Study Shows “Significant” Underassessments of Chicago Commercial Properties in 2018
Sales data for commercial properties in all but two Chicago townships in 2018 show that many assessments fell far short of corresponding market values, according to a recently released analysis by the International Association of Assessing Officers (IAAO).
The findings follow a June 2019 study of residential sales and market values that found similar problems with underassessment and lack of uniformity for residential properties in the city of Chicago.
Commercial Property Managers: The Property Tax Appeal Success Formula
Few issues are as complex as Chicago property taxes for commercial property owners, with factors like perceived market value, income, and several other factors determining your tax bill. Given the fiscal crises in Illinois, Chicago and other municipalities, the likelihood of future commercial property tax hikes is strong.
The Good News: there is an easy, no-risk way for commercial property managers like you to save their owner clients thousands per year on their property taxes.
Appeal Your Commercial Property Taxes or Lose Big
Commercial property owners in Chicago are still reeling from Mayor Rahm Emanuel’s $588 million property tax increase, which will be phased in over four years. As Crain’s Chicago Business reported last October, the 18% rate hike will add millions of dollars to the taxes of Chicago’s largest downtown office towers.
But one billionaire real estate mogul from New York will likely find a way to minimize paying his share of the increase.
Commercial Property Tax Reductions for Recent Purchases
You’ve just purchased commercial real estate: congratulations. This blog post explains how you can reduce your property tax payment in the first year (twice) and every year thereafter, often by $5,000 to $15,000 or more annually.
How Commercial Property Tax Reductions Work
If the sales price of your new property is lower than its assessed value, we can make a compelling case for a commercial property tax reduction. We have the sales data and assessed values for all commercial properties sold in Cook County, and we can quickly identify if we can make a successful sales argument with our proprietary property tax reduction algorithm.