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 their property values adjusted due to the effect of COVID-19 on the market. Mr. Kaegi indicated that analysts in his office are looking at data compiled from previous economic crises and natural disasters to get a better understanding of what could happen to property values in Cook County. After Mr. Kaegi has completed his analysis, his office will send all Cook County property owners a notice informing them that the coronavirus may have affected their property values and what their new, adjusted value could be. Considering property tax appeals are common practice in Cook County, a spokesperson from Mr. Kaegi’s office indicated that property owners’ 2020 assessed values could be adjusted to either the appealed value or the “coronavirus effect” value.
In addition to Cook County, officials in Kane and McHenry Counties, recently announced proposals to waive late fees and interest associated with 2019 second installment real estate tax bills for three months. Finally, although proposals have not been released, officials in Will and DuPage Counties have expressed their intent to institute similar measures.
While the proposal to lessen the burden of real estate taxes in Cook County, and the proposals to defer late fees and interest in Kane, McHenry, Will and DuPage Counties would provide much needed relief to families and businesses in Illinois, the proposals are still a work in progress. We will continue to monitor these matters and will provide updates when appropriate.
The experienced attorneys at Rock Fusco & Connelly, LLC are here to help you through these trying times, so do not hesitate to contact us. We can be reached via e-mail at firstname.lastname@example.org, or by telephone at (312) 494-1000.