Retail and Small Business Property Tax Appeals
Chicago and Illinois business property tax appeal attorneys
Small business owners and real estate investors are being squeezed from all sides by rising expenses and shrinking revenues. On top of that, property taxes can be one of the largest, and most frustrating, costs they face.
KSN’s property tax appeal attorneys and legal professionals partner with small business owners to help manage and reduce their property tax burdens through strategic and cost-effective planning.
How Are Illinois Property Taxes Calculated?
Unlike other types of properties, retail and small business property assessments often consider the profitability of on-site business operations, depreciation, vacancies, and other factors. Our law firm helps Illinois property owners manage and potentially reduce their tax liability — avoiding the “sticker shock” that can come with a new tax bill.
Our property tax appeal services include:
- Retail and small business property tax appeals
- Restaurant and fast food property tax appeals
- Convenience store property tax appeals
- Automotive repair building property tax appeals
- Gas station property tax appeals
- Car wash property tax appeals
- Bar and lounge property tax appeals
- Bank property tax appeals
Factors in property tax appeals for retail and small business owners:
Market value and appraisal
KSN will review the value of your property in the marketplace to ensure that the assessment is not excessive. This will include an analysis of comparable sales as well as rents in comparable leased storefronts and retail spaces.
Recent purchase and sales price
A key consideration is whether the assessed value exceeds the recent purchase price. It’s also important to evaluate whether there is evidence indicating that the purchase price was above the property’s actual market value.
Income-producing properties
Retail/storefront buildings can be valued in the assessment process based on their income-producing capacity. Expenses and rent are major factors in our analysis of the property’s value. The use, condition, and level of vacancy may also be factors.
Construction costs
The property’s value is estimated by determining the current cost to rebuild the structure using prevailing construction rates, then subtracting depreciation to reflect age and wear.
KSN works on a contingency fee basis. What does that mean?
Unlike some competitors, our law firm does not charge a processing fee. Our clients do not pay a legal fee unless we are able to successfully reduce their property tax assessment.
Questions about our Illinois property tax appeal services? Ready to start your appeal?
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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