SUCCESSFUL

SUCCESSFUL

REAL ESTATE

TAX REDUCTION

A Strategy Guide for Taxpayers

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."

REAL ESTATE

TAX REDUCTION

A Strategy Guide for Taxpayers

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 Redemption……………………………………………………………………………………………113

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

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 property’s 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.

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.

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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:

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 assessor’s 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 county’s computer substitute her name for the seller’s 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 citizen’s 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 owner’s 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) FIRM

, certify that I have obtained

FIRM ADDRESS CITY ZIP PHONE

from (1)

explicit

APPELLANT TITLE OR POSITION

authorization to file this 1993 complaint and (2) the Appellant's assurance that I am the only attorney so authorized.

Signature of Attorney Board of Appeals Code No.

NOTICE TO APPELLANT: You will be notified by mail of the time and place of your hearing. You must be prepared at that time to present any evidence you have in support of your claim. Please see the 1996 Rules of the Board of Appeals which govern all appeals.

BOARD OF APPEALS - ORIGINAL

COMPLAINT NO.

Received & Checked by:

List in ascending order all Permanent Index Numbers of related parcels of the property owned by Appellant.

PERMANENT INDEX NUMBER VOLUME

10.

11.

12.

13.

14.

15.

16.

17.

18.

19.

20.

21.

22.

23.

24.

25.

DO NOT LIST COMPARABLES ABOVE

.............................................................................................................................................................. Exhibit 4
1992 ASSESSMENT FILING DATES Exhibit 4
1992 ASSESSMENT FILING DATES Exhibit 4
1992 ASSESSMENT FILING DATES Exhibit 4
1992 ASSESSMENT FILING DATES Exhibit 4

1992 ASSESSMENT FILING DATES

06/03/93

Township	Notices Mailed	Last Date Appeals Accepted	Date A-Roll Certified	Date A-Roll Published	Board of Appeals Filing Date	PAS
Calumet	06/04/92	07/06/92	10/05/92	10/15/92	10/28/92 - 11/30/92	F
River Forest	06/04/92	07/06/92	09/29/92	10/14/92	10/28/92 - 11/30/92	F
Riverside	06/04/92	07/06/92	09/29/92	10/14/92	10/28/92 - 11/30/92	F
Stickney	06/09/92	07/09/92	10/13/92	10/28/92	11/02/92 - 12/08/92	F
Lemont	06/09/92	07/09/92	10/06/92	10/15/92	10/28/92 - 11/30/92	F
Cicero	06/10/92	07/10/92	10/09/92	10/21/92	10/28/92 - 11/30/92	F
*Norwood Park	06/15/92	07/15/92	12/08/92	12/23/92	01/07/93 - 02/08/93	F
*Barrington	06/15/92	07/15/92	12/15/92	12/31/92	01/07/93 - 02/08/93	F
Berwyn	06/17/92	07/17/92	10/01/92	10/14/92	10/28/92 - 11/30/92	F
Palos	06/19/92	07/20/92	10/15/92	10/29/92	11/02/92 - 12/08/92	F
Oak Park	06/19/92	07/20/92	10/13/92	10/28/92	11/02/92 - 12/08/92	F
*New Trier	06/29/92	08/05/92	12/21/92	01/07/93	02/08/93 - 03/12/93	2
*Hanover	06/29/92	07/29/92	12/15/92	12/31/92	01/07/93 - 02/08/93	2
Orland	07/07/92	08/05/92	10/20/92	10/29/92	11/02/92 - 12/08/92	F
Rich	07/07/92	08/05/92	10/23/92	11/05/92	01/07/93 - 02/08/93	F
*Niles	07/10/92	08/10/92	01/28/93	02/11/93	02/19/93 - 03/23/93	2
Bloom	07/16/92	08/17/92	10/29/92	11/12/92	01/07/93 - 02/08/93	F
Bremen	07/16/92	08/17/92	10/28/92	11/12/92	01/07/93 - 02/08/93	F
Worth	08/18/92	09/17/92	11/09/92	11/19/92	01/07/93 - 02/08/93	F
Proviso	08/18/92	09/17/92	11/17/92	12/02/92	01/07/93 - 02/08/93	F
Thornton	08/20/92	09/21/92	11/18/92	12/03/92	01/07/93 - 02/08/93	F
Lyons	08/20/92	09/21/92	11/13/92	11/25/92	01/07/93 - 02/08/93	F
Rogers Park	08/20/92	09/21/92	11/06/92	11/18/92	01/07/93 - 02/08/93	F
*Elk Grove	10/02/92	11/02/92	02/10/93	02/24/93	03/15/93 - 04/15/93	2
*Evanston	10/05/92	11/04/92	01/11/93	01/21/93	02/19/93 - 03/23/93	2
*Leyden	10/05/92	11/04/92	02/24/93	03/11/93	03/15/93 - 04/15/93	2
Lake	10/07/92	11/06/92	01/07/93	01/21/93	02/08/93 - 03/12/93	2
Hyde Park	10/16/92	11/16/92	01/15/93	02/03/93	02/08/93 - 03/12/93	2
Lake View	10/26/92	11/25/92	01/20/93	02/03/93	02/08/93 - 03/12/93	2
North	10/28/92	11/27/92	03/11/93	03/25/93	03/29/93 - 04/29/93	2
Jefferson	10/30/92	11/30/92	02/01/93	02/11/93	02/19/93 - 03/23/93	2
West	11/02/92	12/02/92	02/24/93	03/11/93	03/15/93 - 04/15/93	2

South	11/06/92	12/07/92	03/11/93	03/25/93	03/29/93 - 04/29/93	2
*Northfield	11/09/92	12/09/92	03/05/93	03/25/93	03/29/93 - 04/29/93	2
*Schaumburg	11/10/92	12/10/92	03/11/93	03/25/93	03/29/93 - 04/29/93	2
*Palatine	11/13/92	12/14/92	03/08/93	03/25/93	03/29/93 - 04/29/93	2
*Maine	11/18/92	12/18/92	03/09/93	03/24/93	03/29/93 - 04/29/93	2
*Wheeling	11/18/92	12/18/92	03/11/93	03/25/93	03/29/93 - 04/29/93	2
(*) RE DISTRICT Filename: 92ASMT.WK1

Exhibit 51993 ASSESSMENT FILING DATES

02/15/94

Township	Notices Mailed	Last Date Appeals Accepted	Date A-Roll Certified	Date A-Roll Published	Board of Appeals Filing Date	PAS
*Calumet	03/26/93	04/26/93	09/08/93	09/30/93	10/01/93 - 11/01/93	2
*River Forest	03/29/93	04/29/93	09/09/93	09/29/93	10/01/93 - 11/01/93	2
*Cicero	03/29/93	04/29/93	10/28/93	11/10/93	11/19/93 - 12/21/93	2
*Riverside	04/08/93	05/10/93	09/14/93	10/06/93	10/19/93 - 11/18/93	2
Norwood Park	04/14/93	05/14/93	10/05/93	10/20/93	11/01/93 - 12/02/93	2
Barrington	04/15/93	05/17/93	19/05/93	10/21/93	11/01/93 - 12/02/93	2
Rogers Park	04/16/93	05/18/93	09/09/93	09/29/93	10/01/93 - 11/01/93	2
*Stickney	04/16/93	05/18/93	10/29/93	11/10/93	11/19/93 - 12/21/93	2
*Berwyn	04/22/93	05/24/93	09/08/93	09/29/93	10/01/93 - 11/01/93	2
Hanover	04/30/93	06/01/93	10/26/93	11/11/93	11/19/93 - 12/21/93	2
*Lemont	05/07/93	06/07/93	09/29/93	10/14/93	10/19/93 - 01/18/93	2
Niles	05/12/93	06/11/93	01/04/94	01/20/94	01/24/94 - 02/24/94	2
*Oak Park	05/14/93	06/14/93	09/29/93	10/13/93	10/19/93 - 11/18/93	2
New Trier	05/18/93	06/17/93	01/04/94	01/20/94	01/24/94 - 02/24/94	2
*Bremen	05/21/93	06/21/93	10/27/93	11/11/93	11/19/93 - 12/21/93	2
Evanston	05/25/93	06/24/93	10/26/93	11/11/93	11/19/93 - 12/21/93	2
Elk Grove	05/28/93	06/28/93	01/07/94	01/19/94	02/01/94 - 03/03/94	2
*Bloom	05/28/93	06/28/93	12/14/93	12/30/93	01/07/94 - 02/07/94	2
*Palos	06/03/93	07/06/93	09/30/93	10/14/93	10/19/93 - 11/18/93	2
Hyde Park	06/09/93	07/09/93	10/29/93	11/17/93	11/19/93 - 12/21/93	2
Lake	06/23/93	07/23/93	11/04/93	11/18/93	11/19/93 - 12/21/93	2
Leyden	06/23/93	07/23/93	12/30/93	01/13/94	01/18/94 - 02/17/94	2
*Orland	06/23/93	07/23/93	12/03/93	12/16/93	12/27/93 - 01/26/94	2
*Rich	06/24/93	07/26/93	11/29/93	12/16/93	12/27/93 - 01/26/94	2
*Proviso	06/26/93	07/26/93	01/25/94	02/09/94	02/14/94 - 03/21/94	2
West	07/16/93	08/16/93	01/27/94	02/10/94	02/16/94 - 03/23/94	2
Lake View	07/21/93	08/20/93	11/29/93	12/15/93	12/27/93 - 01/26/94	2
Maine	07/23/93	08/23/93	01/04/94	01/20/94	01/24/94 - 02/24/94	2
Wheeling	08/03/93	09/02/93	01/05/94	01/20/94	01/24/94 - 02/24/94	2
Schaumburg	08/06/93	09/07/93	01/10/94	01/27/94	02/01/94 - 03/03/94	2
Northfield	08/11/93	09/10/93	01/05/94	01/20/94	01/24/94 - 02/24/94	2
Palatine	08/12/93	09/13/93	12/10/93	12/23/93	01/07/94 - 02/07/94	2
Jefferson	08/20/93	09/20/93	01/24/94	02/03/94	02/10/94 - 03/16/94	2
North	08/31/93	09/30/93	01/27/94	02/10/94	02/16/94 - 03/23/94	2
South	08/31/93	09/30/93	01/27/94	02/10/94	02/16/94 - 03/23/94	2
*Thornton	09/01/93	10/01/93	01/26/94	02/10/94	02/16/94 - 03/23/94	2
*Worth	09/01/93	10/01/93	01/27/94	02/17/94	02/22/94 - 03/28/94	2
*Lyons	09/07/93	10/07/93	01/27/94	02/09/94	02/14/94 - 03/21/94	2
(*) RE DISTRICT Filename: 93ASMT.WK1

