Pre-Acquistion 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.
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 SLF/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.
If you are interested in learning how SLF/KSN can help provide all necessary Property Tax related Economic Development guidance on your next project, please complete the contact form below or contact SLF/KSN attorney Bill Sandrick directly at 312-867-1515 or wsandrick@sbtaxlaw.com.
Helping our clients understand property tax issues prior to purchase
SLF/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. SLF/KSN provides our clients a strong and experienced commercial and industrial property tax appeal team which successfully appeals all types of properties in Cook County and Chicagoland Collar Counties (DuPage County, Kane County, Lake County, McHenry County, and Will County).
Owners, developers and investors must have accurate information and thorough understandings of all options when evaluating a project. It is not uncommon for a client to decide against a project after a comprehensive analysis of property tax related options and associated risk in conjunction with their due diligence. Our job is to guide clients in making the best informed decisions for their businesses.
Ready to Start?
At SLF/KSN, we receive new Incentive project inquiries every week. Our process begins by obtaining all relevant information from both the client and the county regarding salient assessment information. We then schedule a meeting to begin to discuss options and projections. The goal of this initial review is to give 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.
