County.................................................................................................... 32

B. Reassessment Notices and Assessor Complaints......................................................... 32

C. Overassessment Complaints.................................................................................. 33

D. Board of Appeals............................................................................................... 33

E. Board of Review................................................................................................ 34

F. Revised Board................................................................................................... 35

G. Township Filing Dates........................................................................................ 36

H. Tax Objection Complaints.................................................................................... 37

I. Appeal Alternatives............................................................................................. 37

J. Burdens of Proof................................................................................................ 39

K. Property Tax Appeals Board................................................................................. 39

 

8. Certificates of Error........................................................................................... 41

A. C/E Procedure................................................................................................. 41

B. Interest............................................................................................................ 41

C. Reasons for C/E's.............................................................................................. 42

D. Board Endorsements........................................................................................... 43

E. Board Filings.................................................................................................... 43

F. Partial Payment Conflict...................................................................................... 44

G. C/E and Tax Sales.............................................................................................. 45

9. Paying Taxes Under Protest................................................................................. 46

A. Tax Payment Procedure...................................................................................... 46

B. Paying Under Protest.......................................................................................... 46

C. Old Procedure.................................................................................................. 47

D. New Procedure................................................................................................. 47

E. Deadline.......................................................................................................... 48

F. Protest Requirements.......................................................................................... 48

G. Benefits of Protesting.......................................................................................... 48

H. Rate Objections................................................................................................. 49

 

10. Types of Filings............................................................................................... 51

 

Section II Provisions of the Illinois Property Tax Code .............................................. 52

 

11. Illinois Reassessment Cycles by County/District....................................................... 53

A. Cook County Triennials....................................................................................... 53

B. Downstate Quadrennials...................................................................................... 54

C. Lake County..................................................................................................... 54

D. St. Clair County................................................................................................ 55

E. Madison County................................................................................................ 55

 

12. Cook County Classification System....................................................................... 57

 

13. Real Estate Tax Incentive Programs...................................................................... 59

A. Incentive Classes............................................................................................... 59

B. Rules.............................................................................................................. 61

 

14. Tax Exemptions and Freezes............................................................................... 63

A. Exemption Types............................................................................................... 63

B. Leases............................................................................................................. 64

C. Maintaining Tax Exemptions................................................................................. 64

D. General Homestead Exemption.............................................................................. 64

E. Senior Citizen's Homestead Exemption.................................................................... 65

F. Senior Citizen's Assessment Freeze........................................................................ 65

G. Homestead Improvements Exemption..................................................................... 66

H. Disabled Veterans.............................................................................................. 67

I. Historic Building Freeze...................................................................................... 68

 

15. How Property is Defined for Assessment............................................................... 69

A. Real Property Defined........................................................................................ 69

B. Personal Property.............................................................................................. 69

C. Real Estate Transfer Tax...................................................................................... 70

D. Condominiums.................................................................................................. 70

E. Automatic Teller Machines................................................................................... 72

F. Lien Date (Duplication of ?)................................................................................. 72

G. Farmland......................................................................................................... 73

H. Land Unit Prices................................................................................................ 73

I. Omitted Property................................................................................................ 74

J. Abatement........................................................................................................ 75

K. Leaseholds....................................................................................................... 75

L. Short Leases..................................................................................................... 76

 

16. Taxes and Tax Rates.......................................................................................... 77

A. Illinois Governmental Units Taxing Real Estate.......................................................... 77

B. Special Districts Authorized by the Illinois General Assembly........................................ 77

C. How Governments Calculate Their Tax Rates............................................................ 78

D. Budget/Appropriation Process.............................................................................. 78

E. Levy............................................................................................................... 79

F. Levy Terminology.............................................................................................. 79

G. Tax Rate Calculation........................................................................................... 79

H. Tax Extension................................................................................................... 80

I. Time Line......................................................................................................... 80

 

17. Limits on Taxation............................................................................................ 81

A. Truth in Taxation Law......................................................................................... 81

B. Tax Cap Law.................................................................................................... 81

C. Calculating the Cap............................................................................................ 82

D. Exceptions....................................................................................................... 83

E. Adjustments to Tax Caps...................................................................................... 84

F. Use of Prior Year EAV........................................................................................ 84

G. Tax Increase..................................................................................................... 85

H. Consumer Price Index........................................................................................ 85

I. Estimated Levy................................................................................................... 86

J. Rate Ceilings........................................................................................................

 

Section III Tax Collection and Delinquency............................................................. 87

 

19. The Illinois Tax Environment............................................................................... 88

A. Largest Local Revenue Source.............................................................................. 88

B. Higher Per Capita Property Taxes.......................................................................... 88

 

20. The Tax Collection System................................................................................. 83

A. Collection Overview........................................................................................... 90

B. Mailing of Bills.................................................................................................. 90

C. Tax Prepayment................................................................................................ 91

D. Tax Bill Address Changes.................................................................................... 92

E. Refunds........................................................................................................... 92

F. Tax Year......................................................................................................... 92

G. Tax Liability..................................................................................................... 93

H. Penalty Date..................................................................................................... 93

I. Delinquency...................................................................................................... 94

J. Notices............................................................................................................ 94

K. Sale of Delinquent Taxes..................................................................................... 95

L. Collecting Delinquent Taxes.................................................................................. 95

M. Overview or Rationale........................................................................................ 96

N. Redemption...................................................................................................... 97

O. Consequences................................................................................................... 97

P. Reasons for Delinquencies.................................................................................... 97

Q. Partial Tax Payments.......................................................................................... 98

R. Payment Under Specification................................................................................ 98

 

21. Tax Collection Books......................................................................................... 99

A. Warrant Books.................................................................................................. 99

B. Judgment Books................................................................................................ 99

 

22. Annual Tax Sales........................................................................................... 101

A. Pre-sale Requirements....................................................................................... 101

B. Auction.......................................................................................................... 102

C. Tax Purchases................................................................................................. 103

D. Redemption.................................................................................................... 103

E. County Record Keeping..........................................................................................

 

23. Tax Forfeitures.............................................................................................. 105

 

24. Scavenger Sales............................................................................................. 107

A. Sales............................................................................................................. 107

B. Bid Requirements............................................................................................. 107

C. Auction......................................................................................................... 107

D. Redemption.................................................................................................... 108

E. No Cash Bid.................................................................................................... 109

F. Comparison with Annual Sale.............................................................................. 109

 

26.              Tax Deeds

A. Owner's Redemption113

B. Notices.......................................................................................................... 114

C. Deed Process.......................................................................................................

D Attacking Tax Deeds...............................................................................................

