Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

 - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Lightfoot Favors Graduated Real Estate Transfer Tax for Chicago

Chicago Gold Coast Real Estate subject to real estate transfer tax

In this post, we discuss a proposed graduated real estate transfer tax for property sales in the city of Chicago supported by Mayor Lightfoot.

The City of Chicago is facing an $838 million budget gap faces next year.

Mayor Lightfoot says she doesn’t want to increase property taxes.

Instead, she has proposed taxing high valued homes at a higher transfer tax rate.

 

During the most recent city council meeting, Mayor  LoriLightfoot said her administration will be planning a graduated real estate transfer tax.

Chicago Mayor LightfootLightfoot explained her reasoning: “This will bring relief to homeowners whose houses sell for under $500,000, while owners with higher-valued homes will pay more of their fair share.”

She further said, “We are committed to addressing homelessness and housing instability, and putting real resources toward these problems.”

The idea of a graduated real estate transfer tax in Chicago has been proposed before.

In 2018, the idea was promoted in the Chicago Sun-Times by Marisa Novara, at the time a Metropolitan Planning Council member, and author Daniel Kay Hertz.

At the time, then-Mayor Rahm Emmanuel said that their idea “tax treated homeowners like an ATM.”

But in 2019 Daniel Kay Hertz is now the policy director of the Chicago’s Department of Housing and Marisa Novara is now Housing Commissioner of the DOH. They have the opportunity to promote their ideas directly to lawmakers.

In her speech in Springfield after becoming mayor, Lightfoot said that the city needed help with pension obligations.  Governor J.B. Pritzker said that this was not an option.

 

Now the city needs to find another way to fund half-a-billion in new pension obligations over the next three years.

Property Tax Assessment - CalculatorMany Chicago homeowners on the north side are already still in shock from large increases in their property taxes last year.

Homeowners in Illinois already pay the second-highest property taxes in the country.

Mayor Lightfoot has said she doesn’t want to go to the “old playbook,” and increase property taxes again.

For now, she is trying to “avoid that measure,” but has also said that “nothing was off the table.”

Will an increased real estate transfer tax on homes over $500,000 be the solution?

At this point, we will have to wait and see.

 


The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090

 


How Fast Are Chicago Homes Selling in 2019?

In this post, we look at recent home sales data and the analysis of a top Chicago real estate agency leader to determine how fast Chicago homes are selling in 2019.

If you are planning or even just starting to think about selling your home in Chicago, it’s an obvious question to ask yourself:

How fast are homes in Chicago selling?

The rate that homes are selling and the time spent on the market gives you insights into how strong the real estate market is and what the trends are.

 

Average days on the market in Chicago

For Sale SignA simple market time analysis is available through many real estate databases.

For example, Redfin provides a market trends analysis that is based on the averages of all homes sold.

Redfin Chicago Housing Market Trends

As of August 2019, Redfin data shows the average number of days on the market for a house in Chicago is 57 days.

This gives you a simple trend analysis but has a couple of flaws. It looks only at averages and only looks at homes that sold.

If you are not looking at how long homes sit on the market without selling, how many get pulled from the market, and when homes are pulled off the market, you’re not seeing the entire picture.

 

How fast homes sell or don’t sell in Chicago

In order to get a more accurate view of the market that also includes homes that are not selling, you need to give new listings enough time frame that the market gets to play out.

Gary Lucido of Lucid Realty in Chicago performs this analysis each August, using homes that were listed in late February/ early March.

This gives a measure of the market beyond just average homes that sell. It is still imperfect because the results of this analysis will be slightly tainted by the common realtor practice of relisting properties that are not selling in order to make it appear new again and increase visibility. However, it does still give you a wider view.

How fast are homes selling in Chicago or not selling?

To summarize these results:

  • 24.5% of the listings sell within the first two weeks.

That’s pretty fast but it’s slower than in 2018 when 30% of Chicago houses sold in the first two weeks.

  • 4% of the listings get pulled from the market in the first two weeks.