Exhibit 61994 ASSESSMENT FILING DATES

05/31/95

Township	Notices Mailed	Last Date Appeals Accepted	Date A-Roll Certified	Date A-Roll Published	Board of Appeals Filing Date	PAS
Calumet	03/09/94	04/08/94	09/27/94	10/06/94	10/11/94-11/14/94	B
Riverside	03/16/94	04/15/94	09/27/94	10/05/94	10/11/94-11/14/94	B
Norwood Park	03/16/94	04/15/94	09/27/94	10/05/94	10/11/94-11/14/94	B
Barrington	03/17/94	04/18/94	09/27/94	10/06/94	10/11/94-11/14/94	B
River Forest	03/17/94	04/18/94	09/27/94	10/06/94	10/11/94-11/14/94	B
Berwyn	03/23/94	04/22/94	09/27/94	10/05/94	10/11/94-11/14/94	B
Niles	04/15/94	05/16/94	01/26/95	02/09/95	02/14/95-03/15/95	2
Hanover	04/18/94	05/18/94	10/04/94	10/13/94	10/25/94-11/28/94	B
Cicero	04/18/94	05/18/94	10/04/94	10/12/94	10/25/94-11/28/94	B
Evanston	04/22/94	05/23/94	12/28/94	01/12/95	01/18/95-02/22/95	2
Elk Grove	04/29/94	05/31/94	10/25/94	11/09/94	11/14/94-12/15/94	B
Stickney	05/06/94	06/06/94	10/13/94	10/26/94	11/14/94-12/15/94	B
New Trier	05/10/94	06/09/94	10/13/94	10/27/94	11/14/94-12/15/94	B
Lemont	05/12/94	06/13/94	10/04/94	10/20/94	10/25/94-11/28/94	B
Oak Park	05/20/94	06/20/94	10/07/94	10/19/94	10/25/94-11/28/94	B
Leyden	06/03/94	07/05/94	10/25/94	11/10/94	12/19/94-01/19/95	B
Rogers Park*	06/10/94	07/15/94	12/30/94	01/18/95	03/20/95-04/19/95	2
Hyde Park*	06/10/94	07/15/94	03/30/95	04/19/95	04/25/95-05/25/95	2
Lake*	06/17/94	07/22/94	03/07/95	03/23/95	04/03/95-05/10/95	2
Bremen	06/20/94	07/20/94	12/01/94	12/15/94	01/06/95-02/07/95	2
Rich	06/24/94	07/25/94	11/14/94	12/01/94	01/06/95-02/07/95	2
Palos	06/30/94	08/01/94	11/07/94	11/24/94	12/19/94-01/19/95	B
Maine	07/06/94	08/08/94	11/17/94	12/07/94	12/19/94-01/19/95	2
Wheeling	07/15/94	08/15/94	12/15/94	01/05/95	01/18/95-02/22/95	2
Bloom	07/18/94	12/05/94	12/27/94	01/12/95	01/18/95-02/22/95	2
Schaumburg	07/25/94	08/24/94	01/17/95	02/02/95	02/14/95-03/15/95	2
Orland	08/03/94	09/02/94	12/06/94	12/15/94	01/06/95-02/07/95	2
Northfield	08/05/94	09/06/94	12/15/94	01/05/95	01/18/95-02/22/95	2
Proviso	08/12/94	09/12/94	01/27/95	02/08/95	02/14/95-03/15/95	2
Thornton	08/26/94	09/26/94	03/08/95	03/23/95	04/03/95-05/02/95	2
Palatine	08/26/94	09/26/94	03/14/95	03/30/95	04/03/95-05/02/95	2
Worth	09/12/94	10/13/94	02/09/95	02/23/95	03/20/95-04/19/95	2
Lyons	09/16/94	12/05/94	03/15/95	03/29/95	04/03/95-05/02/95	2
Jefferson*	11/14/94	12/19/94	04/19/95	05/11/95	05/17/95-06/19/95	2
West*	11/25/94	01/04/95	05/03/95	05/18/95	05/30/95-06/30/95	2
North*	12/27/94	01/30/95	05/11/95	05/25/95	05/30/95-06/30/95	2
South*	01/06/95	02/10/95	05/11/95	05/25/95	05/30/95-06/30/95	2
Lakeview*	03/03/95	04/07/95	05/16/95	05/24/95	05/30/95-06/30/95	2
Railroad			05/16/95
	38 Mailed		38 Certified
(*) RE DISTRICT ( ) PRIOR ASSESSED VALUATION NOT CERTIFIED BY BOARD OF APPEALS Filename: 94ASMTD.WK1

Exhibit 7
1995 ASSESSMENT FILING DATES Exhibit 7
1995 ASSESSMENT FILING DATES Exhibit 7
1995 ASSESSMENT FILING DATES Exhibit 7
1995 ASSESSMENT FILING DATES Exhibit 7

