The PropertyTax.net project.

Cordially,

John P. Fitzgerald
Attorney at Law
Telephone (312) 346-3000

PropertyTax.net focuses on Cook County
Cook County has the most complex property tax code in the United States. With over 1.6 million parcels and property tax revenue exceeding $9.3 billion, we decided to give the Cook County tax collection system its due.

Cook County Tax Basics
Get a glimpse at how the Cook County system really works. Learn about how you can ascertain the current assessment on a parcel, get an understanding of certain tax jargon, find out the differences between classifications and even download a form you may need. Here, you can find out about new developments in the area of property tax and will soon be able to view articles relating to the subject.
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Assessment Case Studies
View a representative sampling of some of the properties recently represented by John P. Fitzgerald, Ltd. in our Case Studies Section.
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Tax Exemptions
Many properties are eligible for an exemption from taxation or a more favorable assessment because of their use and/or the tax status of their owners. If you would like more information, call John P. Fitzgerald, Ltd.

Current Cook County Tax News
Hospitals
The Cook County Assessor may be making plans to assess not-for-profit hospitals. Assessor Houlihan has told the Cook County Board that if he were to assess the 50 or so not-for-profit hospitals, he could generate an additional $240 million in tax revenue annually.

The 7% Tax Cap
The 7% Tax Cap was proposed several years ago as a way of bringing some tax relief to homeowners during a time of rapidly escalating real estate values. The original proposal was a simple tax cap and seemed to be good policy, at least from a humanistic viewpoint. What was finally passed by the General Assembly was much more complex probably due to applicability issues, and was questionable in terms of public policy.

Since then the University of Illinois has published a study where it has been found that the 7% Cap does little more than shift the tax burden to commercial and industrial real estate owners. Additionally, the Chicagoland Chamber of Commerce has found the 7% Tax Cap legislation to be "flawed." The Cook County Assessor's office presents an informative brochure as to the benefits derived from the 7% Tax Cap. Meanwhile, the Civic Federation released a position paper that called for the 7% Tax Cap to be extended.

A watered-down version of the 7% Tax Cap was passed by the General Assembly on October 12, 2007.

Being that the period of rapidly rising real estate values is over, could it be that the time for such tax relief has come and gone?

TIF's
Tax Increment Financing has been around for more than 20 years and is the catalyst responsible for the rebirth of many city neighborhoods. The Chicago Reader has published an article about TIF's located within the City of Chicago which may be of interest to real estate investors.
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Where Your Tax Dollars Go
See detailed bar graphs showing recent Cook County government revenue sources and expenditures.
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Assessment Rate Changes
Assessor Houlihan is proposing that all houses be assessed at 10% and commercial/industrial properties at 25% of fair market value. This proposal must be approved by the Cook County Board. The reasoning for the proposal is not clear.

2008 Triennial Reassessment
All real estate located in the south and southwestern suburbs of Cook County are being reassessed during 2008. The new assessments will not reflect the recent changes in the real estate market.

Local Politics
Politics is a featured section on this web site because this is Cook County after all.
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Local Government Links
Looking for property tax information on the Internet? We maintain a collection of links to over 7,500 state and local government sites organized by state.
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Cook County Tax Alerts!
Stay current with the important Cook County property tax filing deadlines and related announcements. Current tax alerts include:

ASSESSOR: Tax Year 2008
The last day to file an appeal is as follows:

** Palos.... 7/28/08
South.... 8/8/08
New Trier.... 8/8/08
** Bremen.... 8/15/08
Palatine.... 8/25/08

BOARD of REVIEW: Tax Year 2007
Closed and certified on 7/3/08
Will reopen for tax year 2008 during 9/08

** Denotes Triennial Reassessment

TREASURER: Property Tax Payments,
2006 2d Installment was due 12/3/07
2007 1st Installment was due 3/4/08
2007 2d Installment will be due Fall 08

TREASURER: Tax Sales,
2007 Scavenger Sale, ended 1/18/08
2006 Annual Sale begins 8/12/08

Corporate Taxpayers
We respond promptly to RFP's. Please send it to John P. Fitzgerald

Real Estate Tenants
You may be entitled to a substantial rebate for past property taxes you paid due to refunds your landlord may have obtained. These refunds would be the result of Tax Rate Objections, actions before the Property Tax Appeals Board, or in Circuit Court. Call us for more information.

Condominiums
All those new condominium projects in downtown Chicago have created a glut forcing recent market values everywhere, downward. Condominium boards should be vigorously contesting their assessments.

Tax Incentives
Find out if your proposed development may be eligible for one of Cook County's numerous Tax Incentive programs. Several programs are offered for new or revitalized industrial, commercial and multifamily residential developments.
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Collar Counties
Despite their claims, the suburban Chicago counties are not immune to excessive taxation. Property owners in DuPage, Kane, Kendall, Lake, McHenry and Will Counties need to be on the lookout for assessment increases.
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Approved Illinois Appraisers*
Binder Realty Consultants, Inc.
Richard J. Binder, MAI
3040 Finley Road
Downers Grove, Illinois 60515
Telephone: 630-963-1177

Buchaniec & Company, Ltd.
Richard Buchaniec, MAI, CAE
1758 Bittersweet Drive
St. Anne, Illinois 60964
Telephone: 312-719-5851

Fitzgibbons & Associates, Inc
Edward Fitzgibbons
11011 S. Kedzie Ave.
Chicago, Illinois 60655
Telephone: 773-779-5820

KMD Valuation Group, LLC
Kathy Dart, MAI
751 S. Clark St.
Suite 203
Chicago, IL 60605
Telephone: 312-360-1170

LaSalle Appraisal Group
Joseph M. Ryan, MAI
11 So. LaSalle Street
Chicago, Illinois 60603
Telephone: 312-541-1661

Madison Appraisal, LLC
Robert Kruse
29 S. LaSalle St.
Suite 800
Chicago, Illinois 60603
Telephone: 312-276-7107

McNamara & Associates
Brian T. McNamara
9504 S. Hamilton Ave.
Chicago, Illinois 60643
Telephone: 773-238-4685

Midwest Appraisal Company, Inc.
Jack Moody, CIAO
3055 W. 111 th Street
Chicago, Illinois 60655
Telephone: 773-238-7500

Peterson Appraisal Group
Gary Peterson, MAI
6035 North Northwest Highway
Suite 200
Chicago, Illinois 60631
Telephone: 773-763-6801
Website: www.commercialappraiser.com

Real Estate Analysis Corporation
Michael J. Kelly, MAI
205 N. Michigan Avenue
Suite 3916
Chicago, Illinois 60601
Telephone: 312-346-1020
Website: www.reac.com

SAS, Inc.
Robert W. Schlitz, MAI
10448 So. Western Ave.
Chicago, Illinois 60643
Telephone: 773-233-6042

Terrence O'Brien & Co.
Terrence M. O'Brien, MAI
1247 Waukegan Road
Suite 103
Glenview, Illinois 60062
Telephone: 847-729-1310

* This list is not exclusive. All licensed appraisers are encouraged to apply to be listed here.

Help Wanted
See our Careers Section

Get Our Free Newsletter
John P. Fitzgerald, Ltd. publishes a quarterly newsletter concerning legal, economic and political developments which may tend to affect property tax bills. Visit our Newsletter Section to sign-up.
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Tax Reactivation Program
All industrial-commercial property owners in Bloom, Bremen, Calumet, Rich and Thornton townships should know about the possible tax advantages of participating in this program. Call John P. Fitzgerald for more details.

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