These numbers are comparable to 2018. Most likely many of those homes came back as new listings fairly quickly because that is a short amount of time to have a home on the market before giving up.

  • At the end of 30 days 36% of homes have gone under contract and not quite 13% have been pulled from the market.

The market in this regard is definitely slower compared to 2108. Last year 41% of homes were selling within 30 days.

  • At the end of the 5 1/2 month period studied,  52% of Chicago homes on the market had sold

This is a lower percentage of sales compared to 57% in 2018. Of homes pulled from the market within this period, 42% were pulled, compared to only 37% last year.

  • 2018 was slower than 2 years prior when 64% sold by the end of the time period.

 

Home sales by age of listing

Probability of Chicago home sale by age of listing

As noted in the data above, 36% of new listings sell within 30 days but only 18% of the listings that are still on the market at 30 days will sell within the next 30 days.

This is totally consistent with what most realtors realize but sellers often don’t: the longer a home sits on the market the less likely it is to sell.

The longer a home is on the market the more it will exhaust the existing pool of buyers. New buyers will enter the market of course, but it is natural for them to wonder what is wrong with a home that has been on the market for six months and not yet sold.

We hope you find this real estate market analysis interesting and useful!

 

This article was based on a post that originally appeared on the Getting Real Blog on ChicagoNow written by Gary Lucido of Lucid Realty.

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090

Cook County Property Tax Bills Are Online Now – Due August 1

Cook County property taxes due Aug 1 2019

The due date for Tax Year 2018 Second installment is Thursday, August 1, 2019.

Your Cook County property tax bill is now available online.

DuPage County real estate tax deferralEven if you have not received your paper bill yet, you can still make a payment online at the Cook County Treasurer website.

There has been a high number of requests from property owners and tax advisors for earlier tax bills and payments.

You are urged to consult with a tax professional about possible tax deductions if you pay before the end of the year.

 

Pay Your Cook County Property Taxes Online

The second installment property tax bill has been posted at cookcountytreasurer.com.

You can find your tax bill at https://cookcountytreasurer.com/setsearchparameters.aspx by using your address or 14-digit property index number.

  • Make a payment (payments are now accepted on the August 1, 2019, tax bill)
  • See if a refund is available
  • Download a copy of your tax bill
  • Sign up to receive tax bills by email
  • Find out if your delinquent taxes have been sold

Make an online payment

 

Pay Your Cook County Property Tax Bill at Chase Bank

Chase Bank logoYou may pay your property tax bill at any of the Chase Bank locations in Illinois, including those located outside of Cook County.

You must present with your payment a tax bill payment coupon for the current Tax Year 2018 (payable in 2019).

Your check MUST include:

  • Property Index Number (PIN)
  • Taxpayer Name
  • Property Location, including Unit Number
  • Mailing Address
  • Telephone Number
  • Email Address
  • Tax Year/Installment

 

Pay Your Cook County Property Tax Bill at Your Local Community Bank

Participating community banks allow you to pay your property tax bill at their bank if you have an account there.

You can pay by direct debit from your checking or savings account.

Visit the bank and bring your entire original tax bill. You will receive a paper receipt.

View a list of banks where you can pay Cook County property taxes

 

Cook County Property Tax Due Date – Second Installment

The tax year 2018 second installment due date is Thursday, August 1, 2019

Your first installment should have been paid on March, 1, 2019.

Illinois home with tax lien

Receive Your Tax Bill by Email

Enroll in eBilling and your next tax bill will be delivered via email.

  • The bills are sent by administrator@cookcountytreasurer.com. Add that email to your address book or change your spam filters to ensure delivery.
  • The paper bill will stop coming to your mailbox.
  • If you change your email address, you must update your account with your new address.
  • If wish to return to paper billing, log into your account and unsubscribe.
  • For more information, visit Research a Topic section.

 

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


Lawsuit Filed in Federal Court Challenging Cook County Property Tax Assessments

Cook County SealA rare lawsuit by a group of seven Cook County taxpayers has been filed in Federal Court challenging their property tax assessments by the Cook County Assessors Office.