1995 ASSESSMENT FILING DATES

04/15/96

Township	Assessment Notices Mailed	Last Date Appeals Accepted	Date A-Roll Certified	Date A-Roll Published	Board of Appeals Filing Date	PAS
Calumet	06/09/95	07/10/95	10/13/95	10/26/95	11/02/95 - 12/04/95	F
Berwyn	06/09/95	07/10/95	10/13/95	10/25/95	11/02/95 - 12/04/95	F
Riverside	06/09/95	07/10/95	10/13/95	10/25/95	10/30/95 - 11/22/95	F
River Forest	06/09/95	07/10/95	10/13/95	10/25/95	10/30/95 - 11/22/95	F
Oak Park	06/19/95	07/20/95	10/17/95	10/25/95	10/30/95 - 11/22/95	F
Lemont	06/21/95	07/24/95	11/16/95	11/29/95	12/05/95 - 01/08/96	F
Stickney	06/21/95	07/24/95	10/17/95	10/25/95	11/02/95 - 12/04/95	F
Cicero	06/28/95	07/31/95	10/16/95	10/25/95	11/02/95 - 12/04/95	F
Palos	06/28/95	07/31/95	11/17/95	11/30/95	12/05/95 - 01/08/96	F
Norwood Park*	07/07/95	08/14/95	10/18/95	10/25/95	10/30/95 - 11/22/95	F
Rich	07/11/95	08/10/95	11/17/95	11/30/95	12/05/95 - 01/08/96	F
Bremen	07/17/95	08/16/95	11/28/95	12/07/95	12/12/95 - 01/12/96	F
Elk Grove*	07/28/95	09/05/95	01/12/96	01/25/96	01/29/96 - 02/28/96	2
Evanston*	07/28/95	09/05/95	12/21/95	01/11/96	01/18/96 - 02/16/96	2
Proviso	08/04/95	09/05/95	12/01/95	12/20/95	01/02/96 - 01/31/96	2
New Trier*	08/07/95	09/11/95	03/13/96	03/28/96	04/01/96 - 04/30/96	2
Orland	08/07/95	09/07/95	11/28/95	12/07/95	12/12/95 - 01/12/96	F
Leyden*	08/14/95	09/18/95	02/16/96	02/29/96	03/12/96 - 04/10/96	2
Bloom	08/14/95	09/14/95	11/30/95	12/21/95	01/02/96 - 01/31/96	2
Hanover*	08/21/95	09/25/95	01/31/96	02/15/96	02/22/96 - 03/22/96	2
Thomton	08/22/95	09/22/95	01/05/96	01/18/96	01/29/96 - 02/28/96	2
Rogers Park	08/25/95	09/25/95	12/04/95	12/13/95	01/02/96 - 01/31/96	2
Barrington*	08/28/95	10/02/95	01/24/96	02/08/96	02/13/96 - 03/14/96	2
Hyde Park	09/07/95	10/10/95	01/22/96	02/21/96	02/13/96 - 03/22/96	2
Lake	09/13/95	10/16/95	03/14/96	03/28/96	04/01/96 - 04/30/96	2
Worth	09/22/95	10/23/95	12/28/95	01/11/96	01/18/96 - 02/16/96	2
Jefferson	09/27/95	10/30/95	02/22/96	03/06/96	03/12/96 - 04/10/96	2
Lyons	10/03/95	11/03/95	01/26/96	02/07/96	02/13/96 - 03/14/96	2
West Chicago	10/20/95	11/20/95	04/01/96	04/11/96	04/15/96 - 05/10/96	2
Maine*	11/03/95	12/11/95	03/08/96	03/21/96	03/27/96 - 04/25/96	2
Niles*	11/03/95	12/11/95	03/25/96	04/11/96	04/15/96 - 05/10/96	2
South Chicago	11/07/95	12/11/95	04/01/96	04/11/96	04/15/96 - 05/10/96	2
North Chicago	11/09/95	12/11/95	03/28/96	04/11/96	04/15/96 - 05/10/96	2
Palatine*	1/10/95	12/18/95	03/27/96	04/11/96	04/15/96 - 05/10/96	2
Northfield*	11/10/95	12/18/95	03/21/96	04/04/96	04/15/96 - 05/10/96	2
Wheeling*	11/16/95	12/21/95	04/02/96	04/11/96	04/15/96 - 05/10/96	2
Schaumburg*	11/16/95	12/21/95	04/02/96	04/11/96	04/15/96 - 05/10/96	2
Lakeview	11/17/95	12/18/95	02/28/96	03/13/96	03/27/96 - 04/25/96	2
Railroad			04/02/96	04/11/96
	38 Mailed		38 Certified
(*) GREASSESSMENT DISTRICT (P) PRIOR ASSESSED VALUATION NOT CERTIFIED BY BOARD OF APPEALS Filename: 95ASMTD.WK1

Exhibit 81996 ASSESSMENT FILING DATES

04/15/96

Township	Assessment Notices Mailed	Last Date Appeals Accepted	Date A-Roll Certified	Date A-Roll Published	Board of Appeals Filing Date	PAS
Riverside*	05/10/96	06/17/96	12/27/96	01/15/97	01/24/97 - 02/24/97	2
Calumet*	05/10/96	06/17/96	10/17/96	10/31/96	11/14/96 - 12/16/96	2
Berwyn*	05/14/96	06/24/96	10/18/96	10/30/96	11/14/96 - 12/16/96	2
Stickney*	05/14/96	06/24/96	02/28/97	03/12/97	03/14/97 - 04/14/97	2
Norwood Park	05/15/96	06/17/96	12/27/97	01/15/97	01/24/97 - 02/24/97	2
Rogers Park	05/16/96	06/17/96	10/10/96	10/23/96	10/30/96 - 12/02/96	2
Cicero*	05/24/96	06/28/96	12/04/96	12/18/96	01/10/97 - 02/10/97	2
River Forest*	05/24/96	07/01/96	10/01/96	10/10/96	10/30/96 - 12/02/96	2
Oak Park*	06/07/96	07/15/96	11/04/96	11/20/96	12/19/96 - 01/21/97	2
Evanston	06/07/96	07/08/96	11/13/96	11/28/96	12/19/96 - 01/21/97	2
Worth*	06/17/96	07/22/96	01/30/97	02/13/97	02/18/97 - 03/19/97	2
Elk Grove	06/21/96	07/22/96	12/27/96	01/16/97	01/24/97 - 02/24/97	2
Barrington	07/02/96	08/02/96	11/13/96	11/28/96	12/19/96 - 01/21/97	2
Bremen*	07/05/96	08/12/96	01/17/97	01/30/97	02/10/97 - 03/13/97	2
Hyde Park	07/11/96	08/12/96	01/13/97	01/22/97	01/29/97 - 02/27/97	2
Palos*	07/12/96	08/19/96	01/22/97	02/06/97	02/10/97 - 03/13/97	2
Orland*	07/15/96	08/19/96	01/27/97	02/10/97	02/18/97 - 03/19/97	2
Leyden*	07/17/96	08/16/96	01/23/97	02/05/97	02/10/97 - 03/13/97	2
New Trier	07/19/96	08/19/96	12/30/96	01/16/97	01/24/97 - 02/24/97	2
Hanover*	07/19/96	08/19/96	12/27/96	01/16/97	01/24/97 - 02/24/97	2
Lake	07/29/96	08/28/96	02/10/97	02/20/97	02/24/97 - 03/25/97	2
Maine	08/14/96	09/16/96	01/31/97	02/13/97	02/18/97 - 03/19/97	2
Lakeview	08/16/96	09/16/96	02/13/97	02/26/97	03/04/97 - 04/08/97	2
Jefferson	08/21/96	09/23/96	02/19/97	03/06/97	03/07/97 - 04/09/97	2
Palatine	09/04/96	10/04/96	03/10/97	03/27/97	04/01/97 - 04/29/97	2
Niles	09/12/96	10/15/96	02/18/97	02/27/97	04/01/97 - 04/29/97	2
Lemont*	09/16/96	10/21/96	02/04/97	02/20/97	02/24/97 - 03/25/97	2
Rich*	09/20/96	10/28/96	02/03/97	02/20/97	02/24/97 - 03/25/97	2
Wheeling	09/26/96	10/28/96	02/26/97	03/13/97	03/14/97 - 04/14/97	2
Northfield	09/30/96	10/31/96	02/21/97	03/06/97	03/07/97 - 04/09/97	2
Bloom*	10/11/96	11/18/96	03/05/97	03/20/97	04/01/97 - 04/29/97	2
Lyons*	10/11/96	11/18/96	03/11/97	03/26/97	04/01/97 - 04/29/97	2
Schaumburg	10/17/96	11/18/96	02/24/97	03/06/97	03/07/97 - 04/09/97	2
West Chicago	11/04/96	12/06/96	03/12/97	04/03/97	04/04/97 - 05/01/97	2
Proviso*	11/08/96	12/16/96	03/12/97	04/02/97	04/04/97 - 05/01/97	2
South Chicago	11/08/96	12/10/96	03/12/97	03/27/97	04/01/97 - 04/29/97	2
Thornton*	11/11/96	12/16/96	03/11/97	03/27/97	04/01/97 - 04/29/97	2
North Chicago	11/13/96	12/16/96	03/12/97	03/27/97	04/01/97 - 04/29/97	2
Railroad			03/13/97
	38 Mailed		38 Certified
(*) REASSESSMENT DISTRICT (P) PRIOR ASSESSED VALUATION NOT CERTIFIED BY BOARD OF APPEALS Filename: 96ASMTD.WK1

2-36 . . . . any residence located on a parc el used primarily for industrial or commercial purposes

2-88 . . . . home improvement exemption

2-90 . . . . other minor improvements

2-94 . . . . rented modern row houses or townhouses with less than seven units

2-97 . . . . special residential improvements

2-99 . . . . residential condominium, individually owned units or condominiums with less than seven rental units, single development, one + contiguous parcels

CLASS 3: RENTAL (33%)

3-00 . . . . land used in conjunction with rental apartments

3-01 . . . . garage used in conjunction with rental apartments

3-13 . . . . two or three story building, seven or more units, single development, one or more contiguous parc els, in common ownership

3-14 . . . . two or three story non-fireproof court and corridor apartments or california type apartments, no corridors, exterior entrance

3-15 . . . . two or three story non-fireproof corridor apartments or california type apartments, interior entrance

3-18 . . . . two or three story frame stores, with apartments above

3-19 . . . . two or three story old style store, with apartments above

3-20 . . . . two or three story modern inside store with apartments above

3-21 . . . . corner store, office with apartments above

3-90 . . . . other minor improvements

3-91 . . . . apar tment buil dings over three stories

3-96 . . . . rented modern row houses, seven or more units in a single development or one or more contiguous parcels in common ownership

3-97 . . . . special rental improvements

3-99 . . . . rental condominium units in a single development of one or more contiguous parcels with seven or more rental units, common ownership

CLASS 4: NOT FOR PROFIT (30%)

4-00 . . . . not for profit land

4-01 . . . . not for profit garage

4-13 . . . . not for profit two or three story building, seven or more units, single development, one or more contiguous parcels, in common ownership