 

27 Indemnity Fund.............................................................................................. 115

A. The Fund...................................................................................................... 115

B. Indemnification............................................................................................... 115

C. Causes.......................................................................................................... 116

D. Lawyer's Fees................................................................................................ 116

 

28. Liability for Taxes........................................................................................... 118

A. Liens on the Property........................................................................................ 118

B. Personal Liability for Taxes (Actions in Debt).......................................................... 118

C. Statute of Limitations......................................................................................... 119

 

29. Sales in Error................................................................................................. 120

 

Section IV Reviewing Your Strategy: Tax Reduction Tips ......................................... 121

 

30. Tax Tips...................................................................................................... 122

1. Annual Protests................................................................................................ 122

2. Protest Results................................................................................................. 122

3. Personal Property............................................................................................. 122

4. Vacant Commercial Property............................................................................... 122

5. Document Comparison....................................................................................... 122

6. Address Changes.............................................................................................. 122

7. Address Correction Confirmation......................................................................... 123

8. Lease Negotiations............................................................................................ 123

9. Tax Division.................................................................................................... 123

10. Tax Consolidation........................................................................................... 123

11. Excess Land.................................................................................................. 124

12. Certificates of Error......................................................................................... 124

13. Tenant Prepayment.......................................................................................... 124

14. Lenders........................................................................................................ 124

15. Agent........................................................................................................... 125

16. Action in Debt................................................................................................ 125

17. Exempt Leases............................................................................................... 125

18. Title to Lease Improvements.............................................................................. 125

19. Accountant Breakouts...................................................................................... 125

20. Tax Return Expenses....................................................................................... 126

21. Remaining Improvements.................................................................................. 126

22. Adding Improvements...................................................................................... 127

23. Building Permits............................................................................................. 127

24. Buying and Selling Property.............................................................................. 127

25. Prorating Taxes.............................................................................................. 127

26. Important Questions......................................................................................... 127

27. Home Improvements........................................................................................ 128

28. Age Factor.................................................................................................... 128

29. Purchase Price............................................................................................... 128

30. Proration on Upcoming Tax Bill.......................................................................... 128

31. Proration Plus C/E.......................................................................................... 128

32. Buyer Research of Low Tax Areas....................................................................... 129

33. Repair Escrows.............................................................................................. 129

34. Amortization of Expenses.................................................................................. 129

35. Environmental Hazards.................................................................................... 129

36. Interest Free Loan........................................................................................... 130

37. C/E Tax Debt................................................................................................. 130

 

Appendix.......................................................................................................... 131

 

Exhibit 1 Assessment Notice....................................................................................... ................................................................................................................ 132

Exhibit 2 Complaint: Cook County Assessor................................................................... 133

Exhibit 3 Complaint: Board of Appeals.......................................................................... 134

Exhibit 4 1992 Assessment Filing Dates......................................................................... 135

Exhibit 5 1993 Assessment Filing Dates......................................................................... 136

Exhibit 6 1994 Assessment Filing Dates........................................................................ ................................................................................................................ 137

Exhibit 7 1995 Assessment Filing Dates......................................................................... ................................................................................................................ 138

Exhibit 8 1996 Assessment Filing Dates.................................................. .. 139

Exhibit 9 Cook County Triennial Map........................................................................... 140

Exhibit 10 Cook County Classification Codes................................................................... ................................................................................................................ 141

Exhibit 11 Cook County Enterprise Zones....................................................................... ................................................................................................................ 149

Exhibit 12 Chicago Enterprise Zones............................................................................. ................................................................................................................ 151

Exhibit 13 Class 9 Incentive Eligible Areas...................................................................... 152

Exhibit 14 Low Income Map........................................................................................ ................................................................................................................ 153

Exhibit 15 Cook County Board of Appeals Rules............................................................... 154

Exhibit 16 Property Tax Appeal Board Brochure............................................................... 159

Exhibit 17 Land Depth Factors..................................................................................... 164

Exhibit 18 Annual Homeowners Exemption Application...................................................... 165

Exhibit 19 Cook County Agricultural Questionnaire...................................................... 166

Exhibit 20 Map System/Taxpayer Address Change....................................................... 168

Exhibit 21 Real Estate Tax Practice Group.................................................................. 169

 

Glossary........................................................................................................... 171

 

Abbreviations..................................................................................................... 172

 

Index................................................................................................................ 180

 

Copyright 1996, 1997 & 1998 by Christopher B. Cohen

 


ABOUT THE AUTHOR: CHRISTOPHER B. COHEN

 

 

Chris Cohen has served in government at the city, county, state and federal levels. He concentrates his practice in administrative and government law, including real estate tax reduction, zoning and legislative liaison.

 

Mr. Cohen represents owners of major commercial, multi‑family residential and industrial buildings in seeking the lowest possible real estate tax assessment warranted by the facts and evidence available. He is experienced in filing complaints with the Cook County Assessor's Office and appeals with the Cook County Board of (Tax) Appeals. After all administrative remedies are exhausted, in appropriate cases, assessments are appealed to the Cook County Circuit Court or to the Illinois Property Tax Appeals Board (PTAB).

 

Mr. Cohen's extensive governmental experience includes serving as Alderman from the 46th Ward in the Chicago City Council in the 1970s, as the Midwest Regional Director in the US Department of Health & Human Services' Chicago office under Cabinet Secretaries Joseph Califano and Patricia Harris, and as a member of the Federal Regional Council. In this capacity at HHS, he was the liaison to state, local and federal elected officials, including 106 Midwest Members of Congress. As a member of the Federal Regional Council he met with Regional Directors of cabinet level federal agencies to solve inter‑agency problems referred by the White House or raised by governors or mayors. During a leave of absence from his law firm in the fall of 1992, Mr. Cohen served on President Clinton's national campaign staff at headquarters in Little Rock, Arkansas.

 

Mr. Cohen is licensed to practice law in Illinois, Wisconsin and the District of Columbia.

He received his JD degree from the University of Michigan Law School (1967) and his undergraduate degree from the University of Michigan (1964). He has taught 5 full semester courses to graduate students at Northwestern, DePaul and the University of Illinois at Chicago. A licensed Illinois Real Estate broker, he teaches seminars to brokers and agents to meet their continuing education licensing requirements.

