Condominium Property Tax Appeal – Chicago and Suburbs

  • 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.
  • Condominium Property Tax Appeal – Chicago and Suburbs

    Chicago suburban condo building real estate assessment challenge

    In this condominium building in south suburban Cook County, Gary H. Smith saved every condo owner thousands of dollars, thanks to his successful tax appeal

    Condominiums are unique animals in the property tax appeal system.

    Each unit is individually owned, but all tax payers 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 Office of Gary H. Smith, 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 Gary, he works 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 recent severe downturn 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 Office of Gary H. Smith to determine the best strategies for your successful property tax appeal.

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