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 can lead to cost-savings. Below are two examples where KSN attorneys were able to assist our clients by saving them money.
Special Programs Review
The Village of Hainesville, IL recently enacted a water bill credit to assist Lake County, IL residents during the current public health and economic crisis. However, due to the relief program requirements and the unique nature of the municipal water billing system, the Village was unable to directly credit individual condominium owner accounts.
KSN attorney Matt Moodhe worked closely with Village officials, our condominium association client’s board members and the community’s management team to reach a creative solution which complied with the program and ultimately resulted in the association saving more than $25,000.
Property Review and Transfer
KSN attorneys have assisted condominium, homeowner, and townhome community associations with transactions that have eliminated maintenance, repair, replacement, and insurance costs for of their properties.
For example, KSN attorney David Bendoff:
- Assisted an association to have its private streets dedicated to the Village of Oswego, IL.
- Transferred an association’s out lot to the Village of Mokena, IL.
- Assisted an association in transferring their out lot park to the Waukegan Park District.
Property Tax Appeals
For years, Illinois has had one of the highest property tax rates in the United States. Unlike other costs associated with owning property (ex. mortgage payments, maintenance costs, utility bills), tax assessments can be appealed and reduced. Successful appeals require compelling evidence and prompt action. Property owners must keep track of their specific filing deadlines in order to contest an unfair assessment on time.
Since 2015, KSN attorney Timothy Jacobs and his tax team have worked diligently to save condominium, homeowner, and townhome associations over $100 million in reduced property tax bills. KSN’s property tax appeals department reviews property tax assessments, appraisals, and relevant market data to ensure that our clients pay no more than their fair share.
Here are two examples where we were able to save our clients’ money by appealing their tax assessment.
- Two condominium associations in Des Plaines, Illinois saved $881,000 and $746,000, respectively.
- An Evanston, Illinois commercial and retail property saved $300,000 with the help of KSN’s tax team.
If you have questions regarding KSN’s community association legal services and/or our property tax appeal services, do not hesitate to contact our law firm. Please call 855-537-0500 or visit www.ksnlaw.com.
Since 1983, KSN has been a legal resource for condominium, homeowner, and townhome associations. We have four office locations, serving hundreds of clients and thousands of communities throughout Illinois, Indiana, and Wisconsin. Our attorneys are also licensed in Arizona, Florida, and Missouri.
Please note the material contained in this article is for educational and informational purposes only and does not constitute legal advice. No attorney-client relationship is established by your review or receipt of the information contained in this article. You should not act on the information discussed in this article without first obtaining legal advice from an attorney duly licensed to practice law in your State. While KSN has made every effort to include up-to-date information in this article, the law can change quickly. Accordingly, please understand that information discussed in this article may not yet reflect the most recent legal developments. Material is not guaranteed to be correct, complete, or up to date. KSN reserves the right to revise or update the information and statements of law discussed in the article law at any time, without notice, and disclaims any liability for your use of information or statements of law discussed on the article, or the accessibility of the article generally. This article may be considered advertising in some jurisdictions under applicable law/s and/or ethical rules/regulations. © 2020 Kovitz Shifrin Nesbit, A Professional Corporation.