News & Resources
Joanne Elliott’s article “Expanded Tax Incentives for Commercial and Industrial Cook County Properties” appeared in the autumn 2015 issue of Chicagoland Buildings & Environments. Download the article.
Cook County tax bills were mailed on July 3, 2015 and are due August 1, 2015. If Elliott & Associates was successful in reducing your 2014 assessment, we invite you to use our tax savings calculator to determine what your taxes would have been had we not received a reduction in the 2014 proposed assessment.
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Cook County recently released 2014 property tax rates, which is the final step in the tax process before tax bills are mailed. We expect tax bills to be mailed in late-June and be due August 3, 2015. Here are some of the changes in the 2014 tax base and rates and how these changes might affect your tax bill:
You can download the full article below.
Learn more about the Cook County Senior Citizen Assessment Freeze and what that might mean for you should you qualify.
Under Illinois law, qualified taxpayers are entitled to various real estate tax exemptions for their principal residence. These exemptions (called the “homestead exemptions”) reduce the amount of the tax bill. Qualified taxpayers are only entitled to homestead exemptions on their principal residence and can only receive homestead exemptions on one residence.
This article outlines Cook County Assessor’s actions to recover on erroneous homestead exemptions.
Also attached is the Erroneous Homestead Exemption statute and Homeowner Exemption Waiver.
This is a re-print of an article that appeared in our 2000 newsletter. This article received the
attention of the Illinois State Bar Association (ISBA) which published it in their newspaper with our
permission. The ISBA then asked Joanne Elliott to testify before the Illinois Senate Finance Committee which was considering a bill that would have allowed non-lawyers to represent taxpayers in tax appeal cases. Joanne appeared before that committee to testify and answered a number of questions from members of that committee, including Senator Barrack Obama. The bill that Joanne testified against did not pass out of committee. We believe this article remains relevant today.
Cook County offers various tax incentives to qualifying property owners. Among these incentives are the Class 6b and Class 8 incentive which are available to qualifying commercial and industrial property owners through Section 74-63 of the Cook County Code.
These incentives are generous and reduce taxes by 60% for 10 years, with a phase up of taxes in years 11 and 12. The incentives are available for newly constructed, substantially rehabilitated property, additions to existing buildings or re-occupied vacant buildings (referred to as “abandoned property” in the law). For commercial properties, Class 8 also requires that the property be located in a blighted area1 . Class 6b does not include the blight requirement. Both Class 6b and Class 8 tax incentives have renewal provisions which give owners the opportunity to file to have the incentives renewed if a timely renewal application is filed during the 10th, 11th and 12th year of the incentive.
Full article is below.
Appraisals can be a powerful tool in a tax appeal case and are often the best evidence of value. A good appraisal presented by an experienced lawyer can result in big tax savings.
Click below to learn more.