Subject: Property Tax Assessments
From: Michael E. Rutkowski (michaelrut@firstpropertiesLLC.com)
Date: Tue Sep 26 2000 - 19:07:43 CDT
Last week, I received the new Proposed Assessed Valuation cards that the County sent to Rezmar. For the first time, 1250 W. Van Buren is not being assessed as one building, but as 99 individual units.
There should be no need to worry about the 1999 tax bill due next week. If everyone signed the same Rezmar sales contract, it states Rezmar pays all of the 1999 taxes. However, this assessed valuation will serve as the basis for calculating your tax bill for the next 3 years.
As managing agent, I always encourage that associations appeal their assessment as being too high. In fact, I coordinate the effort as part of my management agreement.
Just receiving the cards last week, however, did not give me much time to inform the owners about an appeal...appeals were due 9/25. FORTUNATELY, I was able to have a property tax attorney file the preliminary paper work at no charge to give the Board an extra 10 days to decide if they want this appeal.
Here is the breakdown: A contracted law firm will charge a non-refundable $25 retainer per unit (everyone will have to pay it) and process the appeal. Should they be successful, their fee is 1/3 of the first years savings for each owner, minus the $25 already paid. As an owner, you'll reap the benefit of the appeal for 3 years, until the township is reassessed.
If they fail, there is no additional charge. I will provide more information for the Board at tomorrow night's meeting.
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Michael E. Rutkowski
(773) 935-5617
First Properties, LLC
Real Estate Management
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