Association Advocates

Property Tax Appeals

Provided by Association Advocates (Current FRDA Members)

 

Making Sense of Property Tax Appeals In A Down Economy

It would seem to make sense that, if the economy has negatively impacted real estate values, then shouldn't real estate property taxes also decrease to be in line with current market conditions?  Unfortunately, it may not be that easy to change the ways that government has been calculating taxes, especially when they are having their own financial shortfalls.  So what can you do and what are the benefits of appealing your taxes?

First, an Association may get better results by initiating a Tax Appeal than that of an individual homeowner. Your "unit" will be compared to other similar properties in the area including your building.  There are many factors involved in the computation of property taxes and the ability to obtain a reduction. An attorney representing the entire property will have a better chance of success on behalf of all owners.

Second, there is no cost to the Association unless your tax attorney is successful in obtaining a savings. The Board should review the Association's declaration to see if it requires owner approval or just Board approval.  Once approval is obtained, the Board should enter into a contract on behalf of the Association with a reputable firm that is familiar with their Township area and has a reasonable fee.  Fees are based on a contingency of usually 24-33% of the tax savings of the first year.   If successful, they will provide the Board with a spreadsheet itemizing the costs based on % of ownership to bill back to the owners.

Third, do not delay in implementing this process and getting info to your attorney.  There are specific deadlines for each Township area that must be met and different levels of appeals. Find out what the deadlines are for your area either through your tax attorney or the Assessor's office.  A seasoned tax attorney may request important information helpful to your particular area including, but not limited to, obtaining recent appraisals, foreclosures, and closing dates for newly developed properties.

 
 
More Info--Alderman Reilly Landmark Ordinance

Alderman Reilly Landmark Ordinance

General Information

The purpose of the ordinance is to broaden the possibilities for redevelopment and reuse of structures with historic status or actual landmark status.  Alderman Reilly has growing concerns over treasured, older building stock in the ward facing high vacancy rates due to their obsolescence.  The city cannot afford for these important buildings to ultimately be abandoned and left to deteriorate because their zoning does not allow for the flexibility necessary for redevelopment.  The Alderman is sensitive to the difference between an as-built condition and a vacant lot where owners can build a structure more consistent with market demand.  In this environment, we need creative approaches to retain and whenever possible, expand our economic base.


Specifically, this proposed ordinance expands the Elective Planned Development Thresholds - Section 17-8-0600 adding an additional category for older buildings, allowing those owners to take advantage of the Planned Development process.  Currently, if a building does not meet the elective thresholds, redevelopment is restricted to its zoning classification.  With this amendment, owners seeking to redevelop their property can seek relief from zoning restrictions related to Floor Area Ratio (FAR), Minimum Lot Area (MLA), parking requirements and building height while providing for public process and community input as these changes to the urban landscape occur.  That community process and points negotiated can then be codified in a Planned Development Ordinance providing certainly for the city and community that these structures will be preserved and re-used.  In many instances, we do not have opportunity for that level of community input and negotiation, absent the Planned Development process.
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News May 2010

Association News

Movies in the Park: Willie Wonka sponsored by Blommer Chocolate

We had a fantastic turnout for Willie Wonka, our first 2010 Movie in the Park at Fulton River Park (Park #551), sponsored by the Blommer Chocolate Company.  An estimated 1,250 people came and we had a great show.  Click Here to see the photos!

 

Business Highlights

FRDA Welcomes New Business Member
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Coming this summer to the neighborhood is  brewer Pete Crowley's long anticipated brewery project, the Haymarket Pub & Brewery. Conveniently located at the southeast corner of Randolph and Halsted, Haymarket is actually situated in the exact location of the Haymarket Riot of 1886. Our restaurant will commemorate this important piece of Chicago's history.  Haymarket will focus on classic Belgian and contemporary American ales and lagers paired with hand made sausages, pulled pork, pizza and rotisserie chicken.  Check out the video from Hop Cast on Haymarket's construction progress and interview.

 

 

 

 

 

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For the past four years, Language Loop, LLC has been part of our Fulton River District neighborhood.  Located at 117 N. Jefferson Street (between Randolph St. and Washington St.), this unigue language school - with a must see award-winning roof top - offers instruction in over 15 languages.  You can learn Arabic, Chinese, Russian, Spanish, etc. in a small group class or a private setting.  Corporate programs, Immersion cousers, Cultural Consulting, and Traing are also available.

For your convenience, Language Loop is open Monday - Thursday from 9:00am - 9:00pm. Friday and Saturday from 9:30am - 2:00pm.

Contacts: Johanna Torres and Linda Diaz

Phone: 312-234-9835

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Website: http://www.languageloopllc.com

 

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Chicago French Market, run by Bensidoun USA and part of Phase I of the MetraMarket project, has opened!  Business hours are weekdays 7:30am - 7:30pm and Saturday 8:30am - 6:00pm.

Check out their website at chicagofrenchmarket.com especially this page with detailed vendor info.
 
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