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Attorneys At Law

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

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

Zestimate Lawsuit – Zillow Class Action Lawsuit Over Online Appraisals

Real Estate Home Buying Myths

Northwest suburban Chicago home builders in Schaumburg have filed a class action lawsuit against the real estate marketing company Zillow.

According to the suit filed on behalf of CastleBldrs.com in Schaumburg, the Zillow.com online estimate tool “Zestimate” provides home estimates that are misleading, and falsely pose as home appraisals in violation of the legal description of an appraisal in Illinois.

The attorney representing Castle Builders is Barbara Andersen, who had also filed an earlier suit against Zillow on her own behalf. Her suit had claimed that a Zestimate of her townhouse value was unrealistically low and had created a “roadblock” to selling her home.

Anderson has since filed a motion to dismiss her suit in order to represent the Castle Builders case.

Class action lawsuit against Zillow

How accurate is your zestimate?The new class action suit is on behalf of all of the millions of homeowners in Illinois. It claims homeowners should be asked their permission to publicly post financial data about their homes.

“Zillow has said they use the Zestimate to draw people into their website,” Andersen told Crain’s Chicago Business. “But from a legal perspective, they shouldn’t be making these estimates at all.”

The Zestimate lawsuit argues that by posting its estimates, Zillow has intentionally violated the “seclusion” of every homeowner in Illinois, without giving them a means to opt out.

Illinois law statesIt is unlawful for a person to (i) act, offer services, or advertise services as a State certified general real estate appraiser, State certified residential real estate appraiser, or associate real estate trainee appraiser, (ii) develop a real estate appraisal, (iii) practice as a real estate appraiser, or (iv) advertise or hold himself or herself out to be a real estate appraiser without a license issued under this Act.

“Even if Zillow’s numbers were perfect, dead-on accurate, they’re still opining on the value of homes, and they don’t have the license to opine,” attorney Andersen said.

Related: Low Inventory for Midpriced Suburban Chicago Homes Driving Up Prices

Zillow denies Zestimates are appraisals

mortgage rates going up after presidential electionZillow maintains that its approximations are not actual appraisals, nor do they claim to be.

They say Zestimates are based on public records and other data using “a proprietary formula.” Zillow also provides a disclaimer about the accuracy of its approximations.

A Zillow spokesperson told MarketWatchWe believe the claims in this case are without merit. We always say that the Zestimate is a starting point to determine a home’s value, and isn’t an official appraisal. It’s a computer-automated estimate of your home’s value.

Many people in the real estate industry will be watching for the outcome of this case.

Zillow Zestimate Class Action Lawsuit Update

Story updated – August 2017 – The Zillow class action lawsuit has been dismissed by a federal judge in Chicago. Read the story here: Zestimate lawsuit dismissed


Related stories and sources:
Class-action suit aims to halt Zestimates in Illinois – Chicago Business
Do Zillow ‘Zestimates’ mislead home buyers? Lawsuit claims yes – MarketWatch
Zillow’s ‘Zestimate’ facing class-action lawsuit, reports say – Chicago Agent Magazine
Glenview homeowner sues Zillow over ‘sloppy’ estimate – Crain’s Chicago Business
Chicago Area Home Sellers File Lawsuit Against Zillow’s Zestimate – Chicago Now

* 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 buying and selling legal assistance, short sales and deeds in lieu, mortgage foreclosure defense and more.

Located in Glen Ellyn, Illinois and serving clients in DuPage, Cook, Kane, Will, and Kendall Counties.

For Information Call 630-858-0090


 

Real Estate Tax Exemptions Cook County Chicago

Chicago brownstone two flat homes

In this post, we will list the real estate tax exemptions available to qualified homeowners in Cook County and Chicago, Illinois.

Property taxes are a reality of home ownership whether you are in Cook County, DuPage, Kane, or most of Illinois.

Some homeowners in Cook County may be eligible for real estate tax exemptions for a portion of their home value.

With property taxes always rising, is extremely important that you take advantage of every exemption that you qualify for.

This information has been collected for your convenience and is also available at the Cook County Assessor’s Office Website.

List of Cook County – Chicago Property Tax Exemptions

Homeowner Exemption

The Homeowner Exemption provides tax relief by reducing the equalized assessed valuation of an eligible residence.

You can receive the Homeowner Exemption if you own or have a lease or contract which makes you responsible for the real estate taxes of the residential property. It must also be used as your principal place of residence for the year in question.

