Amidst the current crisis, Illinois property taxes have been impacted by both legal and procedural changes.
In late May 2020, the Illinois General Assembly passed SB685 allowing counties to provide property tax relief by extending property tax payments up to 120 days.
Legislation has automatically renewed homeowner exemptions (ex. Senior Citizen Homestead Exemption, Senior Citizen Assessment Freeze Exemption) for … Read More ›
Board Members and property managers are looking for guidance through these historic times. Board Members need to continue to serve their Indiana communities as they are needed now more than ever with the ever-shifting economic climate. As we continue through this unprecedented journey, below are four factors to keep in mind.
1. Board Obligations
Given the current … Read More ›
“Coronavirus Impact on Community Association Finances and Assessment Collection” – Attorney Kelly Elmore reviews how community associations should handle the financial hardships caused by COVID-19. She dives into lessons learned from the 2008 recession and how they can be applied to today’s pandemic. (12 mins.)
KSN Podcast episodes are available here: www.ksnlaw.com/podcast
Subscribe to the … Read More ›
In an effort to maintain their community’s financial well-being, association board members and property managers engage in budgeting and financial planning. This allows the association to account for their operational expenses, repair/replace equipment, and maintain adequate reserves.
While budgeting is essential for the success of the community, an association’s legal counsel can also provide insight that … Read More ›