Sweeping housing legislation was recently passed. The legislation is designed to offer assistance to troubled homeowners at risk of foreclosure and provide government assistance to bolster Fannie and Freddie with a temporary rescue plan.
A few of the key provisions that will most directly impact the consumer include…
A permanent increase of conforming loan limits to [...]
When first proposed, Chicago home buyers were to bear the full transfer tax increase, but now it looks like sellers will pay the Chicago real estate transfer tax increase.
Flip side of the same coin in my opinion. A real estate tax increase on either buyer or seller seems to be ill timed.
Old news by now, but the Cook County 7% tax cap on property tax assessments has been renewed for the next three years. Get the full story.
True story I’m embarrased to say.  A number of years ago my wife and I owned a townhouse.  We paid our taxes by mortgage escrow. In other words, of our monthly mortgage payment, a small amount (or not so small) was deposited in an escrow account. When the Chicago tax bills came due each year, the mortgage company made the [...]
March is a mixed month in Chicago. On the positive side, March brings the first hints of warm weather. Temperatiures are supposed to hit the 60’s this week. On the not so good side, early March is usually the due date for the first installment of annual Chicago property taxes. One of the most common topics I receive questions on is Chicago [...]
This is an especially important issue to address as taxes have the possibility of costing the purchaser thousands of dollars if a proper proration method is not agreed upon between the parties. Taxes in Illinois are paid a year in arrears which means that in 2006, property owners paid the 2005 tax bill and in [...]
Tags: All Posts · Attorney Review · Legal · Taxes
Have to give props to the Sellsius blog. They have done a wonderful job of capturing the tax assessment fiasco surrounding Governor Blagojevich’s home.
Here’s the story. Illinois Governor Rod Blagojevich’s 3,817 square feet home (2nd largest in his neighborhood) only received a 1% tax assessment increase while his neighbors got bumped more than 36% (on average). It [...]
In the course of representing a Seller in the sale of his property, I discovered that there was no Homeowner Exemption listed on his tax bill.  The Cook County Treasurer’s Office recently posted the 2nd installment of the 2005 tax bill. All property tax exemptions in Cook County, are reflected in the 2nd installment [...]
May 27, 2006 Dear friends, neighbors and community leaders: The Triennial Reassessment has begun. This newsletter from TRAC will bring you up to date on what happened in Springfield. The 7% tax measure did not pass. Please read the account from Springfield because it will give you some insight on the politics that went on. [...]
Current Cook County board president to seek fourth term and hints at need to raise county property taxes. View the complete article at Chicago Businss: Stroger to run again, hints at county property tax hike For more information contact Jeff Kerr by phone at 773-326-0048, email, or visit www.Kerr-Properties.com.
Concept: Properties are not sold and bought but exchanged via a neutral third party. As a result taxes can be deferred. Rules: A federal law permits you to defer the payment of capital gains taxes when you sell (exchange) property and buy (replace) it with other “like kind” property or properties of equal or greater [...]
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