4-14 . . . . not for profit two or three story non-fireproof court and corridor apartments or california type apartments, no corridors, exterior entrance

4-15 . . . . not for profit two or three story non-fireproof corridor apartments, or california type apartments, interior entrance

4-16 . . . . not for profit non-fireproof hotel or rooming house (apartment hotel)

4-17 . . . . not for profit one story store

4-18 . . . . not for profit two or three story frame stores, with apartments above

4-19 . . . . not for profit two or three story old style store, with apartments above

4-20 . . . . not for profit two or three story modern inside store with apartment above

4-21 . . . . not for profit corner store, office with apartment above

4-22 . . . . not for profit one story non-fireproof public garage

4-23 . . . . not for profit gasoline station

4-26 . . . . not for profit commercial greenhouse

4-27 . . . . not for profit theatres

4-28 . . . . not for profit bank buildings

4-29 . . . . not for profit motels

4-30 . . . . not for profit supermarket

4-31 . . . . not for profit shopping center

4-32 . . . . not for profit bowling alley

4-33 . . . . not nor profit quonset huts and butler type buildings

4-35 . . . . not for profit golf course improvement

4-80 . . . . not for profit other industrial minor improvements

4-81 . . . . not for profit garage used in conjunction with industrial improvements

4-83 . . . . not for profit industrial quonset huts and butler type buildings

4-87 . . . . not for profit special industrial improvements

4-89 . . . . not for profit industrial condominium units

4-90 . . . . not for profit other minor improvements

4-91 . . . . not for profit improvement over three stories

4-92 . . . . not for profit two or three story building containing part or all retail and/or commercial space

4-93 . . . . not for profit industrial

4-96 . . . . not for profit rented modern row houses, seven or more units in a single development or one or more contiguous parc els in common ownership

4-97 . . . . not for profit special improvement

4-99 . . . . not for profit condominium

CLASS 5: COMMERCIAL/INDUSTRIAL

A. Commercial Classes (38%)

5-00 . . . . commercial land

5-35 . . . . golf course land

5-01 . . . . garage used in conjunction with commercial improvements

5-16 . . . . non-fireproof hotel or rooming house (apartment hotel)

5-17 . . . . one story store

5-22 . . . . one story non-fireproof public garage

5-23 . . . . gasoline station

5-26 . . . . commercial greenhouse

5-27 . . . . theatres

5-28 . . . . bank buildings

5-29 . . . . motels

5-30 . . . . supermarket

5-31 . . . . shopping center

5-32 . . . . bowling alley

5-33 . . . . quonset huts and butler type buildings

5-35 . . . . golf course improvement

5-90 . . . . commercial minor improvements

5-91 . . . . commercial buildings over three stories

5-92 . . . . two or three story building containing part or all retail and/or commercial space

5-97 . . . . special commercial improvements

5-99 . . . . commercial condominium units

B. Industrial Classes (36%)

5-50 . . . . industrial land

5-80 . . . . other industrial minor improvements

5-81 . . . . garage used in conjunction with industrial improvements

5-83 . . . . industrial quonset huts and butler type buildings

5-87 . . . . special industrial improvements

5-89 . . . . industrial condominium units

5-93 . . . . industrial

CLASS 6A: INDUSTRIAL INCENTIVE (30% FOR 8 YEARS)

CDU = 8 YEARS @ 30% (1984 ORDINANCE)

A. Industrial Incentive Classes (6A)

6-50 . . . . industrial land

6-80 . . . . other industrial minor improvements

6-81 . . . . garage used in conjunction with industrial incentive improvements

6-83 . . . . industrial quonset huts and butler type buildings

6-87 . . . . special industrial improvements

6-89 . . . . industrial condominium units

6-93 . . . . industrial

CLASS 6B: INDUSTRIAL INCENTIVE (16% FOR 8 YEARS/30% FOR 4 YEARS)

CDU = PI 13 YEARS @ 16% (1978 ORDINANCE)

CDU = 8 YEARS @ 16% AND 4 YEARS @ 30% (1984 ORDINANCE)

CDU = LC 8 YEARS @ 16% (1990 ORDINANCE)

CDU = NI 8 YEARS @ 16%, 1 YEAR @ 23%, AND 1 YEAR @ 30%

(1995 ORDINANCE)

A. Industrial Incentive Classes (6B)

6-51 . . . . industrial land

6-63 . . . . industrial

6-70 . . . . other industrial minor improvements

6-71 . . . . garage used in conjunction with industrial incentive improvements

6-73 . . . . industrial quonset huts and butler type buildings

6-77 . . . . special improvements

6-79 . . . . industrial condominium units

CLASS 7A: COMMERCIAL INCENTIVE (16% FOR 8 YEARS/30% FOR 4 YEARS)

CDU = CA 8 YEARS @ 16%, 1 YEAR @ 23%, AND 1 YEAR @ 30%

(1995 ORDINANCE)

A. Commercial Incentive Classes

7-00 . . . . commercial incentive land

7-35 . . . . golf course land

7-01 . . . . garage used in conjunction with commercial incentive improvements

7-16 . . . . non-fireproof hotel or rooming house (apartment hotel)

7-17 . . . . one store retail, restaurant or banquet hall, medical building, miscellaneous commercial use

7-22 . . . . garage, public/service

7-23 . . . . gasoline station with/without bays, store

7-26 . . . . commercial greenhouse

7-27 . . . . theatres

7-28 . . . . bank buildings

7-29 . . . . motels

7-30 . . . . supermarket

7-31 . . . . shopping center (regional, community, neighborhood, promotional, specialty)

7-32 . . . . bowling alley

7-33 . . . . quonset huts and butler type buildings

7-35 . . . . golf course improvement

7-90 . . . . other minor improvements

7-91 . . . . office building (one story, low rise, mid rise, high rise)

7-92 . . . . two or three story building containing part or all retail and/or commercial space

7-97 . . . . facilities (tennis, racquetball, health club), (nursing, retirement home), automobile dealership, commercial structure

7-99 . . . . commercial/industrial-condominium units/garage

CLASS 7B: COMMERCIAL INCENTIVE

CDU = 13 YEARS @ 16% (1980 ORDINANCE)

CDU = CI 8 YEARS @ 16%, 4 YEARS @ 30% (1984 ORDINANCE)

CDU = CB 8 YEARS @ 16%, 1 YEAR @ 23%, AND 1 YEAR @ 30%

(1995 ORDINANCE)

B. Commercial Incentive Classes

7-42 . . . . commercial incentive land

7-43 . . . . garage used in conjunction with commercial

incentive improvements

7-45 . . . . golf course land

7-45 . . . . golf course improvement

7-46 . . . . non-fireproof hotel or rooming house

(apartment hotel)

7-47 . . . . one story retail, restaurant, or banquet

hall, medical building, miscellaneous

commercial use

7-48 . . . . motels

7-52 . . . . garage, public/service

7-53 . . . . gasoline station, with/without bays, store

7-56 . . . . commercial greenhouse

7-57 . . . . theatres

7-58 . . . . bank buildings

7-60 . . . . supermarket

7-61 . . . . shopping center (regional, community, neighborhood,

promotional, specialty)

7-62 . . . . bowling alley

7-64 . . . . quonset huts and butler type buildings

7-65 . . . . other minor improvements

7-67 . . . . facilities (tennis, raquetball, health

club), (nursing, retirement home),

automobile dealership, commercial structure

7-72 . . . . two or three story building containing part

or all retail and/or commercial space

7-74 . . . . office building (one story, low rise,

mid rise, high rise)

7-98 . . . . commercial/industrial-condominium units/garage

CLASS 8: COMMERCIAL/INDUSTRIAL INCENTIVE (16% FOR 12 YEARS)

CDU = 12 YEARS @ 16% (1984 ORDINANCE)

CDU = SK 10 YEARS @ 16%, 1 YEAR @ 23%, AND 1 YEAR @ 30%

(1995 ORDINANCE)

8-00 . . . . commercial incentive land

8-35 . . . . golf course land

8-50 . . . . industrial incentive land

8-01 . . . . garage in conjunction with commercial incentive improvements

8-16 . . . . non-fireproof hotel or rooming house (apartment hotel)

8-17 . . . . one story retail, restaurant (banquet hall, fast food), medical, miscellaneous commercial use

8-22 . . . . garage (public/service)

8-23 . . . . gasoline station with/without bay, store

8-26 . . . . commercial greenhouse

8-27 . . . . theatres

8-28 . . . . bank building

8-29 . . . . motels

8-30 . . . . supermarket

8-31 . . . . shopping center (regional, community, neighborhood, promotional, specialty)

