Real Estate Tax Review: A Quick Review Of A Controversial Part Of The Property Tax Law In Chicago

Part of responsible real estate investment is learning how the property tax affects our property. In this review, I will look at how you can navigate through a delicate property tax law and be on the safe side. First, always have a property attorney because the tax terrain is not always straightforward.

Chicago is the county seat of Cook County, Illinois. The county has an elaborate and well-developed real estate tax system. The office of the County Clerk handles property valuations and calculates the amount of property tax you pay. The Map Department keeps current official tax maps including tax districts. The district your property is in is used to determine the amount of tax. There are three major assessment districts, and an assessment is done every three years.

Property is divided into seven major classes for taxation purposes. These include vacant land, residential, apartments, non-profit, commercial and industrial properties. Property tax is the county’s primary source of revenue. The county also holds the biggest property tax assessment area.

Through the office of the Cook County Assessor, you may opt to go for a real property tax appeal process if you disagree with the assessment. This allows you to appeal a property tax assessment. In some instances, it may be the lifeline you need to maintain ownership of your property.

The appeal has to demonstrate a difference in the valuation or description of the property. Similarly, it should show a lack of conformity to similar properties. Evidence to support the appeal is filed together with the complaint. Property tax appeals are costly to the county and to you.

It is widely known that the county tries to discourage the process. Suburban townships win more appeals than Chicago city townships. There are twenty-nine townships in the county. Where your property is situated will determine your success rates too.

There are unique and interesting points to note about the property law. A tax sale system enables the county to sell your tax arrears for profit. If you don’t clear your property tax arrears in time, the county has the right to sell them off. This window is nine months. This is considered unique, as property owners in the rest of the counties in the state have only ninety days to clear overdue tax bills.

Property tax arrears attract high-interest rates. The system attracts a lot of private players and brokers who have made late taxes their business. The county argues that by selling off your tax debts, it can collect on time. Property owners are on the other end of the stick. Your tax arrears can lead to your property being auctioned off by third parties.

This aggravates the problem of homeowners facing financial difficulties as it only sinks them deeper into debt. This may ultimately lead to foreclosure. Recently, reforms have been proposed that will prevent the county from selling off home tax arrears.

The changes recommend shortening the amount of time property owners are allowed to have cleared their tax arrears. Professional real estate lawyers are the best to handle property tax assessment appeals. Numerous law firms have extensive experience handling property tax cases in Cook County.

The real estate attorney can enable you to obtain a reduction of the tax amount. A real estate attorney will evaluate the property. They analyze its characteristics, tax history and the assessed values in comparison with current market values. The analysis and proper filing are crucial to the appeal. You can also find an experienced and reliable real estate and personal injury attorney Tampa.

Impact of Technology on the Property Market

The real estate market has been drawn onto the technology bandwagon, albeit unwillingly. Governments have opened land registers to the public. Planning and mapping departments have also digitized their registries.

It is now easier to find a location on a map without the help of a surveyor. You can also view actual pictures and videos of a property to help you decide. Similarly, it is also possible to transact on a property without physically seeing it.

Technology has changed the way the industry runs for the better in several ways. The realtor is slowly turning into an advisor. The real estate agents are becoming obsolete, as we knew them. With the information age, we have better access to information. This includes title records, maps, and ownership records. Online tools and reviews make it easier to obtain information about the property.

The role of the agent has evolved from providing information. It is to provide guidance including analysis, commentary, and reviews on suitability for a purpose. This enables property owners to dodge brokerage fees and find clients quicker. A broader market also means better matches between tenants and landlords.

Property search engines are revolutionizing the way the markets have traditionally operated. It is like a big library of global real estate. Sites such as Zillow enable buyers to search for property on choice markets across the globe. They empower property owners to market their properties to more targeted audiences. The user can get property price histories, value estimates, close aerial view of the property, as well as prices of similar properties in each area.

The services also aggregate available public records including size, building plans and modifications to the property. This means people can process more transactions quickly. It also helps keep property records updated with real time information. Buyers can easily compare pricing models across property lines and locations.

