Apartment Building – Property Tax Cut for Chicago and Suburban Cook County

  • Successful Appeal

    Successful property assessment appeal Chicago and Cook County
    Typical notification letter from the Cook County Assessor's Office, received by Gary H. Smith on behalf of a client.
  • Apartment Building – Property Tax Cut for Chicago and Suburban Cook County

    Chicago apartment building tax reduction

    Gary H. Smith cut the property tax bill of this Chicago apartment building in half.

    For the owner of an apartment building trying to serve tenants and make a profit, property taxes are generally the second-highest expense, only after the financing costs of the property.

    Apartment building owners can be frustrated because they think they lack control over their tax liability. In fact, with the help of the Law Office of Gary H. Smith, P.C., the tax liability can be predictable and controllable.

    Gary’s office concentrates on real estate tax analysis and tax liability planning. He works in partnership with his clients to assist them in the cost-effective management of their properties, with special focus on their property tax burdens.

    The Effect of Income on Tax Assessments of Apartment Buildings

    In Illinois, income-producing properties are valued in the assessment process based on their income-producing capacity. Expenses and rent are major factors in Gary’s analysis of the property’s value.

    As part of the case, Gary’s office will develop an income analysis of the property, reviewing these elements:

    • The amount, quality and durability of net income over the economic life of the property;
    • Market data rents and expenses, or actual income and expenses capitalized; and
    • Condition and occupancy of the property.

    Also, Gary can argue for lower taxes on the property’s value, based on sales of comparable properties in the area.

    Contact the office of Gary H. Smith, Chicago property tax appeals attorney, for assistance with your tax appeal.

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