Condominium Boards are aware that the costs of managing a condominium association are increasing. While insurance premiums are getting lots of attention, all expenses have been rising over the past few years. These challenges affect all owners, who also face the added burden of escalating property taxes. As boards focus on the overall rising costs affecting the association, it is easy to overlook one effective way to help owners reduce expenses: property tax appeals.
The property tax an owner pays largely depends on the fair market value of their unit as determined by the County Assessor. If the value of a condominium unit is overestimated, the property taxes on that condominium unit will be higher than they should be. Luckily, Illinois law allows boards to initiate tax appeals on behalf of all the unit owners. This streamlines the process and can result in significant savings to the owners.
Costello Sury & Rooney has experienced attorneys that can guide condominium boards through this process. Generally, an association only incurs fees in the event their appeal is successful. Note that there are very strict deadlines as to when property tax appeals must be filed. Even if the time to file an appeal isn’t currently open, our attorneys can help you make sure your association is ready when the time comes.
Please reach out to us today at brooney@csrlawfirm.com or 630-384-8331 for a free consultation to determine whether a tax appeal makes sense for your association.
This article is being provided for informational purposes only. This article does not constitute legal advice on the part of Costello Sury & Rooney. or any of its attorneys. No association, board member or any other individual or entity should rely on this article as a basis for any action or actions. If you would like legal advice regarding any of the topics discussed in this article and/or recommended procedures for your association going forward, please contact our office.