Connectivity means more people can work from home. The adage of moving to a new house to be near work no longer applies. Telecommuting, freelancing, and consulting jobs are becoming more popular. Traditional dynamics on the commercial and residential markets are fading. This disruption is forcing developers back to the drawing boards, literally.

An emerging trend is the promotion of work, live and play or mixed-use spaces. Access to better technology and resources will keep driving the rural-urban migration pattern.

Technologies such as 3D rendering are enabling quicker and realistic demonstrations of proposed developments. They allow you to view the actual proposed architectural plans. Render 3D Quickly is a provider of high-quality visual concepts that include interior and exterior designs, 3D floor plans, landscape, and garden design as well as aerial renderings of the project.

There is a push to have more information on mobile platforms. Consumer demand is driving the mobile market. Service providers are scrambling to keep up. The future of the industry will lean heavily on mobile technologies. Real estate service providers will need to address utility value concerns in their service offerings to exploit the mobile revolution.

 

Top Reasons To Hire A Debt Settlement Company

Debt is a major challenge that millions of people face every day. Eliminating debt from one’s life offers a relief that makes life bearable and this is what those looking to clear debt want to experience. With the rising cost of living, people who encounter emergencies or pressing needs are tempted to opt for credit to service their needs. With time, credit piles up and it turns out to be a monster that threatens their financial capabilities.

Settling credit with struggles emanating from cash flow could prove more challenging and this is the reason you need professionals to walk with you through the journey of liberating yourself from the yoke of debt. Although some people prefer negotiating settlement terms without involving settlement professionals, here are some of the benefits you will enjoy for working with a debt settlement company to clear debt.

Negotiating settlement terms is not easy

Creditors are more interested to hear when you will be clearing the debt you owe and in rare situations will they care to know if you are doing well or not. In cases where you have challenges raising the amount proposed, negotiating for a lower amount could prove challenging if you are not skilled on debt settlement. However, debt settlement companies like Nationwide Debt Direct have experts who have worked in this field for many years.

They can easily convince creditors to give you better terms, so you will not need to endure the stress that comes with negotiating. Most of these settlement companies are also popular and have good relationships with creditors, so chances are their involvement in the negotiation process will allow you to get bearable rates that can help you in the settlement process.

Debt collectors cannot play games with a skilled negotiator

Debt collectors sometimes use dubious methods when collecting debt from defaulters, and this leaves you at a worse state. A debt settlement expert understands how everything works and is less likely to be subjected to the same treatment as someone who lacks the experience.

Therefore, working with a debt settlement expert assures you to receive accurate and honest rates. The expert can negotiate and spot irregularities that could make the burden heavier for you. Most importantly, a debt settlement expert can negotiate with creditors to minimize or stop harassment, which gives you peace of mind to pursue the settlement process. All these things cannot be achieved by someone who has never worked in the debt settlement industry before.

Debt settlement companies can access “scouting reports”

Another benefit that you will enjoy when you choose to settle debt through settlement professionals is that they are able to access vital reports from credit card companies. This information is rarely made public, so you cannot have the right figures unless you consult with debt settlement experts or collection agencies.

Each credit institution offers a unique settlement procedure and you can only have this information after choosing to work with a debt settlement company. Having experts to guide you in this process makes things easier and allows you to clear debt within a shorter period of time.

The Trump Effect on Commercial Real Estate

Newly inaugurated President Donald Trump is already making changes. Expect economic change to take effect once he is in office. That may include changes to commercial real estate. Buyers will want to take note before they commit to commercial real estate. The price of the property may rise during the course of the administration. Speculators are estimating whether the president will affect the overall price of these properties. Follow news events and even the data to learn more about the cost people may encounter. Realtors and investors are working to see the project through to the end. Commercial real estate will typical draw in investors from many different corners.

The media has taken note of the so-called “Trump effect” so far. Donald Trump has issued several executive orders across the board. Any orders relevant to real estate will be duly noted. Trust that the media has taken interest in his economic policy. Economic indicators are good during the first few weeks of his administration. Rusty Tweed is among the many correspondents who have followed his decisions. The media is optimistic about the future of the economy. But some have questioned whether the “Trump Effect” is genuine and can be believed.

