Confused about Condo Property Taxes (Chicago, Irving: short sale, real estate, apartment complex)

[chet everett]

Alderman have ZERO official role in property tax assessments. I suspect the above "advice" was meant to be a little joke as much as anything...

If you did not furnish evidence that your assessment is "out of whack" that is almost certainly why your appeal was denied and if you don't have the right kind of evidence there is nothing the state board or a court will do either. By itself, the fact that you paid much less than the assessment is not the right kind of evidence... That "sale" could be to someone giving me a deal becuase they owe me money or a relative or some other "non-arm's length sale".

The easiest way to get an adjustment in your assessement is when there is some huge factual error -- calling your two bedroom condo a four bedroom, adding non-existant bathrooms, balconies , decks, fireplaces are all very easy ways to get a BIG downward adjustment BUT how do you prove that there are errors? Assessor visit. When they see a place that has tens of thousands of new renovatiions / repairs you better have valid documentation to show when those occurred...

The most common kinds of information that folks use to show their assessment is out of whack is to get detailed history of sales of units like their own -- it is very nutty but until recently the studies that the Illinios Dept. of Revenue did to verify the "equalization factor" threw out short sales and foreclosure so in many areas the only sales they had to go by were distorted. The IDOR studies have some rules that work to smooth out rapidly moving prices which sorta work in buyers favor when prices are rapidly climbing and against new owners when sale prices are falling so if you do not have data that covers the entire period from between required quadrennial reassesments your appeal can be denied.

In Illinois lack of equitable assessment liability is also a valid basis for appeal. Without getting two technical what that means is that if other units like your own are not "shouldering the taxes" to same degree you are then you can get an adjustment.

Frankly this is pretty straightforward stuff. Many years ago Pat Quinn wrote a "work book" about how home owners could successfully appeal their own taxes by themselves. It is out of print but lots of public libraries still have it. You sometimes see used copies online too. Far more cost effective than wasting money on appeals that will also fail or wasting money with some o fast talker that wants you to pay them big money for what an reasonably deligent home owner can do with minimal effort...

How to appeal your Illinois property taxes without a lawyer (Book, 1988) [WorldCat.org]

Originally Posted by vpr1

Thanks guys. I will try appealing to the State Tax Board and if that doesn't work out, will contact the Alderman. The form clearly states that the State board will take selling prices into account, unless the county can refute the arm's length nature of the transaction (basically means that the county should prove that I somehow got the condo from a family member for lower than market price).

I looked at homeowner's exceptions and it looks like my unit got it for 2011. There is no form for 2012 yet, so I'm guessing I should keep checking back and file as soon as it becomes available.

Snoylekin: I looked for an online form, but didn't find one. I only found a pdf doc. If possible, can you please post a link?

[nightlysparrow]

Originally Posted by chet everett

Alderman have ZERO official role in property tax assessments. I suspect the above "advice" was meant to be a little joke as much as anything...

Uh... Just read this. They want to be involved in just about everything.

Alderman Proco Joe Moreno Hosts Property Tax Appeal Workshop | Logan Square Chamber of Commerce

[chet everett]

I wonder if there were any complimentary chicken sandwiches available...

Originally Posted by nightlysparrow

Uh... Just read this. They want to be involved in just about everything.

Alderman Proco Joe Moreno Hosts Property Tax Appeal Workshop | Logan Square Chamber of Commerce

[rparz]

I went to Wagespack's. Well, more like he hosted it at the field house, shook some hands, and had three people from the tax assessors office walk us through the appeal. It's one form you fill out, and their whole job is basically to make sure you're paying as much as your neighbor.

[nightlysparrow]

Originally Posted by chet everett

I wonder if there were any complimentary chicken sandwiches available...

Maybe pork sandwiches?

[chet everett]

I am 99% sure that their whole reason for existence is be sure that every last member of Joe Berrios' extended family gets as fat possible while slurping at the trough of Crook County...

As I suspect the OP is well aware filling out the form is a joke. The staff routinely lines 'em by thousands and then gets out the big ol' Bugs Bunny rubber stamp to slam "denied" across 'em before putting their bathrobes and taking a nap under their desk for the rest of the week.

What you gotta do is document everything meticulously so that you can send the same file to a some pit bull type reporter that makes Berrios look the crook he is!

Seriously, go the library. Get Quinn's book. Make copies of everything. If it gets denied send the copy packet to Pam Zeckman or John Kass. Let the fun begin...

Originally Posted by rparz

I went to Wagespack's. Well, more like he hosted it at the field house, shook some hands, and had three people from the tax assessors office walk us through the appeal. It's one form you fill out, and their whole job is basically to make sure you're paying as much as your neighbor.

[snoylekim]

Here's the problem with Multiple Unit Condos ..if all that's done as a starting point is a comparison with other units , based on 'out of whack' criteria ..if the other units are being assessed too high, and not appealing .. game over .. Plus, if it's a recent conversion, valuation is based on initial price versus any sort of history .. We asked this question when our association proposed retaining an attorney, who would appeal for all units in the building ( we're a 200+ unit property) .. Our appeal during the last assessment cycle saved an average of 5.5 % per unit .. The appeal for the most recent reassessment cycle saved us about 8% per unit .. our legal fees per unit averaged about 60.00 for each appeal ... not a bad return

This might not be relevant for the OP , but , even if the info is a bit one-sided ( from out attorney on the association board, and , of course the attorney we hired ) ..it might make more sense for the condo association to retain for a 'building appeal' .. This is a common practice w/ larger developments, and , in our case , we did benefit significantly ..

The previous posts imply that the appeal process is easy , with 'workbooks' and 'one form' , but also mention the need to present sales histories for the assessment period and the like .. OK ... maybe .. I guess I'm lazy or have different time preferences if I would choose to retain someone with some experience in the area ..

[chet everett]

The "magic" for retaining a law firm (especially one headed by like the Speaker of Illinois House...) is that the $60/ unit X 200 units is that the law firm grosses $12 grand for effort that is not really any more complicate that it would be like a six unit condo and they sure aren't gonna be happy with $360! The legal gobbly-g-ook makes it hard for the Feds to prove that Mike The Fixer is shafting anyone. Heck yes it is worth it!

[Chicago60614]

Originally Posted by vpr1

Hi All,

After renting for about 4 years, we finally decided to buy a condo in the city. We paid $158,000 in June 2012 and assumed we would get it re-assessed for taxes. We are currently paying $420 a month for taxes !

$158K for a condo and $420 a month???? I paid $238K for my condo at Irving and Sheridan and pay
$166 a month. How can your taxes be THAT much?? Where is it?

[rparz]

Where is it, and what are the neighbors paying?