Whatever Your Property, Our Aim is to Reduce Your Taxes
Property Tax Solutions gained its footing in the residential market and then broadened to commercial, industrial and condominium buildings. Cook County residential properties include single-family homes up to six units; larger condominiums and townhomes have their own unique classes.
Lack of Uniformity
The Illinois Constitution requires that properties of comparable size, age, construction and characteristics, be similarly assessed. If homes in your neighborhood have lower assessed values than yours, you have a constitutional right to a reduction. Property Tax Solutions has all of your assessment data and the expertise to identify comparable properties that justify a reduction based on Lack of Uniformity.
Though less common, appeals for properties designated as uninhabitable by fire, flood, wind or lightening - even major improvement renovations or building code violations – may also be granted a tax saving. Qualifying evidence can result in reductions as high as 50 percent of your building’s assessed value for a reasonable time to complete reconstruction. However, extensive documentation is required.
Prorated and Associated PINS
Homeowners who receive two or more tax bills for a single property have, what is referred to as, prorated properties or properties with associated pins. Even though we have extensive experience in winning appeals for properties with this designation, the analysis is far more complex than the standard grounds of uniformity. For a thorough analysis, simply register and include all the PIN numbers associated with your property, or contact Property Tax Solutions directly.
Property Description Errors
Assessor records include characteristics of each single-family residence, e.g. exterior construction, number of bathrooms, age, etc. Should these contain errors, owners can complete documentation or request that Property Tax Solutions alert the Assessor’s office concerning the necessary changes. If the actual square footage of living space is significantly less than Assessor’s record shows, homeowners are clearly over-taxed. You don’t have to pay for someone else’s errors if you register this issue with Property Tax Solutions. We will work with you to resolve this problem.
Mixed Residential and Commercial
Mixed-use residential properties generally comprise a commercial unit on the street level and residential units on the upper floors. Appeals for these properties oftentimes require the owner to submit income and expense reports, when the property lacks a homeowner exemption. The specific characteristics of each property determine the best angle for winning an appeal. Let Property Tax Solutions be your guide through the documentation maze.
Multi-Improvement or Multi-Class
Properties under this classification have two or more major improvements that were completed at different times. If you live in a home constructed during the 1920’s and just recently added a family room and personal office with a bedroom above, your property would fall into two property classifications. These appeals require more analysis and data, but we have the expertise to produce the evidence.
Condominiums, Townhomes, etc. Even though single-unit owners in larger condominiums can appeal individually, the association will often hire one attorney to appeal for the whole building. Before filing individually, owners may want to inquire about their association's plans for appealing their building’s taxes. Larger associations tend to designate a board member or association manager to work with a law firm. For smaller condominiums of three to five or six units, Property Tax Solutions can also appeal the valuation if each owner agrees. We have experience appealing smaller and larger buildings.
Net rental income and expense of commercial and industrial properties are key factors for determining assessed valuation. The Assessor's Office values each type of property by the potential income that it is capable of producing based on average rates for the neighborhood and industry segment. Our job is to show the County reasons why your property either produces less income or incurs higher operating expenses to justify a reduction.
Another option for commercial and industrial property owners to save money on their taxes is procuring one of the county’s many special tax incentives. Attorney Greg Hilton, a Certified Public Accountant, has succeeded in netting significant savings for our commercial and industrial clients alike.
As with commercial and industrial properties, the Assessor’s valuations of apartment buildings (and residential mixed-use buildings without a homeowner exemption) are defined by how much income they can be expected to produce. For verification purposes, the Assessor and Board of Review have started requiring copies of financial statements and IRS tax filings on all apartment building appeals. Rent rolls, an important indicator of income, are therefore crucial, especially when vacancy factors impact the appeal.
Cook County homeowners frequently miss one or more exemptions that could have reduced their taxes. The most commonly overlooked tax discounts are the Homeowner and Senior Exemptions.
When homeowners turn 65 years of age, they can apply for a senior exemption if they claim the property in question as their primary residence. Homeowners who qualify for a Senior Exemption now need only apply once, rather than annually.
If you have a claim for these exemptions, Property Tax Solutions can help you prepare reimbursement documentation for missed exemptions. Our clients have netted checks for one to three years of reimbursement payments plus interest.
Consolidation and Division of PINs
Paying two or more property tax bills for a single property, often referred to as prorated or associated PINs, is a bother to many homeowners, but there is a solution. The Assessor has a process for consolidating multiple PINs into a single one.
Conversely, a single parcel can also be divided into multiple parcels, each with a separate PIN number. Property Tax Solutions has the know-how to handle these issues.