What to Consider if You Are Thinking of Filing a Property Tax Appeal on a Commercial Property

Originally posted 2011-09-05 12:36:53. Republished by Blog Post Promoter

Image via Wikipedia

Has your Chicago property tax increased? Is your property commercial or industrial?   If it is either you may be interested to know that you may be eligible to file a property tax appeal.

You may be wondering how is my property classified as commercial or industrial.  If a multi-family unit has over 4 units, it is commercial. Commercial property also includes office buildings, industrial property, medical centers, hotels, malls, retail stores, shopping centers, farm land, multifamily housing buildings, warehouses, and garages.    Industrial properties, on the other hand, are factories, warehouses, heavy manufacturing buildings, industrial parks, light manufacturing buildings, and research and development parks.

Once you have ensure that your property meets the above criterias to consider a commercial or industrial property, you must understand several terms that appear on the property tax bill.

You may need to know what is meant by the term assessed value.  Assessed value is determined by converting the fair market value.  To convert the fair market value, the assessor applies the appropriate assessment ratio.  To determine the ratio, the assessor utilizes the internal sales divided by the available rental data for the area.  Then, there is a mass appraisal given for the area.  The mass appraisal for the area is equivalent to the mass appeal for the area.  It is important to note, that the assessor does not do a personal inspection of the property during this determination of assessed value.  However, if an appeal is filed the assessor has to do a personal inspection of the property to determine the error in the value.

The latter is one of the first items that you look at to determine if a property tax appeal is necessary.  It is especially important to determine the latter if you recently purchased the property.

Next, determine if the description of the property is correct on the property tax bill.  If you have an apartment complex and it states that there is a gas station on the bill then there is a reason to file an appeal.

Next, determine if the square footage of the property is correct.  You can look at an appraisal that you may have, the blueprints for the property, or have the property measured by a Realtor or a license appraiser.

Still yet, there may be an error in the lot size.  If the lot size is incorrect then that could also cause the property tax to be more than it needs to be.

If you recently had a decrease in tenants, then you may have a reason to file a property tax appeal.  This is a little tricky because the determination of this reason is if your decrease is 25% or more than the previous year.

If there was a hardship such as, road construction, flood , fire, looting,  new construction, that caused the loss of income and tenants then you may be eligible to file an appeal.  If any of the above reasons are applicable to your property then contact

• the Cook County Assessor Office
• the Cook County Board of Review
•  the Illinois Property Tax Appeal Board
•  the Circuit Court of Cook County to file the appeal.

Related articles

• Getting a fair appraisal in a tough market (sfgate.com)
• How to Lower Your Property Taxes (online.wsj.com)
• Businesses upset at fee increase for tax appeals (kansas.com)

<a href="http://www.myfreewebmail.com" title="Email Address">Email Address</a>

Discover What Crown Point Was Famous At Years Ago

Originally posted 2009-12-27 05:00:40. Republished by Blog Post Promoter

The history of the county seat of Lake County is as interesting as the people of this great county. Did you know that Crown Point, Indiana was once the most romantic place to marry.  From 1915 to 1940, celebrities and over 175,000 other couples married in Crown Point.  Because of the number of marriage performed in Crown Point, it was nicknamed, the “Marriage Mill.”

You may be worrying what caused this phenomenal.  Well, it simple, it was like Mayberry.  You remember, Sheriff Taylor was the sheriff, the judge, the peacemaker, etc.  Well, Crown Point, Justice of the Peace was no different back then.  The Justice of the Peace did everything from ministering oath to criminal cases to marriages.

Another reason Crown Point wa nicknamed the “Marriage Mill” was that there were marriages performed 24 hours a day 7 days a week.

Not only that, Crown Point would advertise the simplistic marriage in all major cities including Chicago makeing for big business quickly.

The city even hired three additional Justice of the Peace to keep up with the influx of business.  In addition, the Justices all receive commission on the amount of business that was drawn from this lucrative affair.

Some of the famous Justices were:

• Harry Nicholson
• Arthur Taylor
• Harvey Minas
• Howard Kemp

Still yet, the fame of Crown Point’s “Marriage Mill” was advertised in movie houses during that era.

It only costed $9.00 to get married by then.

Some celebrities that got married in Crown Point included:

• Ronald Regan and Jane Wyman
• Michael Jackson’s parents

If you would like to see some of the marriage license of some of the famous people visit Valentino’s Restaurant and Ice Cream Parlor.