 

 

 

 

 

 

 

 

 

 

 

 

 

This book was prepared to inform readers and not to provide substantive legal advice. For further information or to consider whether these ideas fit within your business plans, you may contact your own attorney or this author.


PREFACE

 

 

Real estate taxes are the bedrock of local government funding. They generate $10 billion annually for the 6,000 local taxing districts in Illinois. In 1990 Illinois property taxes totaled more than the state corporate income tax, the state individual income tax, and the state sales tax combined.

 

While real estate taxes are an accepted cost of doing business for many organizations, they comprise one of the largest single expenses of a business after payroll. Local taxing bodies can be a 25 to 40 percent "partner" in the annual gross income (actual or imputed) of commercial real estate.

 

Of course, property owners are responsible for paying their calculated share of real estate taxes. However, assessing the value of a property on which those taxes are based is an inexact science at best. Even though government assessors follow mandated standards and criteria for assessing property values, assessments may not always take into account the full range of provisions allowed by law. And, of course, there is a significant judgment factor on which experts can, and do, disagree. Property owners are well advised to become familiar with their rights, the laws and conditions that can affect assessed values, and their options for challenging tax bills based on those values.

 

This guide is designed to do just that. It will give you an overview of the Illinois real estate taxation system and information you need to keep your taxes at their lowest. You will learn what agencies are responsible for the various aspects of the real estate tax system, how property is assessed, how taxes are calculated, what procedures are for contesting the assessed value of your property, and many other tips and concepts to help you develop and evaluate a tax reduction strategy.

 

Because many tax reduction procedures require legal counsel, you are advised to consult a real estate tax reduction attorney before taking action on assessments or real estate taxes. In any case, the first step to a successful tax reduction strategy is to be an informed property owner. This will help your attorney do the best job possible for you.

 

Following is a brief list of services you can request from an attorney in order to reduce your taxes. These procedures and the background you need to understand them are explained in detail throughout this guide.

 

Reduction of the property's current (1997) assessed value through filing a complaint with the local assessing official. A successful complaint results in reducing the next year's bill (e.g. 1997 taxes due in 1998).

 

Reduction of the property's current assessed value through the filing of an appeal with the board of review. A successful appeal results in reducing the upcoming tax bill.

 

Further reduction of the property's assessed value through filing of a tax objection in circuit court. A successful suit results in a partial refund of taxes plus 5% interest per year.

 

Alternatively, further reduction of the property's assessed value through filing an appeal with the Illinois.

 

Reduction of the assessed value for a prior year or years through the filing of a certificate of error with the assessor. If successful and when confirmed by the circuit court, this results in a retroactive tax refund (assuming taxes were paid) or a reduction in taxes owed.

 

Paying taxes under protest each fall and filing a tax rate objection. This may result in a small tax refund plus 5% interest per year.

 

Filing an exemption application with the board of appeals and Illinois Revenue Department for specified properties and uses. If granted, this can result in the complete elimination of taxes.

 

Requesting tax incentive status for certain industrial or commercial properties. When appropriate, this results in reduced taxes for a specified number of future years.

 

After reading this guide you will be well on your way to understanding the secrets of real estate tax reduction. I am confident you will continue to find these pages a valuable reference in your efforts to keep property taxes under control. References to procedures and laws in this guide are summaries and are not meant to be complete or all-encompassing. If you have questions or desire further information, you may contact me.

 

Christopher B. Cohen, Esq.

Glencoe, Illinois

December 1, 1998


SECTION IUNDERSTANDING THEREAL ESTATE TAX SYSTEM

 


1. BASIC CONCEPTS

 

 

A. Administrative Agencies

 

Assessment of "real property" in Illinois is governed by provisions of the Illinois Property Tax Code, which can be found in the Illinois Compiled Statutes (ILCS) beginning at 35 ILCS 200/1-1. Real property is defined as the land and all buildings, improvements and permanent fixtures on or in it, including oil, gas and coal.

 

Real estate taxes are administered locally by each of Illinois' 102 counties. In Cook County, assessing officials and relevant administrative agencies are:

 

1) Cook County Assessor

2) Cook County Board of (Tax) Appeals

3) County Clerk and

4) County Treasurer (Collector).

 

In the remaining 101 counties property taxes are assessed and administered by:

 

1) township assessor (or multi-township assessor)

2) supervisor of assessments (or county assessor)

3) board of review

4) property tax appeal board county clerk and

5) county treasurer (collector).

 

Not all taxing districts levy real estate taxes, even though they are allowed to. For example, the Village of Schaumburg receives so much sales tax from Woodfield Mall that recently it has been able to operate its government without levying real estate taxes.

 

 

B. Assessed Value

 

The Illinois legislature -- the General Assembly -- has declared that the amount of tax to be paid on a given property will be calculated according to the property's assessed value (AV). The General Assembly has also stipulated that a property's assessed value is one-third, or 33 1/3% of its fair market value (FMV). A property's fair market value is what a willing buyer will pay to a willing seller. This formula applies in all counties of Illinois except Cook.

 

 

C. Classification in Cook County

 

Cook County is the only county in Illinois that currently classifies real estate, applying different assessment ratios (AR) for each class in order to accommodate the diversity of property types and values in the county. Properties in Cook County are classified and assessed as follows. For more detail, see the Chapter below entitled "Cook County Classification System."

 

ASSESSMENT RATIOS (AR)

 

 

 

Property Use

Cook

County

Class

Cook

County

AR

Other

Counties'

AR

Commercial

5a

38.0%

33.3%

Industrial

5b

36.0%

33.3%

Non-Profit

4

30.0%

33.3%

Residential (over 6 units)

3

33.0%

33.3%

Residential (under 7 units)

2

16.0%

33.3%

Vacant Land

1

22.0%

33.3%

 

Cook County's Classification Ordinance has been passed and amended by the Cook County Board of Commissioners pursuant to authority granted in the 1970 Illinois Constitution at Article IX, section 4. The Classification Ordinance authorizes not only single family residences to be assessed at 16% of FMV, but condos, co-ops, and apartment buildings with fewer than seven units are also assessed at the low 16% of FMV. Each unit in a condo or co-op building is assessed at 16% as if it were a single family home no matter how large the building is. Even though the assessment ratio for individual properties in Cook may vary, the overall ratio for all properties in the county is supposed to average 33.3%, just as for all other counties.