8-32 . . . . bowling alley

8-33 . . . . quonset huts and butler type buildings

8-35 . . . . golf course improvement

8-80 . . . . other industrial minor improvements

8-81 . . . . garage used in conjunction with industrial incentive improvements

8-83 . . . . quonset huts and butler type buildings

8-87 . . . . special industrial improvements

8-89 . . . . industrial condominium units

8-90 . . . . other minor improvements

8-91 . . . . office building (one-story, low rise, mid rise, high rise)

8-92 . . . . two or three story building containing part or all retail and/or commercial space

8-93 . . . . industrial buil dings

8-97 . . . . facilities, (tennis, racquetball, health club), (nursing, retirement home), automobile dealership, miscellaneous commercial structure

8-99 . . . . commercial/industrial condominium units/garage

CLASS 9: MULTI FAMILY INCENTIVE (16% FOR 8 YEARS)

CDU + 10 YEARS @ 16% (1988 ORDINANCE)

9-00 . . . . land used in conjunction with incentive rental apartments

9-01 . . . . garage used in conjunction with incentive rental apartments

9-13 . . . . two or three story building, seven or more units, single development, one or more contiguous parc els, in common ownership

9-14 . . . . two or three story non-fireproof court and corridor apartments or california type apartments, no corridors, exterior entrance

9-15 . . . . two or three story non-fireproof corridor apartments, or california type apartments, interior entrance

9-18 . . . . two or three story frame stores, with apartments above (must be split coded with another class)

9-19 . . . . two or three story old style store, with apartments above (must be split coded with another class)

9-20 . . . . two or three story modern inside store with apartments above (must be split coded with another class)

9-21 . . . . corner store, office with apartments above (must be split coded with another class)

9-59 . . . . rental condominium units in a single development of one or more contiguous parcels with seven or more rental units, common ownership

9-90 . . . . other minor improvements

9-91 . . . . apar tment buil dings over three stories

9-96 . . . . rented modern row houses, seven or more units in a single development or one or more contiguous parc els in common ownership

9-97 . . . . special rental improvements

Exhibit 11 COOK COUNTY ENTERPRISE ZONES

CAL SAG ZONE: 7.43 square miles; includes all of Blue Island, Calumet Park, and Robbins and portions of Alsip and Dixmoor and a portion of unincorporated Cook County; emphasis on manufacturing use of undeveloped property along Calumet‑Saginaw Canal and commercial and industrial revitalization in downtowns; Certified July 1, 1985 for 20 years.

CALUMET REGION: 6.8 square miles; includes portions of Calumet City, Dolton and Riverdale; emphasis on targeting growth industries. Certified July 1, 1987 for 20 years.

CHICAGO ZONE I: 10.0 square miles, including most area between the Stevenson and Eisenhower expressways; emphasis on revitalization of commercial, industrial and residential areas. Certified July 1, 1984 for 20 years.

CHICAGO ZONE II: 4.2 square miles, in the south central area of the city, known as Back of the Yards, bordered roughly by 51st street on the south, Cottage Grove on the east, Western Avenue on the west and 31st Street on the north; includes a combination of commercial, industrial and residential areas. Certified July 1, 1983 for 20 years.

CHICAGO ZONE III: 10.5 square miles; located in the southeast sector of the city, includes Lake Calumet, the steelyards area, the Pullman industrial area and the Port of Chicago. Certified July 1, 1983 for 20 years.

CHICAGO ZONE IV: 10.8 square miles, bordered roughly by the Kennedy Expressway on the west, Eisenhower Expressway on the south, Kedzie on the east and Grand avenue on the north; emphasis on revitalization of commercial, industrial and residential areas. Certified July 1, 1984 for 20 years.

CHICAGO ZONE V: 6.9 Square miles; border runs south on Cicero from Chicago Avenue to North Avenue, northeast to Pulaski, south to Chicago Avenue, Chicago east to Kedzie, Kedzie south to the Eisenhower Expressway, the Eisenhower west to Cicero Avenue, Cicero north to Madison Street, west to Central, Central north to Chicago and Chicago east to Cicero; includes all or portions of Humboldt Park, Austin, West Garfield Park and East Garfield Park; emphasis on revitalization of commercial, industrial and residential areas. Certified July 1, 1984 for 20 years.

CHICAGO ZONE VI: 9.4 Square miles in the Englewood area bordered roughly by 51st street on the north, 95th street on the south, Western Avenue on the west and Cottage Grove on the east; emphasis on residential, commercial and industrial improvements. Certified July 1, 1987 for 20 years.

CHICAGO HEIGHTS: 7.9 square miles; extends to city limits; emphasis on job retention, economic diversification, downtown revitalization. Certified July 1, 1984 for 20 years.

CICERO: 6.0 square miles; extends to city limits; emphasis on commercial and industrial diversification and revitalization of industrial base. Certified July 1, 1984 for 20 years.

HARVEY/PHOENIX: 7.7 square miles; extends to city and village limits; emphasis on commercial and industrial expansion; 20 year term. Certified June 1, 1986 for 20 years.

MAYWOOD: 2.8 square miles; includes the corporate limits of Maywood; emphasis on business expansion. Certified July 1, 1988 for 20 years.

SUMMIT/BEDFORD PARK: 8.2 square miles; extends to city limits of both communities; emphasis on job retention. Certified July 1, 1984 for 20 years.

Exhibit 12CHICAGO ENTERPRISE ZONES

Exhibit

Number of Parcels

Per Cook County Township

Township	1995	1996
Hyde Park	99,476
Jefferson	138,264
Lake	190,074
Lakeview	64,749
North Chicago	39,755
Rogers Park	16,307
South Chicago	28,872
West Chicago	109,473

City Totals	688,970


Barrington	6,309
Elk Grove	28,776
Evanston	20,548
Hanover	26,539
Leyden	31,971
Maine	49,299
New Trier	22,576
Niles	42,732
Northfield	31,112
Norwood Park	9,445
Palatine	37,320
Schaumburg	44,596
Wheeling	55,247

Northwest Triennial Totals	406,470

Berwyn	15,131
Bloom	39,632
Bremen	50,449
Calumet	7,172
Cicero	17,201
Lemont	7,037
Lyons	40,188
Oak Park	16,105
Orland	32,344
Palos	20,814
Proviso	54,748
Rich	23,803
River Forest	4,330
Riverside	6,251
Stickney	14,760
Thornton	79,008
Worth	60,296

Southwest Triennial Totals	489,269
Northwest Triennial Totals	406,470
Suburban Township Totals	895,739
City Totals	688,970

County Totals	1,582,709

Exhibit

Newspaper Publication

Cook County Assessments

Township	Newspapers
Berwyn	Berwyn/Stickney/Forestview Life
Bloom	Daily Southtown South Suburban Standard
Bremen	Midlothian/Bremen Messenger Alsip/Blue Island/Oak Forest/Midlothian/Tinley Park Star
Calumet	Daily Southtown Palos/Oaklawn/Worth Citizen
Cicero	Cicero Life
Lemont	Lemont Reporter
Lyons	Des Plaines Daily News Hickory Hills/Suburban Life Citizen/Bridgeview Independent
Oak Park	Oak Leaves Wednesday Journal
Orland	Daily Southtown Orland Township Messenger Tinley Park/Orland Park Star
Palos	Bridgeview Independent Regional News Palos/Hickory Hills/Worth Citizen
Proviso	Star-Sentinel Forest Park Review Suburban Life Citizen Maywood/Melrose Park/Westchester/ West Proviso Herald
Rich	Hazel Crest/Country Club Hills/Homewood Flossmoor/Park Forest/ Matteson/Richton Park Star
River Forest	Forest Leaves
Riverside	Riverside/North Riverside Suburban Life Citizen
Stickney	Worth Citizen Berwyn/Stickney/Forestview Life Burbank/Stickney/Bridgeview Independent
Thornton	Daily Southtown South Suburban Citizen Blue Island/Harvey/Markham/South Holland/Calumet City Star
Worth	Worth Reporter Alsip Express Daily Southtown Oak Lawn Independent Evergreen Park Courier Worth/Chicago Ridge Citizen
Rogers Park	News-Star The Journal
Hyde Park	Chatham Citizen Daily Southtown Hyde Park Herald
Lake	Bulletin Beverly Review Bridgeport News Daily Southtown Southend Citizen Back of the Yards Journal
Lakeview	Lakeview Booster
West	Lawndale News
South	Bridgeport News Chicago Daily Defender
North	Skyline
Jefferson	Jefferson Park/Portage Park/Bel-Cragin Times
Norwood Park	Hardwood Heights/Norridge News
Elk Grove	Elk Grove Times Schaumburg/Hoffman Estates Review Elk Grove/Mount Prospect/Arlington Heights Herald
Evanston	Evanston Review
New Trier	Glencoe News Winnetka Talk Wilmette Life
Leyden	Star Sentinel Rosemont Journal Elmwood Park/River Grove/Franklin Park/Northlake/Rosemont Times
Hanover	Hanover Park/Bartlett/Streamwood Herald
Barrington	Barrington Courier
Maine	Niles Life Park Ridge/Des Plaines Times Des Plaines/Niles/Park Ridge/Golf Mill Journal
Niles	Niles Journal Skokie/Niles/Lincolnwood Review Skokie/Lincolnwood/Niles/Morton Grove Life
Northfield	Winnetka Talk Northbrook Star Glenview Announcement
Palatine	Palatine Journal & Topics Palatine/Inverness Herald
Wheeling	Wheeling/Mount Prospect Journal Wheeling/Buffalo Grove/Mount Prospect/Arlington Heights/Herald
Schaumburg	Schaumburg/Hoffman Estates Daily Herald

Questions frequently asked by property taxpayers

? Why are my taxes so high?

