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Cook County Property Tax Assessments Shock Commercial Property Owners

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Cook County commercial, industrial and apartment properties owners may have noticed some significant changes in their property assessments that were recently released by Assessor Fritz Kaegi.  A shocking increase of more than 74% in valuations have caught the attention of area business owners.

According to an article published by the Chicago Tribune,  “…the result may be a significant shift in how the property tax burden is divided up — with homeowners paying less and business owners paying more. A Tribune analysis shows that if Kaegi’s initial property values stand, businesses would pick up 44% of the combined taxes in those suburbs next year, up from 34% this year. That would shift 10 percent of the property tax burden from homeowners to businesses.”

However, business owners are concerned that the result will cause a slowdown in the sales of these types of properties in Cook County.  In fact, some business owners have threatened, if the assessments stand, to relocate out of Cook County.  “Even as business owners experience assessment sticker shock, Kaegi explained that it’s his job to accurately determine the current market value of properties so each owner is facing his or her fair share of taxes, under rules set by the state and county” according to reporter Hal Dardick,

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Chicago Area Real Estate Values Take A Downward Turn

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Homeowners in the Chicagoland area may have noticed that home values around them are on the decline.  After a steady climb in value over the past few years, it appears that the combination of high home prices, increasing mortgage rates and real estate taxes that continue to soar has caught up with the local market.

Recent data, provided by a group called Illinois Realtors, indicate “Sales of homes in Chicago were down 16.6 percent in September from a year earlier,” according to an article published by Crain’s Chicago Business.  In fact, Chicago area home owners haven’t seen a decline this steep since May 2011.  Disappointing news, especially considering the national figure only slide of 3.4 percent.

However, Dennis Rodkin also reports in the article that local experts warn against jumping to any conclusions about the long term projections.  One expert stating “it is difficult to extract any trend from one month’s data and it will require more monitoring in the months ahead to determine longer-term market impacts.”

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Real Estate Experts Provide Advice for Investors

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Real Estate is a popular investment vehicle for American investors.  In fact, 89% of investors put their money into real estate, according to a report by Better Homes and Garden Real Estate.  In a recent article published by Forbes, real estate experts provide reminders and warnings regarding real estate investments in order to help insure a profitable investment.

One real estate professional, Lee Kiser, reminds investors to study the real estate taxes of a property before making the purchase.  Its important to understand what the upcoming tax liability may be down the road, and a real estate tax professional may be able to help an investor prepare accordingly.

Shelling out the money for a professional inspection and appraisal might not be top of the list for investors, but according to Angela Yaun of the Day Realty Group, it may help save more money for the investor later.  The investor may be able to get items covered under a home warranty if they are proven to be functioning at the time of the inspection.  It can also make the buyer aware of repair expenses they should plan for later.  A professional appraisal will provide the most accurate square footage and appraised value, important facts to have on hand when the investor is looking to sell their property.

The article goes on to detail the importance of understanding Home Owners Association restrictions, obtaining a Master Land Use plan for the area surrounding the property, and getting accurate and professional estimates for repairs, holding costs and closing costs.

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Photo Credit: Antonio Carlos Cascatrina

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