You work hard to earn a profit and property taxes affect your bottom line.
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It’s important your taxes are as low as possible every year and it’s our job to help you achieve that objective. To accomplish this goal, we have assembled a team of experienced attorneys and valuation professionals. This combination of legal and valuation expertise allows us to review your assessment from multiple points of view to find the most compelling reasons why it should be lowered. Our attorneys then aggressively contest your assessment before the assessing officials and exhaust all appropriate levels of appeal. To support our team, we have developed systems, technology and procedures to make sure all cases are handled efficiently and effectively. These tools enable our team to spend time thinking about your appeal and formulating strategies to lower your taxes rather than spending time shuffling through paperwork. |
"We have worked Elliott & Associates for over five years to appeal the real estate taxes on property owned by the bank. They have saved us hundreds of thousands of dollars."
JOHN TIMMER
SUBURBAN INDUSTRIAL BUILDING
Over $1.2 Million in tax savings and refunds
THE CHALLENGE
A Cook county industrial property owner was frustrated by paying property taxes that are 2 to 3 times greater than his nearby DuPage county neighbors that are only a few miles away. Like all commercial taxpayers in Cook County, this client experiences high property taxes that are 2 to 3 times greater than in the collar counties. The client was aware that Cook County offers generous tax incentives for industrial property owners (called 6b) that would reduce his assessment substantially (by about 55%) for 12 years. The client contacted the Assessor about the incentive but was discouraged from pursuing it because the Assessor perceived his business to be construction services rather than industrial use (manufacturing and/warehousing). Elliott & Associates had represented the owner for over 17 years.
HIGHLIGHTS
- Property Type: Suburban industrial building
- Savings: Over $1.2M in savings and refunds
- Location: Northwest Suburban Cook County, Illinois
- Description: 12,000 square foot industrial building
KEY RESULTS
- Convinced Assessor that building was used for industrial purposes and eligible for class 6(b) tax incentive
- Obtained class 6(b) tax incentive for 12-years in 2000 and then again in 2010 for another 12 years resulting in 900K in savings
- Reduced underlying assessed market value resulting in additional 300K to date
- Obtained over $1.2 Million in tax savings and refunds and brought the taxes generally on par with comparable properties in neighboring DuPage County
Our Strategic Approach
Elliott helped obtain a 6b tax incentive for the client. We convinced the County to award the incentive by demonstrating that a substantial portion of the building was used for manufacturing and warehousing of concrete products used in residential, commercial and road construction. This qualified as an industrial use for which class 6(b) was eligible. The incentive was awarded in 2000 and was renewed in 2010 for another 12 years*.
We also reviewed the underlying valuation of the property (before the incentive was applied) and believed it was excessive. We filed several assessment appeals over the years to the Cook County Assessor, Cook County Board of Review, Property Tax Appeal Board and Circuit Court that caused the underlying assessed market value, and resulting tax bills, to be reduced and refunds to issue. These benefits were in addition to the savings resulting from the Class 6b tax incentive.
RESULTS
The 6b incentive was awarded in 2000 and renewed in 2010 for 12 more years and has saved the client over $900,000 to date. Reductions in the underlying market value of the property have saved the client an additional $300,000 to date. For this client taxes are generally on par with taxes for comparable properties in neighboring DuPage County.
*Assessments were reduced by 60% for the first 10 years, 40% in year 11 and 20% in year 12
"We purchase distressed shopping centers and our property tax was based on full occupancy. The project’s success was at stake. Elliott significantly reduced the property taxes and I happily paid the fee because the results provided were so valuable. They make an often confusing process seem simple. "
M.Y., REAL ESTATE INVESTOR
