Real Estate Tax Appeals & Incentives
Real estate taxes are often the largest annual expense item for commercial and industrial property owners. Our attorneys have extensive experience in reducing real estate taxes for office buildings in Chicago's Central Business District, as well as shopping centers, industrial buildings, multi-tenant apartment buildings, residential condominiums and cooperatives, nursing homes and life-care facilities in Cook County and the surrounding collar counties. We strive to minimize the assessment and real estate taxes on properties by working with property owners and tenants responsible for taxes to ensure that their property tax assessments accurately reflect the specific features and characteristics of the asset.
Our attorneys regularly analyze property assessments under local laws, policies and guidelines, and assist clients who are acquiring properties in obtaining tax incentive benefits, such as the Class 6b Incentive available under the Cook County Classification Ordinance. In many cases, our ability to document extenuating factors provides information that enables clients to reduce their real estate tax liability.
Much of our work is provided on a contingency basis, so there is no fee unless we achieve an assessment reduction. Our attorneys provide complimentary tax projections to clients acquiring or leasing properties, review and assist in tax proration provisions, and work closely with our clients to ensure that they are paying only their fair share of real estate taxes, and are not at a competitive disadvantage when leasing their property. In addition to providing real estate tax representation, our practice is enhanced by the depth of other practice areas within the firm.