If you have never received a Homeowner Exemption on your home, you will need to apply for one. (PDF application)

Related Post: High Property Taxes Sending Illinois Homeowners Towards a Cliff

Senior Citizen Exemption

The Senior Citizen Exemption provides tax relief by reducing the equalized assessed valuation of an eligible residence. This savings is in the form of a deduction on the second-installment real estate tax bill.

Senior Citizens receiving the Senior Citizen Exemption automatically qualify for the Homeowner Exemption and do not have to apply for it separately. Senior citizens have to reapply annually for the Senior Exemption.

  • You must be 65 years of age or older during the tax year for which you are applying;
  • You must either own the property or have a lease or contract which makes you responsible for the real estate taxes; and
  • The property must be your principal residence. If you have moved or plan to move in the future, you may be entitled to a prorated Senior Citizen Exemption, based on the time of occupancy.

To apply for a prorated Senior Citizen Exemption you must submit:

  • A Senior Citizen Exemption Application Form
  • A closing or settlement statement
  • Copy of a recent property tax bill
  • Copy of proof of age and residency

If you are eligible for the exemption, please complete and sign the Senior Citizen Exemption Application Form (PDF).

More details available at Cook County Tax Assessor’s website.

Related Post: Senior Real Estate Tax Deferral in DuPage County

Senior Freeze Exemption

Cook County SealThe Senior Freeze Exemption allows qualified senior citizens to apply for a freeze of the equalized assessed value (EAV) of their properties for the year preceding the year in which they first apply and qualify for this exemption. For example, a senior citizen who qualifies and applies for this exemption in taxable year 2016 will have the EAV of the property frozen at the 2015 EAV.

Those who qualify and receive this exemption should be aware that this does not automatically freeze the amount of their tax bill. Only the EAV remains at the fixed amount. The amount of dollars that the taxing districts asks for (levy) may change and thus alter a tax bill.

You must file each year in order to continue to receive the Senior Freeze Exemption and the requirements must be met each year.

To qualify for the taxable year 2016, you must meet all of these requirements:

  • Be born prior to or in the year 1951,
  • Have a total gross household income of no more than $55,000 for 2015,
  • Own the property, or have a legal, equitable or leasehold interest in the property on January 1, 2015 and January 1, 2016,
  • Be liable for the payment of 2015 and 2016 property taxes, and
  • Use the property as a principal place of residence on January 1, 2015 and January 1, 2016.

Those who are currently receiving the Senior Citizen Exemption will automatically receive an application form for the Senior Freeze Exemption.

Senior Freeze Exemption Form (PDF)

Longtime Homeowner Exemption

The Longtime Homeowner Exemption was designed to offset increases in property values for homeowners who have lived in their homes for 10 years or more and experienced significant growth in their property’s value. Cook County Assessor Joseph Berrios and his staff are happy to assist with this information.

Those who qualify and receive this exemption should be aware that the exemption is not automatically renewed. The property must continue to qualify and the exemption must be applied for annually.

To qualify for Tax Year 2016, you must please meet each of these requirements:

  • Have used the property as a principal place of residence from January 1, 2006 to January 1, 2016
  • Had a gross household income of no more than $100,000 for 2015
  • The Equalized Assessed Valuation (EAV) of the property must have increased significantly
  • Own the property or have a legal, equitable or leasehold interest in the property on January 1, 2016
  • Be responsible for the payment of 2016 property taxes.

Those who qualify for the Longtime Homeowner Exemption will automatically receive an application form each year, mailed directly to them. The Longtime Homeowner Exemption Form is not on the Cook County Assessor’s Office web site because the Assessor’s Office has to first calculate each home’s EAV to determine if the home qualifies for the exemption.

You must please file each year to continue to receive the Longtime Homeowner Exemption; of course, all requirements must be met each year.

If you believe you qualify, please contact the Cook County Assessor’s Office at 312-443-7550.

Related post: Low Inventory for Midpriced Suburban Chicago Homes Driving Up Prices

Home Improvement Exemption

The Home Improvement Exemption allows you to increase the value of your home with up to $75,000 worth of improvements without increasing your property taxes for at least four years.

The exemption is available to owners of single-family homes, condominiums, cooperatives, and apartment buildings up to six units.

You will automatically receive the exemption when our office field checks the building permit for the improvement. A notice will be sent to you after we complete the check.

The exemption is not granted for loss of personal property, normal weather damage, or routine maintenance. Routine maintenance includes repairs to or replacement of parts that would not increase the value of your property.