Consequently, the “Marriage Mill” ended in 1940 when Indiana passed the law requiring three days for blood test results.

You can still get married there today in front of the legendary old court house.

In addition, the “Marriage Mill” created other lurcative businesses to include jewlrey and hotels.

To find out more about he proud history of Crown Point’s Marriage Mill visit Crown Point’s Historical Society.

The historical gala of Crown Pont can be yours year round if you make Crown Point or anywhere in Northwest Indiana your home.   Just email Serena at Serena@taylorbrownrealestatetalks.com for your free list of homes for sale in:

• Crown Point
• Merrillville
• Schereville
• Hammond
• Hobart
• Lake County
• Porter County

Please specify your price range.

It Is Time To Make A Stand

Originally posted 2009-03-18 10:02:18. Republished by Blog Post Promoter

Is your NIPSCO bill and the potential rate increase getting you down? Is the property tax increase making you want to move to another state?
“Revolt at the State House”

There is something you can do.  For the NIPSCO bill, you could voice your opinion to the regulatory commission.  For property taxes, you can join the

Join the citizens of Indiana in a Revolt at the State House on March 25, 2009 at 11:30 am. 

Never before does a citizen need to make a stand and voice his or her opinion. 

Why is this important?

Well, the legislators willingness to incorporate a two percent circuit breaker should be all the evidence needed to say that even the legislators knew the property tax reassessment and trending was unfair.  However, if you still need more evidence, let’s examine.

The homestead exemption went from 35,000 to 45,000 after a few citizens or should I say a whole organization like Greater Northwest Indiana Association of Realtors and citizens of Lake, Porter, Marion, and other counties complained at the state house.

Still need more evidence.  Some cities and counties received demands to cut the fat out of their government i.e. get rid of Hummer (Gary) due to high tax rate.  2007 Gary’s tax rate was 9.62.  2008 Gary’s tax rate is 7.62.  2008 East Chicago’s tax rate is 9.62.

I am willing to bet that the high tax rate coupled with NIPSCO’s proposed electrical rate increase in some way contributed to the surge in unemployment rate in Northwest Indiana.

If accountability is important to you then stand with citizens of Indiana on March 25, and let legislators know “yes we can” have a lean government and still get all the services that every citizen pays his or her hard earned money for.

Consider Your Staircase in Your Next Remodeling Project

Originally posted 2011-12-02 23:21:12. Republished by Blog Post Promoter

Image via Wikipedia

When remodeling most people do not think of the staircase, but an update to the stairs can give that much needed face lift that you have been hoping for in your home.  Despite the fact that most architects feel that the staircases can add dynamic symmetry to the “horizontal and vertical plane” of any home or structure, most home owners only look at stairs as the ability to get from one floor to the the other.

Stairs can enrich the symmetry, as well as, the experience of climbing from one floor to another through various changes to the building or structure of the staircase.  More often than not, in your home you may have the straight staircase because it was the easiest to build.   However, there are three distinct staircases  that can give your home the lasting improvement that you will be happy with in your home.  Those structures are:

• the spiral stairs
• the landing stairs
• the winder stairs

Each of the staircases mention above has a design purpose, as well.  The spiral staircase and/or winder staircase are utilized in a short space, in a corner, or in a space that has an odd angled wall.   The spiral staircase can often be used in a space were there is little floor space or in a home where there is little budget for  a different staircase.

Whatever staircase you choose for your next remodeling project ensure that you use a respectable stairs contractor to complete the installation of the staircase.

Most importantly ensure that the contractor you choose abides by the building code to ensure the safe usage of the staircase for your family.

Related articles

• 24 Incredible Stairs and Staircase Designs (designsmag.com)
• A step-by-step guide to modern staircase design (telegraph.co.uk)

Credit and You

Originally posted 2009-04-04 05:39:19. Republished by Blog Post Promoter

If you are considering purchasing a home, auto, insurance, etc. it is important that you build a better credit rating.  In today’s podcast, Serena discusses the importance of improving your credit rating. 

This podcast reveals that there are three credit bureaus that every first time home buyer and investor should be aware of.  Those bureaus are:

• Equifax                 800-685-1111             www.equifax.com
• Experian               888-397-3742             www.experian.com
• Transunion           800-916-8800             www.transunion.com

 

Purchasing a home may be the biggest purchase that you do so it is important to repair your credit at least three to six months before you plan to purchase your home. 

