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Agenda. 1. About Robert H. Rosenfeld & Associates 2. Real Estate Taxes: Why care? 3. How does it work? 4. Assessment Process 5. Appeal Process 6. Payment Process 7. New Construction 8. Tax Prorations 9. Exemptions 10. Resources 11. Q & A. Law Offices of

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agenda
Agenda

1. About Robert H. Rosenfeld & Associates

2. Real Estate Taxes: Why care?

3. How does it work?

4. Assessment Process

5. Appeal Process

6. Payment Process

7. New Construction

8. Tax Prorations

9. Exemptions

10. Resources

11. Q & A

Law Offices of

Robert H. Rosenfeld & Associates, LLC

robert h rosenfeld associates llc
Robert H. Rosenfeld & Associates, LLC
  • Focus on Real Estate Tax Law
  • Decades of experience
  • Proven track record for ALL types of properties
  • AVAILABLE throughout the transaction

Your Resource:

Law Offices of

Robert H. Rosenfeld & Associates, LLC

robert h rosenfeld associates llc3
Robert H. Rosenfeld & Associates, LLC
  • Robert H. Rosenfeld & Associates, LLC is Chicagoland's premier law group, concentrating on Real Estate Tax Law, Commercial Litigation, Technology Law and Business Law. Robert H. Rosenfeld & Associates provides a unique blend of legal and business expertise, and delivers these services to its sophisticated clientele efficiently and effectively. Our emphasis is on successful results for our clients, and we have been achieving our goal since 1985.
  • Robert H. Rosenfeld is an experienced attorney, award-winning entrepreneur, business owner and investor. Mr. Rosenfeld has more than 25 years of experience in law and business, and with this diverse background brings a unique and multi-disciplinary approach to solving his client's legal matters. Rosenfeld has built a mix of successful operations, including a number of boutique commercial law firms, a national reseller of hardware, software and services, as well as a venture capital investment and advanced marketing strategies consulting firm. Mr. Rosenfeld has practiced law since graduating from law school in 1985 and was admitted to the Illinois and Northern District of Illinois that year. He attended Northwestern University where he earned a Bachelors of Arts degree in History and graduated from DePaul University College of Law. Mr. Rosenfeld has specialized in complex commercial litigation, business law, class action litigation and real estate taxation. He has handled a wide variety of legal issues regarding technology law, business law, real estate taxation law and complex commercial litigation cases, including class actions. Rosenfeld has published on matters including medical reimbursement to medical providers and Y2K liability for medical offices. Rosenfeld has spoken often of the dynamics of entrepreneurship, including technology start-up opportunities and financing.
real estate taxes why care
Real Estate Taxes: Why Care?

Differentiate yourself by adding real value.

Increase your sales.

Taxes can:

  • Confuse
  • Scare
  • Kill the deal

Use it to your advantage; provide accurate historical and prospective information

how does it work
How Does it Work?

1. Assessment Process

2. Appeal Process

3. Payment Process

assessment process
Assessment Process

STEP ONE:

Determination of Assessed Value

Assessor assesses residential property at

10% of assessor’s determination of market value.

Example: $1,000,000 home =

assessed value of $100,000

assessment process continued
Assessment Process - Continued

STEP TWO:

Determination of actual tax liability;

Apply Equalized Tax Rate

2008 New Trier Township = .1600 (estimated rate)

Example:

$1M market value = 100,000 assessed value x

.16= $16,000 Gross

400 sheridan road winnetka il pin 05 21 201 006
400 Sheridan RoadWinnetka, ILPIN 05-21-201-006

Current stats:

2008 taxes = $31,818 (after homeowner and senior exemption)

2009 assessed value= $199,469

2009 market value = $1,994,690

2009 taxes = 199,469 x .1600 = $33,511

appeal process
Appeal Process

3 LEVELS

1. Assessor

2. Board of Review

3. Property Tax Appeal Board (PTAB) / Circuit Court

apply it to my world please
Apply it to my world, please!

How to analyze tax ramifications

of a proposed transaction?

what happens if you can establish a market value of 1 500 000 on 400 sheridan road
What happens if you can establish a market value of $1,500,000 on 400 Sheridan Road?
  • Taxes are cut to $25,200 from $33,511 for 2009
  • $1,500,000 market value = $150,000 assessed value
how do you establish market value
How do you establish market value?

1. Recent sale

2. Competent appraisal

3. Uniformity analysis

east of sheridan from lake cook road to evanston
East of Sheridanfrom Lake Cook Road to Evanston
  • Unique neighborhood code
  • Unique issues
  • Primarily land value
  • Not immune from market decline
school board interventions beware
School Board InterventionsBEWARE!

Notice on all appeals > 100,000 assessed value

Increasingly aggressive

Can assert undervaluation with resultant tax increase

payment process
Payment Process

One year behind

2 installments

First installment is 50% of prior year’s tax.

new construction
New Construction
  • Build

No recorded purchase price

Assessor user cost manual

Assessed at substantial completion: ready for occupancy

  • Purchase

Won’t chase sale

Assessed at next reassessment date

robert h rosenfeld associates llc17
Robert H. Rosenfeld & Associates, LLC

Regularly beat the Assessor’s market values, which are based on old sales data

Decades of experience

Multi-state practice

All types of properties

tax prorations
Tax Prorations

KNOW YOUR FACTS!

Ramifications can be severe.

Deal Specific

Seller- 105%-110%

If seller has appeal pending, consider pro rata on taxes and costs

Year Specific

Call Rob Rosenfeld

exemptions
Exemptions

1. Homestead; occupied as “primary residence“

by January 1 of year in question

2. Senior; 65 yrs old as of January 1

of tax year in question

3. Apply at local assessor’s office at

Old Orchard Court House

resources
Resources

Robert H. Rosenfeld & Associates, LLC

847-677-3500

rhr@rhrassociates.com

Cook County Assessor

www.cookcountyassessor.com

Cook County Treasurer

www.cookcountytreasurer.com

robert h rosenfeld associates llc22
Robert H. Rosenfeld & Associates, LLC

6703 N Cicero Ave, Lincolnwood, IL 60712

(847) 677-3500

33 North Dearborn Street, Suite 1030, Chicago, Illinois 60602

(312) 704-2200

rhr@rhrassociates.com