 

 

D. Statutory Standard

 

By law, the average AV for all properties in each Illinois county is supposed to equal 33.3% of the FMV for all those properties collectively (see Property Tax Code Sections 200/1-55 and 200/9-145). The Illinois Revenue Department performs a sales ratio study annually to be sure that aggregate AVs from one county to the next are at the same 33.3% ratio when compared to FMVs.

 

 

E. Equalizer

 

Not all local assessing officials agree as to the assessed value of real estate from one jurisdiction to the next. To remedy this situation, the Illinois Revenue Department is required by the state legislature to exercise its oversight function by creating an equalization factor for each county (200/8-5). It must also publish its methods and procedures used in equalizing assessments among the counties.

 

After the chief county assessing official and the board of review have determined what the assessed values will be, the Illinois Revenue Department provides a county‑wide equalization factor which the county clerk applies to virtually all property in his or her county. (200/18-40). This factor is intended to equalize the assessment between counties and to produce a ratio of fair market value (FMV) to assessed value (AV) of 3:1. (200/17‑5). This means that FMV AV = 3 or conversely that AV FMV = 1/3 or 33.3%. The result of multiplying the propertys AV by the county equalizer (E) results in the equalized assessed value (EAV) for that property.

 

If the average AV in a county does not equal 33.3% of aggregate FMV, the Illinois Revenue Department modifies the state's equalizer for that county, also called the equalization factor or multiplier. To find the multiplier, the Department picks a sample of properties--it does not have adequate staff to check every property--and compares their sale prices as listed on the Real Property Transfer Tax Declaration form (Green Sheet). These forms are filled out at the time a property sells. The forms list the price so transfer taxes can be paid on the number of dollars stated on the Declaration form. The higher the sales price, the higher the transfer tax is. Local assessing officials as well as the Illinois Revenue Department use the number on a Green Sheet form as the property's official FMV. To calculate . . .

 

In most counties the AV of all properties divided by the FMV of all properties equals the statutory standard of 33.3%. Consequently, in these counties, such as DuPage and Lake, the equalization factor would be 1.0000. An equalizer above 1.0000 would mean a higher Equalized Assessed Value (EAV) and therefore higher taxes (assuming all other things remain the same). An equalizer below 1.0000 would mean a lower EAV and therefore lower taxes (all other things remaining equal).

 

The Illinois Revenue Department takes the position that Cook County properties are underassessed and has therefore established the multipliers listed below--all of which for Cook County exceed 1.0000. The Cook County Assessor strongly disputes this position. Learned opinion is divided on the issue. Those supporting the Assessor take issue with the state's samples and its method for calculating the equalizer. Others reason that mathematically the equalizer for Cook County could never fall below 1.4000 because the county classifies property and because such a disproportionately high share of all parcels in the county is classified as Class 2 residential (see the chapter below entitled "Cook County Classification System") with a low assessment ratio of 16%. The 1.2 million residential parcels are approximately 80% of the total 1.5 million parcels of all types in Cook County.


 

County

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

Cook

1.8085

1.8486

1.8916

1.9266

1.9133

1.9946

2.0523

2.0897

2.1407

2.1185

2.1243

2.1517

Lake

1.0000

1.0000

1.0000

1.0000

1.0252

1.0000

1.0000

0.9852

1.0000

1.0000

1.000

1.000

 


 

Using Lake County as an example, in 1989 the Illinois Revenue Department, after reviewing its sales ratio studies, found that county-wide assessments were only 32.5140% of the FMV of all Lake County property, not 33.3333% as required by law. The Revenue Department divided 33.3333% by 32.5140% to arrive at an equalizer of 1.0252. Similarly, in 1992 the Revenue Department's studies caused it to find that county-wide property was assessed at 33.8341% of FMV, slightly in excess of the 33.3333% statutory requirement. Dividing 33.3333% by 33.8341% resulted in the 1992 equalizer (multiplier) of 0.9852 shown in the chart above.

 

The term "multiplier" also applies to the equalization factor applied by county supervisors of assessment to equalize or adjust AVs made by each of the different township assessors in that county.

 

 

F. Personal Property

 

Because the Illinois Constitution prohibits assessment of personal property, the owner of a residential property in any county and a Class 2 residential property in Cook County, in particular, should be careful to distinguish between that part of the purchase price which is allocated to real property and that part which is allocated to personal property. Often, buyers sign a contract which does not make this distinction.

 

A buyer thinking ahead to how to reduce future real property taxes will obtain a bill of sale for personal property including kitchen appliances (dishwasher, stove, refrigerator), laundry appliances (washers and dryers), heating, ventilating and air conditioning systems, window treatments (curtains, blinds, shades, rods, storm windows, screens), electrical fixtures (lamps, chandeliers, garage door openers), carpeting, book shelves, doghouses, television antennas, heat, carbon dioxide and smoke detectors, track lighting mirrors, woodworking benches and other items which could be removed without damaging the real estate or which are normally thought to be personal property. The bill of sale for personal property should:

 

list every piece of personal property which is transferred from seller to buyer and

describe a fair market value for each item and for their total.

 

Every real estate sale in Illinois requires that a real estate transfer declaration be filled out, signed and transmitted to the Illinois Revenue Department. A transfer tax is paid to the state based on the sales price of real property. In addition, many cities and counties have passed laws adding "piggyback" transfer taxes that go to them as well. Because personal property cannot be taxed, the Real Estate Transfer Declaration allows the value of personal property transferred from the seller to buyer to be subtracted from the overall purchase price. After subtracting personal property from the total price, the net value of the real property is the number on which these one-time transfer taxes are based.

 

Although purchase of tax "stamps" to pay the transfer tax is a one-time tax, the net amount paid (consideration) on the Declaration eventually arrives in the local assessing official's office and is used as a basis for calculating the property's real estate taxes for the next 3-5 years. Consequently, it is to the buyer's advantage to, at the very least, to maintain a memorandum of items of personal property transferred and their approximate FMVs and to subtract these amounts from the total sale price.

 

Generally, personal property refers to movable items. These are items not permanently affixed to or a part of the real estate. Questions to consider include:

 

How and if the item is physically connected to the property?

What was the intent of the party that connected the item to property?

Will items be left or removed at the lease's expiration?

For what purpose is the property used? and

Can items be removed with no damage to them or the real estate?