To learn whether you may qualify for the Home Improvement Exemption, call the Cook County Assessor’s Office at 312/443-7550.

 

Specialized Property Tax Exemptions in Cook County – Chicago

Senior Citizen Tax Deferral

The Senior Citizen Real Estate Tax Deferral program is a tax-relief program that works like a loan. It allows qualified seniors to defer a maximum of $5,000 per tax year (this includes 1st and 2nd installments) on their primary home. The loan from the State of Illinois is paid when the property is sold, or upon the death of the participant. You may find additional information at: cookcountytreasurer.com

Active Military

Military personnel on active duty are eligible to defer the payment of real estate taxes under the provisions of the Soldiers’ and Sailors’ Civil Relief Act, as amended.

This deferral extends to taxes becoming due in the period between your active duty and 180 days from the release from active duty.

Federal law permits interest on taxes deferred in the amount of 6% per annum instead of the interest and penalties imposed by state law. State law allows the local tax collector to waive the interest.

Cook County waives interest for a period of 180 days.

Disabled Veterans Homeowner Exemption

Veterans with a service-connected disability as certified by the U.S. Department of Veterans Affairs are eligible for this annual exemption.

It reduces by certain amounts the Equalized Assessed Value (EAV) on a disabled veteran’s primary residence, very likely lowering the tax bill.

To qualify, the veteran must be:

  • an Illinois resident who has served as a member of the United States Armed Forces on active duty or State active duty, a member of the Illinois National Guard or U.S. Reserve Forces and has been honorably discharged,
  • have at least a 30% service-connected disability certified by the U.S Department of Veterans Affairs,
  • own and occupy the property as the primary residence as of January 1, 2016,
  • have a total EAV of less than $250,000 for the primary residence, excluding the EAV of property used for commercial purposes or rented for more than six (6) months and
  • apply for this Exemption each tax year

A non-remarried surviving spouse of a disabled veteran may continue to receive this exemption if the same primary residence continues as such for the surviving spouse. Or, the non-remarried surviving spouse may transfer the exemption amount (or less) to a new primary residence.

Disabled Veterans Exemption Form (PDF)

Returning Veterans Exemption

Veterans returning from active duty in armed conflict are eligible to receive a $5,000 reduction in the equalized assessed value of their property only for each taxable year in which they return.

Returning Veterans Exemption Form (PDF)

Disabled Persons Exemption

This exemption provides disabled persons with an annual $2,000 reduction in the equalized assessed value (EAV) of the property.

To qualify the applicant must be:

  • disabled or become disabled during the Tax Year,
  • own or have a legal or equitable interest in the property, or a leasehold interest of a single-family residence,
  • occupy the property as the principal residence on January 1, 2016 and
  • be liable for the payment of property taxes.

If a person’s home previously received the Disabled Persons’ Homeowner Exemption and the taxpayer now resides in a facility licensed under the Nursing Home Care Act, his or her home is still eligible to receive this exemption provided:

  • the property is occupied by that person’s spouse, or
  • the property remains unoccupied.

Disabled Persons Exemption Form (PDF)


* 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 buying and selling, short sales, mortgage foreclosure defense and more.

For Information Call 630-858-0090


 

Low Inventory for Midpriced Suburban Chicago Homes Driving Up Prices

In a positive development for existing homeowners in suburban Chicagoland, low inventory for midpriced homes is driving up home prices. 

According to the Chicago Association of Realtors, ten Chicago suburbs this March have less than two months of inventory available on the market.

A rule of thumb in real estate is that five to seven months of housing inventory is considered a balanced market, but less than five months of available inventory means a housing shortage that shifts the advantage to sellers.

“Illinois continues to see sustained growth in sales and median prices, indicating the market is poised for a strong rollout for the spring selling season,” said Mike Drews, president of Illinois Realtors.

Suburban Chicago Cities with Lowest Inventory

Cicero
Carol Stream
Buffalo Grove
Romeoville
Hanover Park
Berwyn
Morton Grove
Prospect Heights
Schaumburg
Mount Prospect

At this same time last year, each of these suburbs had four or more months of inventory.

Unfortunately for homeowners in the most expensive markets, they are seeing the opposite problem. There is too much inventory in Hinsdale, Highland Park, Barrington and Lake Forest, with 8-12 months of inventory.

What is driving the shortage

On the buying side, younger and first time home owners are snatching up midpriced homes quickly because of the inventory shortage, and also because interest rates are expected to continue rising.

