Cook County Board of Commissioners Waive Fees
Nov. 2020 - We at OLH hope you and yours had a safe and enjoyable Thanksgiving holiday weekend.
We are pleased to pass along a little bit of good news. The Cook County Board of Commissioners recently voted to waive penalty interest for 60 days following the due dates of both the first and second installment 2020 (pay 2021) taxes.
See the O’Keefe Lyons & Hynes memo
for details.
The Multi-Dimensional Property Tax Situation Impacting The Real Estate Industry.
July 2020 - Partner Brian Forde was among key commercial real estate professionals with links to DePaul University and ULI Chicago interviewed for their perspectives on the Chicago real estate markets at the mid-point of 2020.
Forde, who earned his J.D. degree from the DePaul College of Law, offered insights on the multi-dimensional property tax situation impacting Chicago area real estate and the general outlook for the industry. He noted that, in spite of the issues and challenges related to COVID-19, the ability of industry professionals to adapt and create new solutions shouldn’t be underestimated.
Forde believes Cook County property taxes will continue to be a real threat to the industry. “As long as Cook County uses a classification system where commercial and industrial real estate is assessed at 2-1/2 times that of residential properties, property taxes will always be a challenge, and it always will be so long as the system currently in place persists,” Forde says. “That will be further exacerbated when coupled with the inability of taxing officials to manage the sheer volume of valuing 1.8 million parcels. There is just no one size fits all solution.”
See the report here.
The 2019 Triennial Reassessment of Evanston as a Harbinger of the 2021
Triennial Reassessment of Chicago
June 17, 2020 - Now that the 2019 (pay 2020) tax rates have been published, it is possible to quantify the actual tax impact of the assessment increases that occurred in Assessor Kaegi’s first reassessment – the 2019 Triennial Reassessment of the northern Cook County suburbs. We have focused on Evanston because its relative diversity approximates that of Chicago. Until the recent economic and social upheavals, we thought that the Evanston experience would presage the experience of Chicago in the 2021 Triennial Reassessment.
Beginning in the spring of 2019, Assessor Kaegi adopted a new methodology that caused him to increase assessments dramatically. Since then, he has tried to allay the consternation of taxpayers by insisting that most of the increases will be offset by declines in tax rates. He has pointed to a report published by Cushman & Wakefield early in 2020 as affirmation of his reassessment methodology and confirmation that it will have minimal impact on taxes. See the Sun Times story from February 5, 2020, “Property tax hikes won’t be that bad, new report says” and the
C&W Report.
Click here
for more
COVID-19 and Property Tax Updates
May 13, 2020 - Today, Cook County officials proposed an ordinance that will postpone until October 1, 2020, the date on which interest penalties for late payments of the second installment 2019 real estate property taxes will begin to accrue. That date is typically August 1. Under the proposed ordinance, 2019 second installment property tax payments made on or before October 1, 2020, will be considered paid on time. Under state law, late property tax payments are charged 1.5% of the total property taxes owed per month. The ordinance will be presented at the next full meeting of the Cook County Board of Commissioners scheduled for May 21.
See Cook County tax news for more.
Is there tax relief coming for Chicago area tax payers?
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April 24, 2020 - The Better Government Association
cites the actions proposed by some of the collar counties to offer some relief. Cook County and some others have not, leaving residents with uncertainty as the next tax deadline approaches. The story also notes the legal debate about whether county governments even have the authority to alter property tax due dates established by State statute.
Cook County Board President Toni Preckwinkle Comments
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April 24, 2020 - Bisnow reports on its virtual town hall meeting with Preckwinkle in which she cited the many financial demands on county government. She is quoted saying, “We’re going to do our best to get property tax bills out on time.” “On time” means mid-June with a due date of August 1, 2020.
April 2020 COVID-19 Updates
See the following links for information on:
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Information on Assessor Kaegi’s April 9 online meeting, with early details on how the COVID-19 pandemic might impact assessments Click Here
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Sun-Times article on Assessor Kaegi’s plans to send 2020 assessment notices for Cook County properties and reflect the impact of the COVID-19 pandemic. Click Here
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Preliminary guidelines and preparing to file assessments Click Here
O’Keefe Lyons & Hynes COVID-19 Announcement
March 17, 2020 - As concerns grow about spread of the coronavirus (COVID-19), we at O’Keefe Lyons & Hynes,
LLC, are taking action to both protect the public health and maintain operational continuity.
We are well prepared to continue delivering legal services throughout this global health crisis.
Our robust technology systems will enable us to work remotely in a secure data environment.
We hope to do so without interruption in our representation of your interests.
Click here for our full statement.
Attorney Douglas J. LaSota Joins O’Keefe Lyons & Hynes
January 2020 - Attorney Douglas J. LaSota has joined the firm. He will be representing Chicago area businesses and property owners in complex property taxation issues.
LaSota has more than 10 years of experience in the legal profession, including six years as a commercial analyst at the Cook County Board of Review. LaSota continues a longstanding tradition at O’Keefe Lyons & Hynes, where attorneys bring extensive government property tax experience to their role in representing clients.
Most recently, from 2018 through late 2019, LaSota was Associate Corporation Counsel for the Village of Hoffman Estates. He previously served as a Commercial Analyst for the Cook County Board of Review, from 2011 to 2018. In that position he analyzed and rendered legal decisions on commercial, industrial, residential and condominium property assessment appeals; and conducted hearings concerning property value assessments, among other responsibilities. For more background and to contact Douglas, click here.
Liz Gracie and Kevin Hynes Speak at Commercial Real Estate Forecast Event
January 2020 - For the third consecutive year, O'Keefe Lyons & Hynes was a sponsor of the annual Commercial Real Estate Forecast Conference in Chicago, produced locally by ReJournals. Member Liz Gracie again moderated a breakout panel on the downtown and suburban office markets, while Member Kevin Hynes was a panelist on the retail breakout session. See more on this commercial real estate forecast event here.
Outlook 2020 - Chicago’s industrial market is on track for another strong year in 2020, with activity in infill markets, such as O’Hare, of particular note. Land prices are rising and developers continue to look for opportunities to bring new product to the market.
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