Category: Real Estate Law
Chicago Dead Last Among Major U.S. Metros on Building New Homes
According to data released by Construction Coverage, an analytics service for building and real estate professionals, Chicago has ranked last among the top metro areas in the county for the number of new homes built in 2024. Last year, the Chicagoland municipalities authorized 4.5 new homes for every 1,000 existing residential units. That’s less than
City Council Members Could Soon Have Blanket Power to Ban Airbnb from their Wards
Alderman Anthony Napolitano, 41st, introduced an ordinance that would give the local alderman the ability to ban short-term rentals on a precinct level in their own ward. The ordinance was approved in committee on June 11, 2024, and just this week, on June 18, 2024, the final vote was delayed at the City Council. The
Blackstone faces $346 million foreclosure on River North office building
Following a movement of buildings being seized by its lenders, a River North office building is on course to join the list. The office building, located at 350 N. Orleans St., is controlled by Blackstone, a New York based private equity firm. Blackstone bought the property for $378 million in 2015 and subsequently spent another
Illinois Counties Selling Houses for Unpaid Taxes and Not Reimbursing Owners for Equity Triggers Class Action Lawsuit
Tax foreclosures are indeed legal. However, on May 25, 2023, the Supreme Court held in Tyler v. Hennepin, 598 U.S. 631 (2023), that when a local government takes a home at a property tax foreclosure and keeps the homeowner’s equity after the tax debt is paid, it violates the Takings Clause of the Fifth Amendment
Chicago Mayor Introduces Clean Buildings Ordinance to Phase Out Fossil Fuels in New Construction
Mayor Brandon Johnson introduced an ordinance on January 24, 2024, establishing an indoor emissions standard that would eliminate fossil fuel combustion in many new commercial and residential construction and renovation projects. The ordinance essentially prohibits the use of natural gas appliances and energy systems such as gas stoves and boilers in new construction. At the
Property Tax Update 2/27/2023
Our real estate tax team at Rock Fusco & Connelly, LLC continues to work hard fighting to keep your property tax bills as low as possible. Below are key updates on the 2022 session. Cook County: First installment property tax bills have been mailed out. The due date for payment this year was pushed back
Property Tax Update – 12.14.2022
Our real estate tax team at Rock Fusco & Connelly, LLC continues to work hard fighting to keep your property tax bills as low as possible. Below are key updates on the 2021 and 2022 sessions. Cook County: 2021: Second installment bills are finally out for 2021. You can view them online (https://bit.ly/3EymH8V). We are
Property Tax Update 11.17.2022
Our real estate tax team at Rock Fusco & Connelly, LLC continues to work hard fighting to keep your property tax bills as low as possible. Below are key updates on the 2021 and 2022 sessions. Cook County: 2021: Second installment bills are finally out for 2021. You can view them online (https://bit.ly/3EymH8V) and should
Property Tax Update October 2022
Our real estate tax team at Rock Fusco & Connelly, LLC continues to work hard fighting to keep your property tax bills as low as possible. Below are key updates on the 2021 and 2022 sessions. Cook County: 2021: After four months of working overtime all summer to adjudicate more than 250,000 property tax appeals
Property Tax Update – 8/1/2022
Our real estate tax team at Rock Fusco & Connelly, LLC continues to work hard fighting to keep your property tax bills as low as possible. Below are key updates on the 2022 session. Cook County: Because the Assessor’s Office was four months overdue certifying 2021 values, the 2022 session – which historically would have