2. REAL ESTATE TAX FORMULA

 

 

A. Formula

 

Once the fair market value (FMV), the assessment ratio (AR), the combined tax rate for all taxing bodies (TR), and the state equalizer (E) are known, the tax on a specific property can be calculated. An equalizer known as the equalization factor or multiplier is set for each county by the Illinois Revenue Department. The formula for calculating real estate taxes can be stated three different ways:

 


TAX = Fair Market Value x Assessment Ratio x Equalizer x Tax Rate......... (T = FMV x AR x E x TR)

TAX = Assessed Value x Equalizer x Tax Rate................................................. (T = AV x E x TR)

TAX = Equalized Assessed Value x Tax Rate........................................................ (T =EAV x TR)

 

 


B. Example

 

Here is an example of how real estate taxes are calculated in Cook County on five properties, one commercial, one industrial, one apartment building (more than 6 units), one vacant lot, and one single-family home. These five hypothetical properties in Chicago each have the same FMV of $1,000,000.


 


Commercial Industrial Apartments Residence Vacant

Fair Market Value $ 1,000,000 $ 1,000,000..... $1,000,000..... $ 1,000,000.... $ 1,000,000

Assessment Ratio x 38% x 36%..... x 33%.... x 16% x 22%

Assessed Value $.. 380,000 $.. 360,000..... $... 330,000.... $.. 160,000.... $.. 220,000

State Equalizer (1995) x 2.1517 x 2.1517..... x 2.1517.... x 2.1517 x 2.1517

EAV $.. 817,646 $.. 774,612..... $... 710,061.... $.. 344,272.... $.. 473,374

Tax Rate (Chicago 1995) x 9.453% x 9.453%..... x 9.453%.... x 9.453% x 9.453%

Taxes $.... 77,292 $.... 73,224..... $.... 67,174.... $... 32,544.... $... 44,748

 


C. Relationships

 

These calculations illustrate several relationships (corollaries) that are useful when evaluating real estate tax issues.

 

Assessed Value = Fair Market Value x Assessment Ratio(AV = FMV x AR)

Equalized Assessed Value = Assessed Value x Equalizer(EAV = AV x E)

Equalized Tax Rate = Tax Rate x Equalizer(ETR = TR x E)

 

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6. SUPPORTING DOCUMENTATION

 

 

Using tax year 1998 as an example, a tax attorney needs some or all of the following information from the taxpayer, depending on the assessment analysis method to be used:

 

The property's legal description from a title policy or the transfer tax declaration form.

 

Evidence of the date the property was purchased, such as a copy of the real estate tax transfer declaration, deed or closing statement.

 

Identity of the buyer and seller for purchases occurring after 1/1/95 (3 years for the board) and 1/1/93 (5 years for the assessor).

 

The sales price in dollars for purchases within three years from the last lien date (for the board) and within five years from the last lien date (for the assessor).

 

Information on whether the sale was between related parties.

 

Information on whether the sale was due to foreclosure or bankruptcy.

 

Explanation of unusual factors if the purchase price was too high. For example, was a premium price paid in order to assemble an entire block of property?

 

Evidence of any recent construction or improvements, including construction contracts and building permits.

 

Evidence that recent construction either 1) enhances the value of the property and should be used to assess higher taxes or 2) is only deferred maintenance, repair, or replacement of existing improvements, which does not enhance the property's value, and therefore should not be used to assess higher taxes.

 

Survey of the property or site plan.

 

Copies of any prior appraisals, whether for lending or tax reduction purposes.

 

Income and expense statements (if a rental property) or income tax returns.

 

Reason any income and expense statements are not audited. For example, a privately held company would not require audited income and expense statements.

 

Rent roll indicating the size of each tenancy and what rent and expenses each tenant is responsible for, such as electricity, common area maintenance, taxes and snow removal.

A copy of the building lease or, if multiple leases exist, a representative sample lease plus a summary of lease terms.

 

The percentage of the property that is owner occupied.

 

If vacancy exceeds 10%, a month-by-month summary of the number of square feet occupied for each of the prior three years and a statement as to the total number of rentable square feet.

 

Written explanation of reasons for vacancies, duration of vacancies, and attempts to lease.

 

Copies of listings and lease advertisements (for rental properties with vacancies exceeding 10%).

 

For a 100% vacant building, evidence that it is also boarded up (assuming this is true).

 

Information on any petitions for division or consolidation of tax parcels filed on the property in the last 3 years.

 

Number of square feet in the building (if commercial or industrial property).

 

Number of square feet of any office space (if an industrial building).

 

Number of rental units of each type, e.g. efficiency or two bedroom (if an apartment building).

 

Percentage of residential space (if a commercial or industrial mixed-use building containing apartments).

 

The importance of promptly providing requested data, affidavits and documents to the real estate tax attorney cannot be over stressed. Assessing officials have thousands of files to review. Those complaining taxpayers with incomplete evidence may be granted only a small reduction or none at all. To be considered, all evidence must be in writing.

 

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10. TYPES OF FILINGS

 

 

 

 

 

Type of Filing

Tax Paid As

Prerequisite

For Filing

 

Result If

Successful

 

Interest Paid

By County

Approximate

Wait Time

After Filing

Assessor Complaint

No

Reduced Tax

None

5 months

Board Appeal

No

Reduced Tax

None

5 months

Certificate of Error

 

No

Refund Check or Reduced Tax*

None

2 years

Tax (Specific) Objection

Yes

Refund Check

5%/year

5 years

Illegal Rate Protests

Yes

Refund Check

5%/year

9 years

 

*A successful C/E can have one of two results. If taxes were prepaid, the result of a winning C/E will be a tax refund check of some amount (but no interest). If taxes were not prepaid, the result of a successful C/E will be a reduction in the amount of taxes owed.

 

A successful filing that results in relief for one taxpayer can have consequences for another taxpayer whose property is in the same taxing body. The last three types of filings listed above can result in reductions but only after tax bills are calculated and mailed out. The top two filings are ruled on before tax bills are calculated. This means that within a taxing body, taxpayers whose assessments are reduced by the local assessing official (township assessor, county assessor, Board of Appeals or Board of Review) cause taxes to increase for those whose appeals were rejected and for those who filed no appeals at all.

 


SECTION IIPROVISIONS OF THE ILLINOIS PROPERTY TAX CODE

 


11. ILLINOIS REASSESSMENT CYCLES BY COUNTY/DISTRICT

 

 

A. Cook County Triennials

 

Cook County's 1.5 million parcels of real estate are divided among 38 townships, eight in the city of Chicago and 30 in suburban Cook County. These townships are grouped into three unequal sections, each of which is reassessed once every three years.