 

Here is the story below that was originally published by jdsupra.com:

Rare Lawsuit filed in Federal Court Challenging Property Tax Assessments

Last week a lawsuit was filed in the U.S. District Court for the Northern District of Illinois by a group of seven Cook County taxpayers challenging the time it has taken to adjudicate their claims in the Cook County Circuit Court.

The lawsuit is brought, in part, under the Tax Injunction Act, a federal statute allowing a taxpayer to challenge a state or local tax in federal court when the remedy in state court does not provide for a ‘plain, speedy and efficient remedy.

The taxpayers have been contesting their real estate assessments in the Cook County Circuit Court for more than ten years.

For over a decade, they have been arguing in state court that their constitutional rights have been violated by an assessment process that departs from the requirements of the Cook County Classification Ordinance and the Illinois Constitution.

Now, they are alleging in federal court that the Cook County Court has bogged down due in part to the County’s destruction of records and that only the federal courts can provide them with an appropriate remedy.

You can review the complaint by clicking here.

It is highly unusual for a state court property tax dispute to migrate to federal court.

Overwhelmingly the federal courts have declined jurisdiction of state and local tax matters. Only when the state court remedy denies the plaintiff a plain, speedy and efficient remedy will the federal courts consider a case.

We expect that the County defendants will move to dismiss this lawsuit, and if they are successful, the case will continue in the Circuit Court.

The named defendants in this suit are Cook County Treasurer Maria Pappas and outgoing Cook County Assessor Joe Berrios.

The taxpayers are claiming total damages of more than $27.0 million.

The properties involved are in Bridgeview, Calumet City, Niles, Northbrook, Rolling Meadows, and Rosemont.

Original story via jdsupra.com

 


The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090

 


Cook County Senior Property Tax Exemption and Freeze Application Deadline Extended

Senior Tax Exemption for Chicago Bungalow

Senior Exemption Application Deadline Extended

If you have not applied for your Cook County Senior Property Tax Exemption or Property Tax Freeze Application, there is still time.

The deadline for senior homeowners in Cook County to apply for the senior property tax exemption and senior property tax freeze has been extended to Friday, March 2.

Cook County Assessor Joseph Berrios has extended the deadline past the original deadline, previously Friday, March 2.

If you know someone who may be eligible, please let them know. Thousands of eligible homeowners have not renewed their exemptions.

Related post: Real Estate Tax Exemptions Cook County Chicago

 

According to Assessor Joseph Berrios:

Property tax bills Kane & DuPage County“I extended the deadline so all seniors have extra time to return their applications to ensure they receive the expanded exemption savings this year.

It is also important to remember that under Illinois law, seniors are required to reapply annually for both the Senior and Senior Freeze Exemptions.”

Related post: Cook County Assessor Faces Controversy Over Widespread Inequities

 

Many qualifying seniors have not renewed

The assessor’s office said over 270,000 applications were mailed in early January to seniors who received the exemption last year.

Approximately 80,000 seniors who received that notice have not yet renewed their exemptions.

 

Senior Property Tax Freeze Exemption Qualifications

Cook County SealTo qualify for the Senior Freeze Exemption for Tax Year 2017, taxpayers must have:

  • been born prior to or in the year 1952,
  • a total household income of $65,000 or less for [income] Tax Year 2016,
  • owned the property or had a legal, equitable or leasehold interest in the property on January 1, 2016 and January 1, 2017,
  • used the property as a principal place of residence as of January 1, 2016 and January 1, 2017, and
  • been responsible for the payment of 2016 and 2017 property taxes.

 

Download forms

Senior Citizen Property Tax Exemption  Application (PDF)

Senior Property Freeze Exemption Application (PDF)

 

For more information, visit http://www.cookcountyassessor.com/ or call the Assessor’s office at 312-443-7550.

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


 

Photo credit: “Chicago bungalow” photo licensed under the Creative Commons Attribution-Share Alike 2.5 Generic license.