Property Tax Question (Chicago)

Does anyone know how property taxes are calculated/assessed in Cook County (Chicago) Illinois? Are they reassessed anytime a property is sold? I ask because I am looking at acquiring a distressed office property. It sold in 2005 for about $15M, and I have the chance to buy it for less than half that value, but I need to understand if the property tax bill will be reduced after close of escrow. Otherwise my expenses will be far too high to make the numbers pencil out.
In Buying Property - Asked by Eric G. - Sep 21, 2012
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Answer(s)

Rick L.
Appraiser
Cleveland, OH

Call the Board of Review in Cook County or the Auditors Office. talk to one of the appraisers on the Auditors Staff. Many Boards will deny a reductions on sale price cases. They believe the sale is not "Arms Length". "They can't handle the truth."
Rick Linhart

Sep 22, 2012
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Lou A.
Corporate Investor
Northlake, IL

Don't bother with the board of review.
Hire an attorney specializing in property tax reduction in Cook County. The process is as follows (defined by law). First you can supply your proof and numbers to the township assessor for consideration. They rarely do anything. Then, appeal at the board of review. There is a reappeal step there as well. Then, appeal in front of PTAB. Then, if you still think you have a case you can file a lawsuit with your proof to challenge the assessment.
If your purchase price is lower than the market value given by the assessor talk to the assessor and see if he/she will accept that price as fair market value and make that a condition of your purchase contract.

Oct 14, 2012
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