 

CHICAGO ASSESSMENT DISTRICT: The following townships located within the city of Chicago will be reassessed in 2000, 2003, 2007 and so forth:

 

 

Hyde Park

Jefferson

Lake

Lakeview

North

Rogers Park

South

West

 

NORTH SUBURBS ASSESSMENT DISTRICT: The following north and northwest Cook County townships will be reassessed in 1990, 1998, 2001, 2004 and so forth:

 

 

Barrington

Elk Grove

Evanston

Hanover

Leyden

Maine

New Trier

Niles

Northfield

Norwood Park

Palatine

Schaumburg

Wheeling

 

SOUTH SUBURBS ASSESSMENT DISTRICT: The following west and south Cook County townships will be reassessed in 1999, 2002, 2005 and so forth:

 

 

Berwyn

Bloom

Bremen

Calumet

Cicero

Lemont

Lyons

Oak Park

Orland

Palos

Proviso

Rich

River Forest

Riverside

Stickney

Thornton

Worth

 

Cook County has more than 800 taxing bodies. The 1.5 million real estate parcels in Cook County are not divided equally among the three triennial areas. The parcels in each area are as follows:

 

ASSESSMENT DISTRICTS NUMBER OF PARCELS % OF COUNTY

ASSESSED

Chicago 43%

N. Suburbs

S. Suburbs

Cook County 1,500,000 100%

 

B. Downstate Quadrennials

 

For counties other than Cook, taxable real estate is reassessed once every four years. Some of these 101 downstate counties are divided into four assessment districts, with one district being reassessed each year on a rotating basis.

 

-o0o-

 

17. TAXES AND TAX RATES

 

 

A. Illinois Governmental Units Taxing Real Estate

 

There are more than 800 taxing bodies in Cook County. Illinois has more local governments taxing real estate than any of the other 49 states. In 1992 Illinois had 6,048 local taxing bodies divided into the following categories:

 


 


102

Counties

1,529

Townships and Road Districts

1,280

Municipalities

976

School Districts & Community Colleges

+2,161

Special Districts

6,048

Total Illinois Taxing Bodies


 

 


B. Special Districts Authorized by the Illinois General Assembly

 

Airport Authority Port

Cemetery Maintenance Public Health

Civic Centers Public Water

Conservation Rescue Squad

County Historical Museum River Conservancy

County Water Commission Road

Fire Protection Sanitary

Forest Preserve Soil & Water Conservation

Hospital Solid Waste Disposal

Library Street Lighting

Mass Transit Surface Water Protection

Mosquito Abatement Tuberculosis Sanitarium

Multi‑township Assessing Water Authority

Museum Water Service

Park

 

The average number of governmental units taxing any specific property in Chicago is seven. Elsewhere a particular parcel is likely to be taxed by eight to ten taxing bodies.

 

C. How Governments Calculate Their Tax Rates

 

The county clerk calculates what each taxing bodys tax rate will be. The clerk uses the annual levy approved by the government unit and the equalized assessed value of all property within the governments boundaries minus all exemptions and abatements. Tax abatements can occur in enterprise zones. The calculation is made by the county clerk in the manner of the following example:

Revenue Needed by the Unit of Government

Value of all Property Within the Units Boundaries

 

=

Tax Rate

Tax Levy

Total Assessed Value x Equalizer

 

=

Tax Rate

Tax Levy

Total Equalized Assessed Value

 

=

Tax Rate

Example v $2 Million

$100 Million

 

=

Tax Rate

2 = .02 = 2%

100

=

Tax Rate


 


The county clerk deducts exemptions and abatements after the equalization factor is applied and before the clerk calculates the rate. The remainder of EAV minus exemptions and abatements is referred to as taxable value.

 

 

D. Budget/Appropriation Process

 

The governing authority (city council, village board or district trustees) of each taxing body passes an annual budget and appropriation ordinance determining the source of revenue to operate that government. Most governments receive revenue from additional sources other than the real estate tax. These sources can include sales taxes, federal revenue sharing, state payments, user fees, license fees, and other taxes.

 

 

E. Levy

 

Each taxing body adopts a levy which is the total amount of real estate taxes that needs to be raised from within the governments boundaries in order to fulfill that governments budget. (200/18‑10). This levy is a taxing bodys request for taxes in dollars. (200/18‑60). A levy normally is further broken down into the several funds from which the district pays its bills. Some funds may have a statutory tax rate ceiling set by the state legislature or by a referendum. If the district requests more money for a fund than is legally allowed, the levy (the districts request) must be reduced by the county clerk.

 

 

F. Levy Terminology

 

The tax levy is adopted by the governmental unit when its governing body passes a resolution or ordinance setting the number of dollars needed from property taxes for its budget. Taxes are extended when the county clerk checks the maximum tax rate allowed by statute and then calculates the appropriate rate. Thus, tax levies are adopted, tax rates are calculated, and taxes are extended. The levy is what the taxing body wants. The extension is what the taxing body is allowed (by the county clerk) to get.

 

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SECTION III

 

TAX COLLECTION

AND DELINQUENCY



19. THE ILLINOIS TAX ENVIRONMENT

 

A. Largest Local Revenue Source.

 

Property taxes generate $10 billion annually for the 6,000 local taxing districts in Illinois. In 1990 this exceeded revenue generated by state personal income taxes and sales taxes combined. Property taxes are a more significant portion of local government revenues in Illinois (38%) than property taxes are on average in all 50 states (29%).

 

Local Government Revenue 1989

 

 

ILLINOIS

 

ALL STATES

Source

$ Amount

% of Total

 

$ Amount

% of Total

Federal Funds

$ 890

4.5%

 

$ 17,589

3.8%

State Funds

$5,147

26.1%

 

$157,652

33.6%

Property Tax

$7,434

37.7%

 

$137,100

29.3%

Sales Tax

$1,475

7.5%

 

$ 19,183

4.1%

Other Taxes

$1,125

5.7%

 

$ 28,188

6.0%

Current Charges

$2,283

11.6%

 

$ 66,024

14.1%

Misc. Revenue

$1,384

7.0%

 

$ 42,807

9.1%

TOTAL

$19,738

100.0%

 

$468,549

100.0%

 

Source: Significant Features of Fiscal Federalism: 1991, Volume 11, Table 91, ACIR, 1991.

 

 

B. Higher Per Capita Property Taxes.

 

In 1990 property tax revenues averaged $755 per person in Illinois but only $626 per person nationwide.

