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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.

Cook County Assessor Faces Controversy Over Widespread Inequities

property tax assessments

Cook County Assessor Joseph Berrios is facing continued pressure over widespread inequities in the Cook County property tax system.

Homeowners in Chicago have complained for years about the complicated and arcane tax assessments for homeowners in Cook County.

The controversy gained a huge amount of publicity from the Chicago Tribune investigative series The Tax Divide published this summer. Their investigation uncovered evidence that the Cook County property tax system helped wealthy homeowners at others’ expense.

The Tribune alleged that the Cook County Assessors Office routinely overvalued homes in poor neighborhoods while undervaluing homes in wealthier ones. This has led to inequities in property tax bills, giving wealthy homeowners lower tax assessments while unfairly placing a great burden on fixed and low-income residents.

Contesting your property tax assessment is not a simple process and can be even more difficult for homeowners with fixed incomes. For many of those most likely to receive overvalued assessment, hiring an attorney to help contest their property value is not an option.

Related: Battling the Cook County Assessor’s Office

Property tax bills Kane & DuPage CountyIt doesn’t help Berrios’ case that tax appeal lawyers are major contributors to his campaign. They have contributed over 2 million dollars to his campaign but he has declared there is no conflict of interest.

These stories have galvanized property owners in Chicago to place pressure on government agencies to investigate. The Cook County inspector general has opened an investigation.  State and local lawmakers have proposed new legislation to limit the assessor’s ability to raise campaign contributions from tax attorneys.  A new bill has been introduced in the General Assembly that would require greater transparency in the assessment process.

Joseph Berrios has recently been called before the Cook County Board for questioning and his office was accused by some of being guilty of institutional racism.

Formal mayor candidate Jesus Chuy Garcia stated: “My concern is whether the poor people in Cook County are getting the shaft.” “That is what I want to avoid, and I want to know when it will cease because it shouldn’t be tolerated.”

Berrios repeated his previous assertions that the assessments are fair and accurate. He did not, however, offer any detailed evidence.

Cook County SealAfter the meeting, Cook County Board President Toni Preckwinkle announced that a group called Civic Consulting Alliance would perform a review of the property tax assessment system.

The controversy has reached a point where it seems there will be either change to the system or political repercussions.

Even though Joseph Berrios faced tough questioning from the Cook County board, he remains highly influential as the Chairman of the Cook County Democratic Party. Many of the people he faced in the meeting rely on him and the party for political support.

Needless to say, it will be interesting to see what happens next.


* 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


Related Stories:

The Tax Divide – Chicago Tribune

Cook County Assessor Faces Questions About Property Tax Inequity – ProPublica

A Troubling Assessment of Joseph Berrios – Better Government Association

Cook County leaders pile on Assessor Joe Berrios – Daily Herald

Outsider to Review Cook County Assessment Process – Chicago Tonight

Joe Berrios Will Continue To Accept Campaign Cash From Tax Lawyers – CBS Chicago

Sen. Biss to introduce overhaul to property tax assessments – Chicago Tribune

Cook County Assessor Joseph Berrios Grilled on Property Tax System – Chicago Tonight


Taxes header image by DonkeyHotey -  Taxes ahead sign by 401(K) 2012

 

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


 

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



IRS Issues Urgent Alert for W-2 Phishing Scam

Scam AlertIn recent years there has been a growing trend of W-2 “phishing scams” in February and March, during the lead up to income tax filing deadline.

This phishing scam is combined with “spoof emails” where the scammer sends an email to a company employee (often in Human Resources) which spoofs the email address of a high-level manager or CEO.

The targeted employee thinks they are receiving an email from their boss saying that they urgently require W-2 forms of all employees in advance of an important meeting.

The unsuspecting HR employee or accountant will send the scammer the W-2s, and inadvertently cause a data security breach.

Once they have received the W-2 information, the phishers will often follow up with a second “executive” email to payroll requesting that a wire transfer is made in a certain account. This allows them not only to steal identities of employees but also money from the organization.

IRS logoIRS Issues Alert

In 2017 the problem has become so bad that the IRS has issued an “urgent alert” that scammers are targeting chain restaurants, temporary staffing agencies, school districts, tribal organizations, nonprofits and varied organizations.

“This is one of the most dangerous email phishing scams we’ve seen in a long time,” said IRS Commissioner John Koskinen. “It can result in the large-scale theft of sensitive data that criminals can use to commit various crimes, including filing fraudulent tax returns.’’

What to do

The FBI urges businesses to adopt an authentication system for email, and to establish other confirmation methods, such as telephone calls, to verify significant banking transactions and employee data information.

The IRS is telling businesses and organizations that receive a W-2 scam email to forward it to phishing@irs.gov with “W-2 Scam” in the subject line.

Organizations that fall victim to the scam should file a complaint with the Internet Crime Complaint Center (IC3,) operated by the Federal Bureau of Investigation.


* 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.


Related Information

Official IRS Phishing Alert – IRS.gov

Internet Crime Complaint Center – IC3.gov

Report Identity Theft – identitytheft.gov

Identity Theft Affidavit (PDF) – irs.gov

IRS: Scam Blends CEO Fraud, W-2 Phishing – Krebson Security

‘Tis The Season…For Dangerous W-2 Phishing Scams – The National Law Review

IRS Issues Urgent Alert As W-2 Phishing Scam Spreads During Tax Season – Forbes

Scotty’s Brewhouse founder “sickened” by breach affecting W2s of all 4,000 employees