Condominium Property Tax Appeal Lawyers in Chicago
Condominiums are unique animals in the property tax appeal system.
Each unit is individually owned, but all taxpayers in the association should file together in one single appeal. Condominium owners should insist that their condo associations file a tax appeal on their behalf through the Law Offices of Gary H. Smith, a division of Kovitz Shifrin Nesbit, Chicago and Cook County condo tax consultant.
The Condominium Property Tax Appeal
The condominium property tax appeal process is one of the most daunting and least-understood aspects of the property tax practice.
Many condo owners believe they can file an appeal on their own. This is strictly true, but Illinois law requires that they first must obtain permission from the condominium association board.
In a condo building, the value is placed on the structure in its entirety; the value of each individual unit is derived from the value of the whole. That is why the chance of a successful appeal is enhanced if all of the owners file for an appeal at the same time.
Factors in Tax Assessment Appeals for Condos
When a condominium association contacts us, we work with the board to determine the best approach for an appeal based on several factors, including:
• Number of units in the building
• How the space is divided between living units, public areas and amenities
• The number of units in the building that are currently being rented
• Condition of the building
• Sales of similar units;
Because of the prior severe downturn and current volatility in the real estate market, condo associations now have a viable option they never had before. They can argue the value of the entire association is diminished because units that can’t be sold are being rented.
Condominium associations in Chicago and Cook County should contact the Law Offices of Gary H. Smith, a division of Kovitz Shifrin Nesbit, to determine the best strategies for your successful property tax appeal.