RFC’S Recent Real Estate Tax Department Successes
- Achieved a one-year tax savings of approximately $138,000 for a 200+ room hotel in the River North area.
- Represented the owner of a 366-unit apartment complex in Wheeling in an appeal, resulting in a three-year tax savings of approximately $280,000.
- Obtained an annual tax savings of approximately $28,000 for a strip mall in Niles, IL.
- Obtained a three-year tax savings of approximately $43,000 for a mixed-use property in the North Center neighborhood.
- Successfully petitioned for a classification change of a mixed-use building in Lake View that included a bar and grill, resulting in a three-year tax savings of approximately $66,000. This classification change will result in a 60% reduction in the market value of the property.
- Obtained a three-year tax savings of approximately $22,000 for a daycare center in the Belmont Cragin neighborhood.
- A successful appeal of the assessed valuation for a truck terminal facility in the Archer Heights neighborhood resulted in a three-year tax savings of approximately $42,500.
- An appeal for a two-unit strip center in the Beverly neighborhood saved the property owner approximately $16,000 over three years.
- Successfully applied for a Class 6b incentive for a manufacturing company in Palatine. The granting of this incentive and subsequent appeal of the assessed valuation resulted in a one-year tax savings of approximately $100,000. Annual renewal has led to an annual tax savings of approximately 60%.
- Reduced the tax bill of a building in the Mayfair neighborhood the owner uses for his electronics manufacturing business approximately $13,000 over three years.
- Obtained a three-year tax savings of approximately $13,000 for a storage facility used by a construction business in the Forest Glen neighborhood.
- Achieved a three-year tax savings of approximately $18,500 for a property’s owner plumbing business in the Forest Glen neighborhood.
- Successfully appealed the assessed valuation of a building formerly used by the owner for his trucking business, obtaining a three-year tax savings of approximately $30,500 based on an analysis of the land value.
- Obtained a one-year tax saving of approximately $16,000 for a recently purchased warehouse undergoing rehab in the Humboldt Park neighborhood.
- Represented a condominium association with 450+ units in a successful appeal resulting in approximately $821,000 in tax savings over three years.
- Obtained a three-year tax savings of approximately $191,000 for a commercial condominium occupied by a salon in the Gold Coast neighborhood.
- Successfully appealed the assessed valuation of an Andersonville area property owned by an electronics manufacturer, resulting in an annual tax savings of approximately $23,500.
- Successfully applied for a Class 6b incentive for an industrial building in Niles. The granting of this incentive and subsequent appeal of the assessed valuation resulted in a three-year tax savings of approximately $303,000. Annual renewal has led to an annual tax savings of approximately 60%.
- An appeal for ground floor retail space in the Gold Coast neighborhood resulted in a three-year tax savings of approximately $31,000.
- Represented a home owner facing omitted assessments for three years, successfully appealing and saving the client approximately $10,000 in back taxes.
- Represented the owner of a 192-unit apartment complex in Elk Grove Village in an appeal, resulting in a three-year tax savings of approximately $168,000.
- Obtained a three-year tax savings of approximately $15,000 for an industrial property in the Goose Island neighborhood.
- Represented the owner of a cold storage warehouse in Will County in a successful appeal, achieving a one-year tax saving of approximately $210,000.
- Represented the owner of an office/warehouse building in DuPage County, receiving a one-year tax saving of approximately $8,000.
- Successfully applied for a Class 6b incentive for an industrial building in Schaumburg. The granting of this incentive and subsequent appeal of the assessed valuation resulted in a one-year tax savings of approximately $32,000. Annual renewal has led to an annual tax savings of approximately 60%.
- Represented the owner of a newly constructed single-family home in the Ravenswood neighborhood, resulting in a one-year tax savings of approximately $13,000.
- Obtained a three-year tax savings of approximately $26,000 for a single-family home in Lake View.
- Represented the owner of a restaurant/club in the River North neighborhood, the successful appeal resulted in a three-year tax savings of approximately $36,500.
- Obtained a three-year tax savings of approximately $34,000 for a single-family home in Lake View.
- Successfully applied for a Class 6b incentive for an industrial building in Elk Grove Village. The granting of this incentive and subsequent appeal of the assessed valuation resulted in a three-year tax savings of approximately $197,000. Annual renewal has led to an annual tax savings of approximately 60%.
- An appeal based on the property’s owner rehab in preparation of its new tenant resulted in a one-year tax saving of approximately $133,000 for the Gold Coast commercial condominium.
- Successfully appealed the assessed valuation of a 13-unit condominium association located in the Ravenswood neighborhood, resulting in an annual tax savings of approximately $5,500.
- Represented the owner of a 72-unit apartment building in Wheeling in an appeal, resulting in a three-year tax savings of approximately $117,000.
- Saved the property owner of a cigar lounge in the River West neighborhood approximately $30,000 over three years.
- Successfully applied for a Class 6b incentive for a building used as the headquarters for a company specializing in the transport of frozen goods and cold storage. The granting of this incentive and subsequent appeal of the assessed valuation resulted in a three-year tax savings of approximately $204,000. Annual renewal has led to an annual tax savings of approximately 60%.