Lower Property Taxes by an attorney - Chicagoland Area

Tax, SDIRAs & Cost Segregation
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Lower Property Taxes by an attorney - Chicagoland Area

Zulf H.
Investor · Chicago, IL · Member since 2014 · 64 posts · 8 votes

Hi BP Members :

Hope you all are doing well. I recently bought a 9 unit bldg. and the previous owner had used an attorney to lower their assessed tax value. It was a 3 year commitment where they would pay the firm a portion of the saving. I have several other properties and I have not been doing the appeal. I am probably going to start working with someone to get the value assessed on all my other properties to see if I can save some money. Below are my questions:

1) Is this something I can do myself? Is it easy? I don't have a lot of free time but if its a simple process I don't mind doing it as I would save significantly since I have multiple properties.

2) Can you recommend any attorneys or firms that are good and focus in the Chicago area.

3) What is the average fees or % of savings that I should pay to these attorneys?

Thanks for your help!

Zulf.

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Derek Martin
Investor & Attorney · Chicago, IL · Member since 2014 · 86 posts · 29 votes
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1. I agree with @David Stefanovic & @Brie Schmidt. You can definitely file the appeal yourself if you own the property in your name. However, properties held by corporations (LLC, LLP and any other corporate entities) MUST be represented by an attorney.

2. I have a great recommendation. He does primarily commercial (including apartment buildings) and works exclusively in Cook County. If you'd like his info, please DM me.

3. Savings will vary. Fee is typically around 1/3 but can vary depending on the property and tax amount.

Good luck @Zulf H.!

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  • David Stefanovic
    Investor · Inverness, IL · Member since 2015 · 124 posts · 35 votes
    10y

    1) Yes, you may do it yourself, however, it requires some time and effort on your part as you will need to provide comparables in the area as well as a recent appraisal on your property.

    2) I've used the following attorney for years on my properties and have been pleased with their services ...

    Scott M. Shudnow, Esq.

    SHUDNOW & SHUDNOW, LTD.

    3) The above attorney I use charges 1/3 of the savings.

    1Reply
  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    10y

    @Zulf H.

    Yes you can do it yourself, I have done it myself.... There is a online system which lets you search their comps online and submit the request.  But if I didn't get it low enough I would appeal with a lawyer and they always got it much lower.  

    I use Raila and Associates and they charge 40% of the projected savings railapc.com

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  • Derek Martin
    Investor & Attorney · Chicago, IL · Member since 2014 · 86 posts · 29 votes
    10y

    1. I agree with @David Stefanovic & @Brie Schmidt. You can definitely file the appeal yourself if you own the property in your name. However, properties held by corporations (LLC, LLP and any other corporate entities) MUST be represented by an attorney.

    2. I have a great recommendation. He does primarily commercial (including apartment buildings) and works exclusively in Cook County. If you'd like his info, please DM me.

    3. Savings will vary. Fee is typically around 1/3 but can vary depending on the property and tax amount.

    Good luck @Zulf H.!

    2Reply
  • Zulf H.
    OP
    Investor · Chicago, IL · Member since 2014 · 64 posts · 8 votes
    10y

    Thanks @David Stefanovic & @Brie Schmidt

    I would like to do it myself for the savings but I am just not sure if it requires quite a lot of time and research. I am assuming this might be a time consuming process therefore most people are using attorneys.

    I am tied up with other commitments other than real estate so if this is time consuming I would prefer using an attorney. Also few of the properties are under an LLC.

    Thanks for the recomemdation.

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  • Steven Hamilton IIPro Member
    Accountant, Enrolled Agent · Grayslake, IL · Member since 2011 · 5k+ posts · 2k+ votes
    10y
    Originally posted by @Zulf H.:

    Thanks @David Stefanovic & @Brie Schmidt

    I would like to do it myself for the savings but I am just not sure if it requires quite a lot of time and research. I am assuming this might be a time consuming process therefore most people are using attorneys.

    I am tied up with other commitments other than real estate so if this is time consuming I would prefer using an attorney. Also few of the properties are under an LLC.

    Thanks for the recomemdation.

     @Derek Martin is correct about if properties are in an LLC. I hired Derek to file appeals for me.

    [email protected]224-381-2660
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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    10y

    Just be careful on appealing property taxes. You start getting into commercial and the city or county fights you more as the numbers are bigger with reductions.

    If your taxes are already low it could go the other way and your taxes are raised. For example you thought you could get them lower being greedy and it came back to bite you. I have heard of this happening before.

    How much is your time worth? If your property tax attorney only charges if they win a reduction then it seems like a no brainer to let someone else do it that does it day in and day out.

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  • Zulf H.
    OP
    Investor · Chicago, IL · Member since 2014 · 64 posts · 8 votes
    10y

    Thanks @Joel Owens. The commercial property I recently purchased has been appealed and the reductions is till the end of the year. However I have never done any appeals on my other properties. I think using an attorney is the best bet as its convenient and I can have a professional do this for me.

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