 

Property Tax Revenues Per Person, 1990

 

New Jersey $ 1,156

New York 1,023

Michigan 820

Illinois 755

Wisconsin 738

Minnesota 707

Iowa 660

Texas 651

US average 626

California 605

Ohio 516

Pennsylvania 516

Indiana 472

North Carolina 352

Missouri 342

Kentucky 252

 

Source: State Rankings 1992: A Statistical View of the 50 United States, 1992 Morgan Quitno Corporation.


20. THE TAX COLLECTION SYSTEM

 

 

The "County Collector" sends out tax bills and the "County Treasurer" invests the taxes collected. This is the same official holding both offices. The Treasurer is ex officio the County Collector. For purposes of uniformity, the position will be referred to below as Collector. State law imposes large penalties on those who fail to pay their real estate taxes on time. Stages in the property tax collection system follow:

 

 

A. Collection Overview

 

 

-o0o-

 

 

 


SECTION IVREVIEWING YOUR STRATEGY:TAX REDUCTION TIPS


30. TAX TIPS

 

 


i.Annual Protests

 

Even if you file an assessment complaint once every three years or file a board appeal, you can and should still pay your taxes under protest every year. New legislation eliminates the requirement to fill out a special protest letter. Consequently, it is no longer necessary to send checks to your lawyer to be paid under protest. Taxes are deemed to be protested is paid in full along with all penalties and interest, if any are due, within 60 days of the due date.

 

ii.Protest Results

 

Many taxpayers complain that they paid their taxes under protest but never received any relief or tax refund. This will continue to be true unless each year they also have a lawyer file an illegal rate objection in the circuit court. Tax protests by themselves are meaningless.

 

iii.Personal Property

 

Be sure to inform your lawyer about the existence of automatic teller machines, moveable safes, satellite dishes, and other large freestanding items on the premises. This will encourage the lawyer to check the assessors underlying records. Some of these items may be considered personal property (not taxable) as opposed to real property (taxable).

 

iv.Vacant Commercial Property

 

A buyer of vacant commercial property must realize that taxes can go up twice‑‑once if the new purchase price of it is higher than the FMV in the assessing official's records and a second time when the building fills up with tenants. A partially filled or full building will receive a higher assessment than an empty one.

 

v.Document Comparison

 

A task that buyers often fail to ask their attorneys to undertake before closing is to review records of the local assessing official. Buyers' attorneys should assure that county records are similar to what the buyer thinks is being sold.

 

vi.Address Changes

 

Immediately after closing, a purchaser should have the countys computer substitute her name for the sellers to assure receipt of Reassessment Notices and tax bills. Failure to receive a tax bill or assessment notice is not an excuse for non‑payment of taxes nor for failure to timely seek a reduction in assessed values. See the change of address exhibit form at the end of this book.

vii.Address Correction Confirmation

 

Because it is crucial to know if a change of address has been filed and has taken effect, buyers may want to request a duplicate tax bill from the county treasurer and a current assessment notice from the local assessing official. Each contains the name of the person to whom tax bills and assessment notices respectively are mailed. The data bases from which these two documents are generated may differ so it is important to order and check both.

 

viii.Lease Negotiations

 

During lease negotiations, triple net tenants (those to whom the landlord passes on all of his taxes, utility payments and insurance premiums) who will occupy a significant portion of a building may want to bargain for the right to contest assessments instead of the landlord. Triple net tenants may also want leases written so they gain the right to have tax bills and assessment notices mailed by the county directly to them rather than to the landlords.

 

ix.Tax Division

 

If you buy or sell property that is only a portion of one or more PINs (tax parcels), a tax division should be filed with the assessor. This assures that a new tax parcel and new PIN is created with the legal description of your property only. The other portion will then be given its own new PIN. A division avoids the possibility of one party accidentally paying the taxes for both. Also, in the event the other party fails or refuses to pay its portion of the taxes, a division avoids your having to pay taxes on the entire parcel in order to avoid a tax sale.

 

x. Tax Consolidation

 

The reverse of a division is a consolidation. If, for example, six lots and six PINs underlie one building, you may want to consolidate them into one number. This will generate only one notice and a single real estate tax bill.

 

xi. Home Improvements

 

Reductions for home improvements expire after four to six years. Thus, if the seller built an addition on his house five years ago, for example, and it expires in the year of his sale, the new buyer will be surprised by the resulting tax increase due to expiration of the home improvements exemption.

 

xii. Age Factor

 

Even if the assessment remains unchanged, a homeowner under age 65 who purchases from an over‑65 seller will receive a higher tax bill due to loss of the senior citizens exemption.

 

xiii. Purchase Price

 

Try to reduce taxes by reducing a recent purchase price. Methods for reducing the sale price on which a newly purchased property will be assessed are to argue that:

 

the price also included inventory, machinery or other personal property, or

the price included home appliances, furniture, tools and other personal property.

 

Buyers should negotiate to obtain a bill of sale listing all personal property transferred with the real estate. They should be sure that these amounts for personal property are deducted from the total purchase price when the net amount paid for real estate is listed on the Illinois Transfer Tax Declaration form (Green Sheet).

 

xiv. Proration on Upcoming Tax Bill

 

Often the purchase price will exceed Assessor's FMV. The buyer may want to calculate what the higher tax bill would be based on the higher FMV (sale price) and prorate based on that estimated tax bill rather than on the most recent actual tax bill. The most recent tax bill issued by the County Treasurer is based on last year's assessed value, ie, on the pre‑sale value.

 

xv.Proration Plus C/E

 

After purchasing real estate, a buyer should compare the Assessor's proposed FMV and the contract price. If the Assessor's FMV exceeds the purchase price, a buyer may want to prorate existing taxes and then file an assessment reduction complaint for the current year and a Certificate for the prior year. Depending on how the sales contract is written, a reduction could benefit the buyer if the proration was based on the higher (so far) unreduced taxes. Depending on how the contract is written, one party or the other would be allowed to keep the tax refund if a C/E is successful for a prior year. Normally, the refund goes to the party that wrote the check (seller) even if another party (buyer) filed the C/E to get it. Consequently, a party should attempt to negotiate the contract terms to favor his position.

 

xvi.Buyer Research of Low Tax Areas

 

Before purchasing real property, buyers should research local tax rates which vary significantly. Not all taxing districts levy real estate taxes, even though they are allowed to. For example, the Village of Schaumburg receives so much sales tax from Woodfield Mall that it has been able to operate its government without levying real estate taxes.

