Category: Real Estate Law
Property Tax Appeals, Exemptions & Incentives
Our real estate tax team at Rock Fusco & Connelly continues to work hard fighting to keep your property tax bills as low as possible. As the 2021 appeal session gets underway, we wanted to give you an update on where we are in the 2020 appeal session, what to expect in 2021, and dates
Federal Judge Rules CDC’s Pandemic Eviction Moratorium Unconstitutional
A federal judge in Texas ruled late last month that the Center of Disease Control’s (“CDC”) eviction moratorium to let people stay in their homes despite their lost income during the coronavirus pandemic is unconstitutional. With millions of tenants throughout the United States behind on rent, this ruling could potentially have severe consequences for millions
Lightfoot’s New Budget Includes Property Tax increase
The Chicago City Council voted to approve Mayor Lori Lightfoot’s $12.8 billion budget plan, including a $94 million property tax increase. The budget was passed on November 24th, which was followed by the property tax levy that then passed by a 28-22 vote. The property tax increase goes into effect in 2021 and includes an
Real Estate Tax Relief to Illinois Businesses and Homeowners
On May 13, 2020 we released an article illustrating Cook County Board President, Toni Preckwinkle’s, intent to present to the County Board an ordinance which would waive the assessment of interest and late fees for late payment of real estate taxes through October 1, 2020. As predicted, the County Board approved the ordinance during its
Potential Real Estate Tax Relief to Illinois Businesses and Homeowners
It is undeniable that the repercussions of the COVID-19 pandemic have left many families and businesses in a state of financial uncertainty. As a result, many governmental agencies have taken steps to lessen the financial burden. Last Friday, Cook County Assessor Fritz Kaegi announced that all homes, businesses and other real estate parcels could see
Cook County Assessor’s Office Suspends Assessment Notice Mailings and Deadlines
Cook County Assessor’s Office Suspends Assessment Notice Mailings and Deadlines On March 19th the Cook County Assessor’s Office announced that it has suspended assessment notice mailings and appeal deadlines. The suspension will remain in place until further notice while the Assessor’s Office remains closed to the public. Although assessment notice mailings and their corresponding deadlines
Planning For Rental Real Estate After Tax Reform
When the tax reform was enacted in 2017, there were more questions than answers about how the new law would apply to rental real estate. Over the past 20 months, the IRS has issued thousands of pages of notices and regulations and we now have a much clearer picture of how the new rules will
Illinois Condominium Buyers Beware
A recent Illinois Supreme Court decision eliminates consumer protection for homeowners seeking a financial remedy against subcontractors for defective construction that could potentially have ripple effects throughout Illinois. The Court found in Sienna Court Condo Association v. Champion Aluminum Corp. that purchasers of a new home cannot sue a subcontractor that has no contractual relationship
Illinois 22-Year Rent Control Ban Faces Revocation
Recent advisory referendums suggest that the 22-Year Rent Control Ban in Illinois may be repealed in the near future. Three advisory referendums throughout the state overwhelmingly voted that Springfield should remove its law preventing rent control, which would allow local governments or the state to regulate the amounts charged for rented housing. Illinois is not
Chicago Hotel Owners Face Looming Tax Increases, Surplus in Downtown Hotels
More than 2,000 new hotel rooms are expected to open in downtown Chicago in 2019 as tourism in the city reaches an all-time high. The additional 2,000 rooms increase the total number of hotel rooms downtown to 47,000, adding more competition in an already competitive market. The seven-year uptick in hotel construction has recently led