Your tax bill depends on two factors: (1) the assessment of your property and (2) the amount of money your local taxing districts need to operate during the upcoming year. The assessment of your property is set by county assessing officials. If you live in Cook County, it is the County Assessor. If you live in any other county, it is a township assessor or the supervisor of assessments.

Note: The PTAB can only revise your assessment. It has no jurisdiction over the tax rate, the amount of a tax bill, or the exemption of property from taxation.

? What can I do if I think my assessment is unfair?

In Cook County, you can file a complaint with the County Assessor or the County Board of Appeals. You should check with these offices for the dates for filing assessment complaints each year. If you file an appeal with the board of appeals, be sure to appear at your scheduled hearing.

Taxpayers who live in counties other than Cook County can appeal to their county board of review. Check with the board of review for filing deadlines each year.

An appeal can be taken to the PTAB only if the taxpayer filed a complaint with the board of review or board of appeals. Petitions for appeal before the PTAB must be filed within 30 days of the postmark date of written notice of the board of review or board of appeals' decision, or the postmark date of the written notice of the application of final, adopted township multipliers by the board of review or board of appeals.

? Who can appeal?

Only an owner of property or taxpayer dissatisfied with the decision of the board of review or board of appeals or a taxing body which has a tax revenue interest in the decision may file an appeal with the Property Tax Appeal Board.

? How do I file my appeal forms with the PTAB?

You may file your forms:

 by mail with the PTAB's office in Springfield or Des Plaines (they will be considered as filed on the date postmarked)

 by personal delivery during business hours.

Petitions or any other type of information or evidence sent by a fax machine will NOT be accepted.

? Is payment of my property taxes delayed by an appeal to the PTAB?

No. If you choose to appeal your board of review or board of appeals' decision, the taxes still come due. It is likely the matter will not be decided by the PTAB until after the taxes are to be paid. By statute, if the PTAB renders a decision in your favor, the taxes overpaid must be refunded.

? How are decisions issued?

There are two ways the PTAB renders a decision in your appeal:

 On the record - A decision is based upon the written evidence submitted by you and the board of review or board of appeals. No hearing is required. A decision is issued after review of all the evidence and may be issued within a shorter period of time than a hearing of an appeal.

 Informal hearing - A decision is based upon the written evidence submitted by you and the board of review or board of appeals as well as testimony presented at an informal hearing. The decision is issued after review of the evidence and testimony at the proceeding. This type of appeal may require a longer period of time before a decision can be rendered.

? Who can appear at a PTAB hearing?

The parties who may appear at a hearing before the PTAB are:

 the owner of property or the taxpayer of the property and/or their attorney,

 witnesses accompanying the owner or taxpayer who will testify in the case,

 local assessing officials representing the board of review or board of appeals and any witnesses, and

 taxing bodies and its witnesses.

Hearings are open to the public.

Grounds for Appeal

There are several grounds for appeal. You may argue one or more of the following:

 Recent Sale or Comparable Sales - You must show that you are a recent purchaser and you paid less than the fair cash value indicated for the property as established by local assessing officials. You must supply copies of the RESPA (or settlement statement, a recent appraisal, or the real estate transfer declaration). Comparable sales data shown on property record cards or property characteristic printouts can also be included. Examples of the required data follow in the next category of this brochure.

 Equity/Uniformity - You must show that com-parable or similar properties in your neighborhood have lower assessments than your property. Submit at least three comparable properties from your immediate neighborhood with all relevant data including copies of property record cards or property characteristic printouts.

 Recent Construction - You must show the actual costs included in the construction. Supply proper evidence of the price paid for the land as well as the recent construction costs of the building(s) including all labor and contractor costs.

 Contention of Law - A legal brief must be submitted detailing the contention of law you are raising.

? What is a comparable property?

A property submitted as a comparable should be of:

 Similar location, such as the same subdivision or neighborhood, and

 Similar size/age, such as 1800 square feet of living area; 10,000 square feet of land area; 4 years old; etc., and

 Similar construction type/quality, such as two-story, brick, frame, aluminum siding, etc., and

 Similar construction style, such as ranch, split-

level, two-story, etc.

? Where do I find my property index number (PIN)?

Every parcel of land has a property/permanent index number (PIN). You must know this number. It can be found on your property tax bill or on a notice of proposed assessment or assessment change, if one has been received.

The Appeal Process Before the PTAB

 Appeals must be filed on the prescribed form within 30 days of the postmark date of the board of review or board of appeals' decision. Appeal forms sent to the PTAB by mail will be considered as filed on the date postmarked.

 A separate petition must be completed for each parcel of land appealed including the property's PIN and must be signed by the owner or taxpayer or their attorney.

 Appeal forms must be filed in triplicate (3) with other signatures. All written or documentary evidence must be submitted in duplicate (2) with the appeal petition. If the contesting party is unable to submit evidence with the appeal petition, a written request for an extension of time must be attached to the appeal petition.

 Appeal forms must include all relevant data including: the facts upon which the appeal is based, the assessments of the subject property made by local assessing officials and your requested assessment, the mailing address for the taxpayer or his/her attorney, and if a contention of law is raised, a legal brief. Each taxpayer has the burden of providing his/her case. Without this information, your appeal will be dismissed.

 Upon receipt of a completed appeal petition, the PTAB will assign a docket number to the appeal and notify you and the board of review or board of appeals.

 The board of review or board of appeals is then given 30 days to submit written evidence supporting the property's assessment or to request an extension of time to submit evidence.

Definitions

Real Property - the land itself with all things contained

therein and improvements thereon, including buildings and structures.

Fair Cash Value - the amount for which a property can be sold in the due course of business and trade, not under duress, between a willing buyer and a willing seller.

Assessed Value - one-third of the fair cash value of a property, except in Cook County, which classifies property for assessment purposes and is discussed later in the brochure.

? What if I lose before the PTAB?

Final decisions of the PTAB are reviewable in the courts under the Administrative Review Law (735 ILCS 5/3-101, et seq.) and 35 ILCS 200/16-195.

Other Information

By statute, PTAB decisions are based on equity and the weight of the evidence.

Appeals before the PTAB are de novo, meaning they are considered as if the board of review or board of appeals had never heard or decided your assessment appeal. The PTAB will consider only the evidence, exhibits and briefs submitted by the parties to the appeal.

A taxpayer or taxing body is required to provide a court reporter at a hearing if a change of $100,000 or more of assessed valuation is sought before the PTAB.

Property Classifications in Cook County

In Illinois, at the present time, only Cook County uses a classification system for assessing real estate. The percentages represent a portion of market value:

16% Residential property of 6 units or less

22% Vacant land

33% Residential property of 7 units or more

36% Industrial

38% Commercial

Industrial

38% Commercial

Checklist for PTAB Petitions:

 Has the prescribed form been used?

 Is there one petition for each parcel being appealed?

 Is the property identified by PIN?

 Are the petition forms filed in triplicate (3 copies)?

 Is the evidence filed in duplicate (2 copies)?

 Is the original signature of contesting party or attorney on each petition?

 Has the petition been filed with the PTAB within 30 days of the postmark date or personal service of the board of review or board of appeals' decision?

 Is a copy of the board of review or board of appeals' decision attached?

 Is a photograph of the property being appealed attached?

 Is the factual basis of the objection(s) to the board of review or board of appeals' decision stated and if a contention of law is raised, is a legal brief attached?

 Are the return address and telephone number of the taxpayer or attorney listed?

 Has all of the assessment information for the property been disclosed on the appeal form?