On the selling side, there are still homeowners in these markets that hesitate to list their homes because in many cases prices have still not returned to pre-recession prices they paid.

The mild winter also had home buyers out earlier than usual this year. According to Catherine Terpstra, president of Mainstreet Organization of Realtors, “People were out buying homes earlier than they would have in a more difficult winter.”

The low inventory is definitely helping sellers in cities with low inventory. The market has still not returned to the pre-housing bubble buying frenzy, though, and seems unlikely to anytime soon.


Related Stories:

Chicago-area home prices jump 7 percent; buyers struggle with low inventory – Chicago Tribune

Midpriced suburbs’ market tightens – Crain’s Chicago Business


* 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. provide real estate law attorney services including buying & selling assistancemortgage foreclosure defenseshort sales, and loan modifications and workouts.

For Information Call 630-858-0090


 

Cook County Overdue Tax Bills to Be Sold April 3

Cook County Seal

On April 3, 2017, overdue Cook County property tax bills will be sold at auction.

If your property tax bill payments are up to date, you have nothing to worry about.

If your Cook County property tax bill is delinquent, your unpaid tax bill can be sold at auction starting April 3rd. A buyer can purchase your unpaid property tax bill and you would owe them the tax money plus interest.

How to check your Cook County property tax status

If you want to check the status of you Cook County property taxes, you can visit the Cook County Treasurer’s Office website and search by Property Index Number (PIN) or search by address.

The Cook County Treasurer’s office also offers an informational brochure about how to avoid the April 3 property tax sale. (PDF)

Local organizations have conducted a push to inform property owners about the tax sale. “Reach out. Find out who it is in the community who owes this money,” said Cook County Treasurer Maria Pappas.

Cook County property tax grace period shortened

There has been some confusion in regards to the tax auction caused by the property tax grace period being cut from 12 months to 8 months. Some homeowners may not realize their tax bills are now subject to auction.

What to do if your name is on the list?

If your property is on the list, it is recommended that you immediately call an attorney in real estate law.

Two Cook County organizations are offering assistance to anyone who has legal questions:

WESTSIDE JUSTICE CENTER:
Phone: 773-940-2213
Website: http://westsidejusticecenter.com/

COOK COUNTY BAR ASSOCIATION:
Phone: 312-630-1157
Website: http://cookcountybar.org/


* 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. provide real estate law attorney services including mortgage foreclosure defense litigationshort sales and deeds in lieuloan modifications and workouts, and buying & selling assistance.

For Information Call 630-858-0090



Due Date for 2016 Cook County Property Tax Bills First Installment is Wednesday, March 1, 2017

 

Cook County SealCook County property tax bills were sent out to homeowners by January 31, 2017.

“Nearly 1.8 million property tax bills for the first installment of Tax Year 2016 have been mailed to owners of homes, businesses, and land.”, according to Cook County Treasurer Maria Pappas.

When are Cook County 2016 property taxes due?

The due date for the first installment of your 2016 tax year property taxes is Wednesday, March 1, 2017.

The due date for the second installment of your 2016 tax year property taxes is Tuesday, August 1, 2017.

Cook County homeowners can pay their property tax bill online, allowing you to conveniently pay your tax bill from your mobile phone, tablet or computer without visiting the treasurer’s office.

If you wish to pay in person, you can pay by visiting any Chase Bank location or at these 139 local community banks.

To make an online payment on your Cook County tax bill, please visit the Cook County Treasurer’s Office Payments page.

Are your property taxes overdue?

Search the Cook County Treasurer website to check if your taxes are delinquent.

Have your property taxes been sold at auction?

Visit the Cook County Treasurer website to check if your taxes have been sold.

When are 2016 delinquent property taxes sold at auction?

Unpaid property tax bills are sold at the 2016 Annual Tax Sale, which begins May 4, 2018.


Below is a list of other Cook County property tax related pages online available to the public.

You can find information regarding your payment status, money owed by your taxing district, pension and healthcare amounts owed, information on previous years taxes and more.

Cook County Taxes – Related Links:

Cook County Treasurer’s Office

Cook County, Illinois Property Tax Portal

Check Your Payment Status or Make an Online Payment

Understanding Your Tax Bill

Information about Prior Year Property Taxes

View Your Taxing Districts’ Financial Statements and Disclosures


The Law Offices of Lora Matthews Fausett P.C.

Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

For Information Call 630-858-0090