As promised, there is an attachment to a free example of a letter to dispute mistake on your credit reports.

sample-dispute-letter

Foreclosure – Latest News

Originally posted 2009-12-26 05:00:54. Republished by Blog Post Promoter

Today’s latest news will give you valuable information on what happens after a foreclosure when you want to rent, and other up to the minute news from around the blogosphere:

Extreme Makeover Home Edition Foreclosure? How Do You Write a …

Extreme Makeover Home Edition is an ABC’s ratings juggernaut. Each week, the show takes a family that is far down on their luck, and helps them.

Intent to Foreclose versus Notice of Foreclosure – Loan …

I noticed that I keep getting a Intent to Foreclosure letter whenever we are 2 months behind on our mortgages. However, we are currently on a special.

3 Miami-Dade firms accused of foreclosure scam | World News

Three Miami-Dade businesses were sued last week by the Florida attorney general over their alleged involvement in a foreclosure rescue scam affecting homeowners nationwide. more … You must be logged in to post a comment Login …

Important Advice When Rent After A Foreclosure | Articlicious

After a foreclosure rebuilding your life is a must . Some aspects such as recovering financial security will take time. However others cannot wait.

Related articles of foreclosures

• Real Estate News: Delinquencies Climb, ‘Dream’ Home Hits Snags (blogs.wsj.com)
• Fighting Mortgage Scams: Gov’ts Team Up (abcnews.go.com)

Land Trust is a Good Option for Investors in This Market

Originally posted 2009-01-29 14:53:45. Republished by Blog Post Promoter

There was a great post at www.whataboutloans.com on the advantages of a land trust.  The post goes on to list advantages to the land trust to include:

• ease of control
• ease of transfer
• privacy of ownership

The article further defines the parties that own and use the trust and their roles in the transaction of a trust in relation to the purchase of real estate. 

Another key advantage to the trust that the article depicts is that the “beneficial interest in a trust is considered to be personal property, not real property. Therefore you can assign your beneficial interest in a trust to another party without a formal closing.”

Remember due to recent changes to Fannie Mae’s financing criteria investors need to reconsider how they take ownership of their new investor property.   Those changes are affecting investors who want to refinance the properties in their portfolio and have those properties under the entity, limited liability corporation (LLC). 

Freddie Mac backs many of the conforming loans on the secondary market, so any changes in the rules is very important and should be headline news; hence, this news release. 

The land trust is the best solution to combat this issue. 

Happy New Year

Originally posted 2010-01-01 05:00:23. Republished by Blog Post Promoter

Have a bless, safe and prosper New Year from the team of Taylor-Brown Real Estate.

Indiana Property Tax Appeal (Part 2)

Originally posted 2008-12-28 16:10:20. Republished by Blog Post Promoter

To get the forms needed for filing your property tax appeal visit
for Form 130 also called Form 11 CI www.in.gov/icpr/webfile/formsdiv/21513.pdf

For Form 11 RA visit http://www.in.gov/ibtr/files/DavidandPatriciaSullivan.pdf

For Form 113 visit http://www.in.gov/icpr/webfile/formsdiv/46725.pdf

Below is a video for filling out the form if your property is located in Porter or La Porte County:

If you need additional information or need the form, please email Serena at snorbrown@yahoo.com

Related Articles

Evaluation of Property Tax Appeal Findings

Property Tax Appeal Review (Video 1 of Section 1)

Indiana Property Tax Appeal

What is Assessed Value and How Does It Influence My Property Taxes

Outraged Over Property Taxes

Great News the End of High Property Taxes

Mortgage Crisis Is Not Over

Originally posted 2009-03-28 05:46:36. Republished by Blog Post Promoter

We are only half through this crisis according to Scott Pelley’s report.

Option arm and interest only loans have not hit the market yet.

Interestingly enough, the second mortgage crisis would not have existed without these so called “ninja loans”, the option arm and the interest loan.

Watch CBS Videos Online

It is time to refinance if you qualify. Visit www.amerisave.com/snbrown for the latest rates. Your credit score to qualify for a loan will have to at least be 700 and you may have to pay up to 20% down.

« Previous Page — Next Page »