How To Appeal Property Taxes For Multifamily Apartment Buildings in Cook County

1. HOW TO APPEAL PROPERTY TAXES FOR MULTIFAMILY APARTMENT BUILDINGS IN COOK COUNTY www.CookCountyPropertyTaxChallenge.com Law Office of John Zapala, P.C.

2. HOW TO APPEAL PROPERTY TAXES FOR MULTIFAMILY APARTMENT BUILDINGS IN COOK COUNTY Multifamily property owners in Cook County often overpay on property taxes, reducing net operating income and lowering profitability. If your apartment building is over-assessed, filing an appeal can lead to substantial tax savings and improve cash flow. This guide will walk you through the step-by-step process to appeal your multifamily property’s tax assessment. Highlights: Reduce tax burdens for investment properties Understand how assessments impact multifamily properties Learn step-by-step appeal strategies to maximize savings Law Office of John Zapala, P.C.

3. WHY MULTIFAMILY PROPERTY OWNERS SHOULD APPEAL Cook County assessments for multifamily properties are often higher than actual market values, leading to inflated tax bills. ✅Common Reasons to Appeal: Your property is assessed higher than comparable apartment buildings in your area. Rental income has decreased, reducing the property’s market value. Errors in the assessment, such as misreported square footage, unit count, or occupancy rates. Recent property sales indicate a lower market value than your assessment. ?Pro Tip: Multifamily owners should review their assessments annually to ensure fairness. Law Office of John Zapala, P.C.

4. HOW COOK COUNTY ASSESSES MULTIFAMILY APARTMENT BUILDINGS Multifamily properties are valued differently than single-family homes and are assessed using three methods: ✅ Income Approach – Based on net operating income (NOI) and capitalization rates. ✅Market Approach – Compares recent sales of similar apartment buildings. ✅ Cost Approach – Evaluates the cost to rebuild the property, minus depreciation. ? Why It Matters: If your rental income has declined or operating costs have increased, your assessed value should reflect these changes—but you must appeal to make it happen. Law Office of John Zapala, P.C.

5. KEY EVIDENCE TO STRENGTHEN YOUR APPEAL A successful tax appeal requires strong supporting documentation. ✅Best Supporting Evidence for Multifamily Appeals: Rent Rolls & Occupancy Rates – Shows fluctuations in occupancy affecting property value. Income & Expense Statements – Demonstrates declining NOI and operational costs. Comparable Sales Data – Recent sales of similar multifamily buildings with lower values. Property Condition Reports – Highlights maintenance or structural issues affecting value. Independent Appraisal – Provides an unbiased third-party valuation of your property. ?Pro Tip: Keep records of rental income trends, vacancies, and operating expenses to support your case. Law Office of John Zapala, P.C.

6. THE STEP-BY-STEP APPEAL PROCESS FOR MULTIFAMILY PROPERTIES Cook County allows you to appeal at two levels: ✅Step 1: Appeal with the Cook County Assessor’s Office First appeal level, must be filed within 30 days of receiving your assessment notice. Decisions typically take 4-12 weeks. ? If denied, move to Step 2. ✅Step 2: Appeal with the Cook County Board of Review Appeals typically open from August to November. A hearing may be required where you present your evidence. Board of Review decisions usually take 4-8 weeks. ? Pro Tip: If both appeals fail, escalate your case to the Illinois Property Tax Appeal Board (PTAB). Law Office of John Zapala, P.C.

7. COMMON MISTAKES APARTMENT OWNERS MAKE WHEN FILING AN APPEAL ? Mistake #1: Missing the Filing Deadline – Each township has a strict 30-day window. ? Mistake #2: Not Providing Enough Evidence – The Board of Review requires concrete financial data. ?Mistake #3: Assuming Higher Taxes Mean Higher Rents – Tax hikes eat into net operating income (NOI). ?Mistake #4: Ignoring Market Trends – If similar properties have sold for less, use that data in your appeal. ?Pro Tip: Avoid these mistakes by tracking your assessment annually and keeping detailed financial records. Law Office of John Zapala, P.C.

8. SHOULD YOU HIRE A PROPERTY TAX APPEAL ATTORNEY? For large multifamily buildings, hiring a professional can improve your chances of success. ✅Why Work with an Attorney? Analyzes market trends and property valuation. Prepares a strong case with the best financial and structural evidence. Handles all filing requirements and meets deadlines to avoid mistakes. ?Pro Tip: Many tax attorneys work on a contingency basis, meaning you only pay if they win your appeal. Law Office of John Zapala, P.C.

9. FINAL THOUGHTS If you own a multifamily apartment building in Cook County, appealing your property taxes can lead to significant savings. ✅Key Takeaways: Track your assessment annually to ensure accuracy. File an appeal if rental income has declined or property values have dropped. Provide financial documentation to strengthen your case. Consider hiring a tax appeal professional for complex cases. By following these steps, you ensure that your taxes align with your property’s true value, improving your cash flow and investment returns. Law Office of John Zapala, P.C.

10. NEED HELP WITH YOUR APPEAL? ? Need our help? The Law Office of John Zapala, P.C. is focused on property tax appeals in Cook County! Property Tax Relief is Here: ? Call: 312-890-1424 ? Visit: www.CookCountyPropertyTaxChallenge.com ? Office: 111 W. Jackson Blvd. #1700, Chicago, Illinois Law Office of John Zapala, P.C.

11. Sources Cook County Assessor’s Office: www.cookcountyassessor.com Cook County Board of Review: www.cookcountyboardofreview.com Illinois Property Tax Appeal Board (PTAB): www.ptab.illinois.gov Legal Disclaimer The information provided in these presentations is for educational and informational purposes only and should not be construed as legal, financial, or tax advice. Property tax laws and appeal processes may vary, and outcomes depend on individual property assessments and local regulations. For professional guidance tailored to your specific situation, please consult a qualified property tax attorney or real estate professional.