Pre-acquisition Property Tax Analysis
Pre-Acquisition Analysis & Economic Development Property Tax Representation
Pre-Acquisition Analysis is a crucial aspect of any decision to buy, develop or lease property, particularly in Cook County. From a review of real estate tax projection, economic development Incentive options, up to a breakdown of final tax prorations, Sandrick Law Firm, a division of KSN, has worked with thousands of client to ensure all options and contingencies are discussed prior to purchase or lease.
Property Tax & Economic Development Guidance for Your Next Project
Many real estate owners, developers, and investors are told that property tax savings come as a result of a successful assessment appeal that reduces a proposed amount in the future. At Sandrick Law Firm, a division of KSN,, we know that the most significant property tax savings will be determined prior to purchasing or building your investment through a comprehensive review and, ultimately, obtaining all available Property Tax Economic Development benefits. The most crucial window for significantly reducing future real estate tax bills is before any appeal is filed or tax bill is received.
Helping our clients understand property tax issues prior to purchase
Sandrick Law, a division of KSN, offers their clients one of the most robust and experienced property tax related Economic Development practices in Illinois. We have successfully counseled clients on a diverse range of projects employing Tax Incentives (6b/7a 7b/ 8), Tax Incentive Financing (TIF), Sales Tax Incentive Financing (STIF), Tax Abatements, and other various credits and offsets.
Being able to successfully navigate a project or investment to a satisfactory real estate liability is often the crucial deciding factor in green lighting a real estate project in Cook and surrounding Collar Counties.
Our analysis always begins with a detailed and realistic projection of future property taxes to help decision makers determine project viability. These projections are also extremely useful in beginning a dialogue with local municipalities who must see any potential Economic Development Incentive request as both viable and attainable.
These initial projections are one of the most important parts of the whole process, requiring accurate figures and realistic options from a reputable firm municipalities know and trust for their professionalism. SLF/KSN has repeatedly proven to be that trusted firm.
Potential Economic Development Incentives
While not necessarily exclusive when negotiating with any municipality, the menu of potential Economic Development Incentives include:
- Assessment Incentives (Class 6b/7a & 7b/8)
- Tax Increment Financing (TIF)
- State Tax Increment Financing (STIF)
- Abatements
- Offsets/Fee Credits
- Enterprise Zone Benefits
It is vital that during the term of any incentive that valuation appeals are routinely filed especially with every triennial reassessment year. Incentives do not lower or freeze taxable fair market value. Every three years, at a minimum, the new taxable, proposed fair market value will need to be reviewed for a possible appeal. Even with an incentive in place, the assessor can propose a significant increase in underlying fair market value.
Sandrick Law, a division of KSN, provides our clients a strong and experienced commercial and industrial property tax appeal team. Our attorneys and legal professionals have successfully appealed all types of properties in Cook County, Illinois and throughout Chicagoland collar counties including DuPage County, Kane County, Lake County, McHenry County, and Will County.
We receive new pre-acquisition property tax analysis project inquiries every week. Our process?
We begin by obtaining all relevant information from both the client and the county regarding salient assessment information.
We then schedule an initial review to discuss options and projections, providing our clients enough accurate information to decide whether to continue their due diligence.
The next step is beginning dialogue with the local municipalities and begin determining goals and options.
Please contact KSN today to discuss your legal needs.
Fill out the form or reach our law firm by calling 855-537-0500.
KSN provides a number of legal services including community association law, landlord/tenant law, collection, property tax appeals, and more.
By using the form, you understand and accept that we cannot treat unsolicited information as confidential. Further, initiating possible legal representation requires review for any potential conflict of interest.
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