 

xvii.Repair Escrows

 

In some instances the seller of a piece of property is required to make improvements or repairs in the property before the sale closes. If the seller is required to place in escrow to be used by the buyer to make repairs or other improvements to the building, care should be taken to be sure that the amount of the escrow payment is deducted from the sales price for purposes of filing out the Illinois Revenue Department's Transfer Tax Declaration (green sheet). Neglecting to adjust the price shown on the green sheet can subject the party paying transfer taxes to an unnecessarily high tax and can result in unnecessarily high real estate taxes for the buyer for the next 3-5 years based on the sales tax reported to the state.

 

xviii.Amortization of Expenses

 

When calculating FMV using the income approach (see the Chapter above entitled "Finding Your Property's Fair Market Value"), watch for one‑time extraordinary expenses on the property owners income tax return. One‑time extraordinary expenses or capital expenses cannot be taken as an expense in one year. They must be amortized over a number of years.

 

xix.Environmental Hazards

 

If a property owner discovers a significant environmental hazard on his property and is financially unable to clean it up, he/she is still not likely to receive a reduction in real estate taxes. The owner should submit to the local assessing official a Phase I study and a Phase II corrective action plan. Even though realisitically a contaminated property would have a lower market value than a clean site, assessing officials will provide no relief until after the hazard is cleaned up and the reason for the lower value no longer exists.

 

If the owner is financially unable to fix the problem, it normally gets no tax relief.

 

xx.Interest Free Loan.

 

In that rare case where a consolidation or division of tax parcels has occurred, a brand new PIN or PINs will be issued. In these circumstances, the amount owed for the first installment will be $0 and the entire tax bill will be due at the time for the second installment. The reason for this is that the first installment is an estimated tax. It is calculated as 50% of the prior year's tax bill for the particular PIN. By definition, a newly created PIN had no tax the prior year, so 50% x $0 = $0.

 

If a property owner has a good reason to divide one land parcel into two parcels or alternatively a reason to consolidate two parcels into one Permanent Index Number (PIN), the by-product of this can be a 5-6 month interest free "loan" from the county.

 

37. C/E Tax Debt

 

Whenever a taxpayer receives a C/E, she should always look to see if any taxes are still owing. The safest course is to pay all taxes in the beginning when due and to seek a refund when and if the C/E is approved by the local assessing official and by the circuit court. Those taxpayers who reject this advice and who successfully obtain a C/E when it is adjudicated in their favor two or three years later will receie a reduction (but not elimination) of taxes due. They must pay whatever the balance turns out to be or become liable for substantial interest penalities and the probability that these delinquent taxes will be sold. This situation also occurs for those who request but are rejected for a C/E. They too have gambled. The best practice is to pay taxes when due to avoid unnecessary interest payments.

 

When a C/E is approved, the taxpayer should look at the "recommended balance due" on the C/E form returned to the taxpayer and pay that.

 


APPENDIX

 


Exhibit 1ASSESSMENT NOTICE

 

 



199__ REAL ESTATE ASSESSED VALUATION COMPLAINT

TOWNSHIP ASSESSOR OF COOK COUNTY COMPLAINT NUMBER

 

118 NORTH CLARK

 

 

CHICAGO, ILLINOIS

 

TYPE OR PRINT ALL INFORMATION - THREE (3) COPIES OF THIS COMPLAINT FORM MUST BE FILED

NAME OF OWNER/LESSEE_____________________________ PHONE (during day)___________________

 

OWNER/LESSEE ADDRESS_____________________________ CITY & ZIP__________________________ 

MAJOR

PROPERTY ADDRESS_________________________________ CITY & ZIP__________________________ CLASS 

     

- - - -

     

TOWNSHIP___________ VOLUME PERMANENT INDEX NUMBER

 

If multi-parcel complaint, indicate additional numbers here:_______________________________________________________

 

PURCHASE PRICE______________________ PURCHASE DATE____________ ESTIMATE OF CURRENT VALUE_________________________

 

Through my signature below I affirm: (1) that I am the owner/lessee or representative of the property described above; (2) that all information on this form and any accompanying documentation are true and accurate to the best of my knowledge; (3) that the assessment on the property described above is inaccurate based on the following facts:

_________________________________________________________________________________________________________

_________________________________________________________________________________________________________

 

____________________________________ ____________ ______________________________ ___________________

SIGNATURE OF OWNER/LESSEE OR REPRESENTATIVE DATE RECEIVED BY (ASSESSOR STAFF) DATE

Through my signature below I affirm: (1) that I am the appointed representative for the owner/lessee of the property described above; (2) that neither I nor any person on my behalf has directly or indirectl solicited employment by the owner/lessee in regard to this complaint; (3) that I have read the Cook County Assessor's rules for fil ng complaints; (4) that I have knowledge of the matters covered in this complaint.

FOR OFFICE USE ONLY

SIGNATURE OF REPRESENTATIVE

NAME PHONE

ADDRESS

CITY & ZIP DATE

Form 4818 Rev. 1990


1996 REAL ESTATE ASSESSED VALUATION COMPLAINT THE BOARD OF APPEALS OF COOK COUNTY

TYPE OR PRINT ALL INFORMATION. COMPLY WITH BOARD RULES AND REGULATIONS IN FILLING OUT THIS FORM.

 

Name of Appellant

 

Address of Appellant

 

City Zip Phone No.

STATUS OF APPELLANT

Owner Former Owner Liable for Tax Tenant Liable for Tax

Beneficiary of Trust Executor Other (Explain)

 

LOCATION AND IDENTIFICATION OF REAL ESTATE

 

Address City Township

Single Family 6 Apts. or Less Over 6 Apts. Other

Description of Property: Commercial Industrial Not-For-Profit

Mixed Use Vacant Land Condo

 

If purchased on or after January 1, 1993: Year Purchased Purchase Price $

If purchased prior to January 1, 1993, insert "prior".

The undersigned Appellant states that the above described real estate is OVERASSESSED by the Assessor of Cook County for the Year 1996.

Was an Appeal made to the Assessor for 1996? Yes No.

Was an Appeal made to the Board of Appeals for 1995 Yes No.

The undersigned states that he has read the above complaint, has personal knowledge of the contents thereof, and the same is true in substance and in fact.

Signature of Appellant, or Attorney

ATTORNEY'S CERTIFICATION: I,

ATTORNEY'S NAME (PRINTED OR TYPED)