 Assessor's: Land, Improvements, and Total Assessment

 Board of Review or Board of Appeals: Land, Improvements, and Total Assessment

 Your request: Land, Improvements, and Total Assessment

PRINTED ON RECYCLED PAPER - SOY BASE INK

BY AUTHORITY OF THE STATE OF ILLINOIS

(50,000 copies - 12/96 - P.O. Number 55192)

PTAB-2 (N-12/96)

..................................... Exhibit 17 LAND DEPTH FACTORS

125 FEET = 1.000

Ft.	Factor	Ft.	Factor	Ft.	Factor	Ft.	Factor	Ft.	Factor	Ft.	Factor

1	.109	52	.523	103	.871	154	1.066	205	1.169	255	1.256
2	.118	53	.530	104	.877	155	1.068	206	1.170	256	1.258
3	.126	54	.538	105	.883	156	1.070	207	1.172	257	1.259
4	.135	55	.545	106	.889	157	1.073	208	1.174	258	1.261
5	.144	56	.553	107	.895	158	1.074	209	1.176	259	1.263
6	.152	57	.560	108	.901	159	1.077	210	1.178	260	1.264
7	.161	58	.567	109	.907	160	1.079	211	1.180	261	1.266
8	.170	59	.575	110	.913	161	1.081	212	1.182	262	1.267
9	.178	60	.582	111	.919	162	1.082	213	1.183	263	1.269
10	.187	61	.589	112	.925	163	1.085	214	1.185	264	1.271
11	.195	62	.596	113	.931	164	1.087	215	1.187	265	1.272
12	.204	63	.604	114	.937	165	1.089	216	1.189	266	1.274
13	.212	64	.611	115	.943	166	1.091	217	1.191	267	1.276
14	.221	65	.618	116	.949	167	1.094	218	1.192	268	1.277
15	.229	66	.625	117	.954	168	1.095	219	1.194	269	1.279
16	.238	67	.632	118	.960	169	1.098	220	1.196	270	1.280
17	.246	68	.639	119	.966	170	1.100	221	1.198	271	1.282
18	.254	69	.646	120	.972	171	1.101	222	1.200	272	1.284
19	.263	70	.653	121	.977	172	1.104	223	1.201	273	1.285
20	.271	71	.660	122	.983	173	1.106	224	1.203	274	1.287
21	.279	72	.667	123	.989	174	1.108	225	1.205	275	1.289
22	.287	73	.674	124	.994	175	1.110	226	1.207	276	1.290
23	.296	74	.681	125	1.000	176	1.112	227	1.209	277	1.292
24	.304	75	.688	126	1.002	177	1.114	228	1.210	278	1.293
25	.312	76	.695	127	1.005	178	1.116	229	1.212	279	1.295
26	.320	77	.702	128	1.007	179	1.118	230	1.214	280	1.297
27	.328	78	.709	129	1.010	180	1.120	231	1.216	281	1.298
28	.336	79	.715	130	1.012	181	1.122	232	1.217	282	1.300
29	.344	80	.722	131	1.014	182	1.124	233	1.219	283	1.301
30	.352	81	.729	132	1.017	183	1.126	234	1.221	284	1.303
31	.361	82	.736	133	1.018	184	1.128	235	1.223	285	1.305
32	.368	83	.742	134	1.021	185	1.130	236	1.224	286	1.306
33	.376	84	.749	135	1.023	186	1.132	237	1.226	387	1.308
34	.384	85	.756	136	1.026	187	1.134	238	1.228	288	1.310
35	.392	86	.762	137	1.028	188	1.136	239	1.229	289	1.311
36	.400	87	.769	138	1.031	189	1.138	240	1.231	290	1.313
37	.408	88	.775	139	1.032	190	1.140	241	1.233	291	1.314
38	.416	89	.782	140	1.035	191	1.142	242	1.234	292	1.316
39	.424	90	.788	141	1.037	192	1.144	243	1.236	293	1.318
40	.432	91	.795	142	1.040	193	1.146	244	1.238	294	1.319
41	.439	92	.801	143	1.041	194	1.148	245	1.240	295	1.321
42	.446	93	.808	144	1.044	195	1.150	246	1.241	296	1.323
43	.455	94	.814	145	1.046	196	1.151	247	1.243	297	1.324
44	.462	95	.820	146	1.049	197	1.153	248	1.245	298	1.326
45	.470	96	.827	147	1.050	198	1.155	249	1.246	299	1.327
46	.478	97	.833	148	1.052	199	1.157	250	1.248	300	1.329
47	.485	98	.839	149	1.055	200	1.159	251	1.250	350	1.404
48	.493	99	.846	150	1.057	201	1.161	252	1.251	400	1.473
49	.500	100	.852	151	1.059	202	1.163	253	1.253	500	1.600
50	.508	101	.858	152	1.062	203	1.165	254	1.254	600	1.715
51	.515	102	.864	153	1.064	204	1.167

Exhibit 21 " \l 2

REAL ESTATE TAX PRACTICE GROUP

OUR APPROACH

Real estate taxes are the bedrock of local government funding. They are an accepted cost of doing business for most organizations and comprise one of the largest single expenses of a business. For many years, we have has helped our clients who own major commercial, multi-family residential and industrial buildings achieve the lowest possible assessment warranted by the facts and evidence available. We view our position as being an advocate for taxpayers and have a proven track record in helping our clients and local government arrive at an equitable amount. Our success on behalf of our clients can be measured by the many long-term relationships we have maintained over the years.

OUR REAL ESTATE TAX SERVICES

Triennial Reassessment

The Cook County Assessor routinely reassesses each property once every three years, after which he mails a Notice of Proposed Assessment. This can also occur in one or both years between the normal reassessment if the property has been renovated, demolished or sold, or if its rental occupancy has changed. We counsel clients regarding their proposed strategies and the possible consequences of upcoming assessment changes.

Filing Complaints and Appeals

In Cook County, the first step in contesting the assessment on a piece of real property is to file a formal complaint with the County Assessor and, if additional relief is indicated, filing an appeal with the Cook County Board of (Tax) Appeals. These complaints must be filed upon receipt of the Notice of Proposed Assessment. These notices are mailed by the County to taxpayers in the year prior to receipt of the tax bill.

Retroactive Tax Refunds

In some cases it is possible to secure retroactive tax relief (after the tax bill is received) by convincing the Assessor to issue a Certificate of Error on behalf of the taxpayer. Certificates of Error, which require approval of the Cook County Circuit Court, are requests for refunds of taxes previously paid or may entail elimination of a balance due if the bill was not paid in full. This process can extend over several years.

Tax Objections

In appropriate cases where a satisfactory assessment reduction cannot be obtained after all administrative remedies are exhausted, we can appeal assessments to the Cook County Circuit Court, in proceedings referred to as Tax Objections (formerly Specific Objections). This requires timely payment in full of real estate taxes under protest and the filing of a complaint seeking a refund of the excessive amount.

Illegal Rate Case

Annually we file Tax Rate Objections on behalf of those properties for which taxes are paid under protest. This contingent fee litigation alleges that various taxing bodies have exceeded their authority and seeks a refund of any excessive taxes levied on the properties. To take advantage of this relief, clients send their original second installment tax bills and checks to the County. We verify that all taxes were timely paid to the County Collector and files the necessary protest litigation. The process extends over several years.

Cook County Tax Incentive Program

Cook County has adopted a system which allows for the reduction of assessment levels in four categories of industrial and commercial properties. These reduced assessment levels are for businesses that develop new facilities or expand existing facilities. Depending on the class in which the property is categorized, the assessment level can be reduced for a number of years, after which it reverts to the standard amount. By reducing the level of assessed valuation, the property's real estate taxes are significantly lowered for the incentive period.

To qualify for one of these special incentives, the property owner must obtain the approval (by resolution or ordinance) of the municipality where the property is located and the Cook County Assessor. This approval must be obtained prior to starting any construction or rehabilitation. We counsel clients regarding the applicability and availability of these property tax incentives and prepare and process incentive applications.

GLOSSARY

acknowledgement A formal declaration, at the end of an affidavit or document, made before a notary public by the person who signed the document.

action in debt Litigation filed against an individual human being (rather than against the real estate) to collect past due real estate taxes.

ad valorem According to value.

affidavit A statement sworn to in writing before a notary.

agent A person who represents another (the principal).

amortization Periodic debt reduction made according to a predetermined schedule for installment payments.

annual tax sale An auction held each year by the county treasurer in which past due taxes are sold to persons or entities that pay those taxes to the treasurer in exchange for a certificate of purchase.

appraisal A written document in which the appraiser gives an opinion of a property's fair market value.

appreciation An increase in value; opposite of depreciation.

assessed value In Illinois, one‑third (or 33.3%) of a property's fair market value.

assessed valuation Value an assessing authority places on property. The AV will subsequently be used to calculate real estate taxes on the parcel.

assessor County or township official charged with assessing the value of real estate; also includes 30 township assessors in Cook County who are elected but not authorized to assess property.

bill of sale A written document transferring ownership of personal property.

board of appeals Board in Cook County which hears appeals from the Assessor.

board of review Three member board in counties outside Cook which hears appeals from local assessing officials.

certificate of error Retroactive appeal to the relevant local assessing official of an assessment for a prior year.

certificate of Written permission by a city or village for people to occupy or use a newly

occupancy built or rehabilitated building.

certificate of Document issued by a county clerk certifying that a person or entity has paid

purchase taxes, interest and fees owed for one or more years by the property's owner.

chattel Personal property.

circuit court County trial court.

combined tax rate Also called effective tax rate; the tax rate or rates set by one or more taxing bodies multiplied by the Illinois Department of Revenue's equalization factor (or multiplier or equalizer).

common areas Land or improvements within a condominium, townhouse, development or shopping center that may be used by unit owners or tenants (examples are: lobbies, tennis courts, and playgrounds).

condominium A building divided into units (apartments, stores or offices) and common areas. Buyers own their own units plus a pro rata share of common area.

consolidation An action by the county redesignating one or more parcels of real property each having a permanent index number as a single consolidated parcel with a single new PIN. A single tax bill and assessment notice will be issued for the new PIN. The old PIN will be retired. The opposite action is a division.

contiguous Touching or adjoining.

convey To transfer title to someone else.

conveyance A deed, lease, mortgage or other transfer document.

cooperative A corporation, a building and leases apartments to shareholders.

corporation An entity created by the state which can conduct business, sue and be sued. Liability of shareholders is limited to loss of their stock.

cost approach to Estimating replacement cost of the improvement, deducting estimated

value depreciation and adding land.

debt service Principal plus interest paid by a property "owner to the lender".

deed A document which transfers title to real estate.

depreciation Opposite of appreciation. A decrease in real estate's value due to deterioration, functional or economic obsolescence, age or any other cause.

DIRT Depreciation, interest and real estate taxes; items not to be subtracted from gross revenues when calculating net profit for purposes of determining the fair market value of a real estate parcel using the income capitalization approach.

effective tax rate Also called combined tax rate; the tax rate or rates set by one or more taxing bodies multiplied by the Illinois Department of Revenue's equalization factor (or multiplier or equalizer).

eminent domain A forced sale of private property due to a government edict for a public purpose started by condemnation litigation.

equalized The assessed value of one or more properties multiplied by the Illinois

assessed value Department of Revenue's equalization factor (or multiplier or equalizer).

equalizer Also called multiplier and equalization factor.

estimate of Document issued by a county clerk stating the dollar amount of taxes, interest

redemption and fees owed by a property owner to the person or entity that purchased the taxes on the property in question. Timely payment to the tax buyer redeems the tax sale and prevents the owner from losing the property to the tax buyer.

execute To sign (a contract or agreement).

exempt property Real estate for which the Illinois Revenue Department has determined the local assessing official shall not assess and the county shall not seek to collect property tax.

fair market value What a willing buyer will pay to a willing seller. A recent sale price normally indicates a property's fair market value, the same as market value.

fee simple 100% of the rights an owner can have in real estate.

foreclosure A forced sale by a lender of an owner's property to recoup principal and interest due to the lender.

forfeiture sale A non‑auction over the counter sale by the county of the unpaid taxes which were not purchased during the county's annual tax sale.

grantee The person receiving an interest in real estate.

grantor The person giving an interest in real estate.

highest and best Use of a piece of real estate at its highest economic potential. This results in the

use highest value for the property.

improvements Buildings and other permanent structures or items permanently affixed to the land including black top, fences, bumper guards, light poles and swimming pools.

in personam Relating to the person (in contrast to relating to a property).

in rem Relating to the property (in contrast to relating to a person).

income approach Capitalizing net income of a rental property.

indemnity fund A fund maintained by a county treasurer to reimburse property owners who lose their property to tax buyers through no fault of their own.

joint tenancy Undivided equal ownership of real estate by more than one person. The interest of an owner who dies passes to the surviving joint tenant(s).

judgment and Formal order issued once each year by a circuit court judge several

order of sale months after the due date for the second installment of tax bills. The judgment fixes the amount of taxes owed on each parcel of property in the county. The order authorizes the county treasurer to conduct a sale of unpaid taxes for that year.

judgment book A (sale) book, list or computer data base maintained by the county clerk for each year. For every taxable parcel having unpaid taxes eligible for sale, it lists the permanent index number, date taxes were sold, if any, and certificate of sale issued, if any.

landlord Lessee.

leasehold What a tenant owns under a lease.

legal description Language describing a property by metes and bounds or by lot and block.

lessee Tenant.

lessor Landlord.

levy The amount of money a taxing body needs to raise from real estate taxes fulfill that government's budget.

MAI Member of the Appraisal Institute given by the American Institute of Real Estate Appraisers

market approach Use of actual sales prices to estimate value of the property being appraised.

to value

mortgagee A lender to whom a borrower/mortgagor grants a "dead pledge" of the property's title which becomes "alive" if the borrower fails to make timely loan payments.

mortgagor Grantor of a "dead pledge" on the mortgagor/ borrower's property. If the borrower defaults, the pledge becomes "alive" and the lender can foreclose to get his monies back.

multiplier Also called equalizer and equalization factor.

net income A rental property's income minus expenses including taxes and insurance, but excluding depreciation and debt service.

net lease The tenant pays all of the property's real estate taxes.

occupancy rate Percent of rental space occupied.

parcel The lot of land plus all improvements. Documents in an assessing official's file on a piece of real property (land plus improvements).

permanent index Identification number issued by a county for a parcel of property. It may be

number (PIN) changed if an existing parcel is cut into two PIN's (a division) or if existing parcels are added together so the new parcel will have only on PIN (a consolidation).

personal property Personalty. Freestanding items on a property or in real estate that, if removed, will not damage the real estate. Personalty is not subject to property taxation in Illinois.

property tax Five member state board appointed by the governor which hears appeals from

appeal board county boards of review.

quitclaim deed A deed transferring whatever rights, if any, the person giving the deed has. The person giving the deed does not promise he owns title to the real estate, unlike a warranty deed.

rate objection "Illegal rate objection" lawsuit filed in circuit court. Also called "tax rate protest."

real property The land and all buildings, improvements, and permanent fixtures on or in it, including oil, gas, and coal. All real property is taxable.

real property Land and improvements including buildings and permanently attached property, such as minerals, trees, and craneways.

realtor A real estate broker or sales agent who joins the National Association of Realtors.

sales ratio study Study by Illinois Department of Revenue comparing actual sales in each county to the assessed values of those sales. Results are used to calculate the equalization factor (equalizer or multiplier) for each county.

scavenger sale The third of the three types of tax sales after annual sales and forfeiture sales. It occurs every few years for properties having taxes delinquent by 2 or more years.

specific objection Appeal to the circuit (trial) court of a property's assessment after the Board of Appeals or Board of Review rules. Name changed in 1995 from "specific objection" to "tax objection complaint".

stabilized income Theoretical income of a property as if it were rented at current market value. Used by an appraiser for calculating a property's market value when a landlord rents all or most of the property to a tenant related to the landlord or when the property is owner occupied. A property's fair market value using the income.

subject property Property that is the subject of the appraisal or the subject of the discussion.

supervisor of Title of the local county assessing official in the majority of Illinois

assessments counties.

tax buyer A person or entity that pays a property's past due taxes and interest to the county treasurer in exchange for a certificate of purchase. The certificate can be sold back to the property owner or can ripen into a tax deed making the tax buyer the property owner.

tax deed A deed issued to a person or entity (tax buyer) that paid delinquent taxes on a property plus county fees. Upon proof of filing of a petition and service of notices required by state law, a judge may enter an order directing the county clerk to issue a tax deed. This deed must be recorded within one year from expiration of the redemption period or it becomes void.

tax division An action by the county redesignating a single parcel of real property with one permanent index number as two or more parcels with two or more new PINs. One separate tax bill and assessment notice will be issued for each new PIN. The old PIN will be retired. The opposite action is a consolidation.

tax extension Amount of taxes owed by all properties to a taxing body. It is determined when the county clerk multiplies the tax rate times the equalized assessed rate comparables. Arms length sales of similar property used to estimate the value of another property of all property within the government's boundaries.

tax objection Appeal to the circuit (trial) court of a property's assessment after the Board of

complaint Appeals or Board of Review rules. Previously called "specific objection".

tax purchaser See tax buyer.

tax rate protest Appeal to circuit (trial) court of errors made by taxing bodies in setting the amount of taxes they want to run their governments.

tenant Lessee.

trial de novo Trial starting from the beginning, ignoring evidence or rulings that may have been issued in a previous hearing or lower tribunal, in contrast to an appeal on the record in which evidence and procedures from a prior trial are checked in detail to see if proper procedures, standards and the law were properly respected.

vacancy factor Percentage of unrented space in a rental building.

warrant book A book, list or computer data base created by the county collector for each year. It lists every parcel in a county with its assessed value, equalized assessed value, tax rate, tax code, dates taxes were paid, any court order and the taxpayer's address. It is subsequently maintained by the county clerk.

warranty deed The seller who gives the deed promises he has good title to the real estate being transferred.

ABBREVIATIONS

ABBREVIATIONS

AR Assessment Ratio

AV Assessed Value

C/E Certificate of Error

FMV Fair Market Value

pff per front foot

psf per square foot

sf square foot

S/O Specific Objection

INDEX

I N D E X

Abandoned Property 29, 30

Abatement 43

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

	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.

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

Revenue Needed by the Unit of Government Value of all Property Within the Unit’s 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