Donald Trump has utilized real estate in the past and present. Recently, he has held an engagement at his Mar-A-Lago headquarters in Florida. People have flocked to that venue to ask questions and get involved. The media attention has been on the President himself. But speculators will want to learn more about the Commercial Real Estate that he has endorsed. His Trump Towers and hotel lineup are very popular with people as well. The Trump hotels continue to be a focal point across the marketplace. They are commercial in nature and do bring in a substantial amount of revenue for investors.

The total effect of the President’s influence will be seen. It may be too soon to tell whether commercial real estate will rise. The “Trump Effect” could bode well for the President. His legacy is undoubtedly important as the administration moves forward. The White House will lead the way in to the world of politics. Expect there to be debate and opposition to some of these policies. The world will be watching to evaluate international effects of these laws. Commercial real estate is a great measure of the performance of cities as well. Read news reports and cultivate an informed opinion.

Tax and inflationary policies could impact the economy itself. That may indirectly impact the Commercial real estate market. Read through an article by Shearman & Sterling LLP. Commercial real estate is impacted by a number of economic forces. International buyers may be drawn in by a wide range of opportunities. Trust that the Trump Effect is designed to improve economic performance. His name is renowned and people everywhere have trusted the decision he makes. The President is ready to lead America to new heights in many ways. Follow his story and lend support whenever possible to make a difference.

CreditUpdates.com Partners with ScoreApprove

CreditUpdates.com and ScoreApprove have joined forces to provide real estate agents and their customers with a new way to prepare for the home-shopping process. The integration between CreditUpdates.com, an online credit report service, and ScoreApprove allows for the optimization of the real estate sales process for both the homeowner and the agents. It’s a positive partnerships for both companies and demonstrates both CreditUpdates.com and ScoreApprove’s ability and willingness to adapt and to provide the best services to their customers.

 

Nancy Behrman on Real Estate Investing and Building a Property Investment Portfolio

 

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Nancy Behrman Real Estate

However you choose to define the Millennial Generation, it’s clear that coming of age during a time of economic crisis has had a profound influence on this generation’s willingness to take on significant financial risk. Nancy Behrman has noted that many young investors are eschewing the traditional means of investment, largely out of fear of the incredible market volatility they witnessed during the still-recent economic downturn.

While this risk-avoidance is still quite prominent, this generation has not given up on investing altogether and has instead adopted a shrewd approach focusing on real estate investing. New investors have been quite active in the real estate market and appear to be working diligently toward the creation of a strong property investment portfolio. It’s also become apparent that these investors have found ways around the lack of access to significant capital through the use of crowdfunding as well as countless other innovative investment strategies.

Property investing is certainly not without risk, and the economic crisis did have a significant impact on the real estate market. On balance, however, an investment in real estate is a much safer bet in the eyes of Millennials when compared to the alternative options available to them, which include many of the more traditional options such as stocks.

Amir Modjiri – My First Real Estate Investment

Amir-Modjiri-CondoAmir Modjiri gives us his take on his first real estate investment. A small condo that was move-in ready.

Hassan: Why did you pick this place?

Amir: Honestly it was in my price range at the time. I was looking for a good test to see if I had the stomach for being a landlord. Can I make money with real estate? I didn’t want to lose my shirt without knowing the market.

Hassan: What do you mean the “stomach for landlording”?

Amir: Being a landlord is hard on some people. I have a property management company, but even without that, you will have a tenant who destroys your place. It will eventually happen. They’ll be scumbags or just mad about something. They will kick holes in the wall, put concrete in the drains, smear feces across the walls, or something destructive and/or disgusting at some point in your real estate career. I wasn’t sure if I was ready for that.

Hassan: And what did you discover?

Amir: I was definitely ready! I just look at my real estate investments as numbers more than anything personal. I know things will happen and it’s just part of being in business. When it happens I just pay the bills to get it back ready to rent. Once it’s ready to rent we fill it with a new and hopefully better tenant.

Hassan Modjiri: Tell me about the first condo.

Amir Modjiri: The first condo was a good fit for me at the time. I wanted something I could afford to pay cash for. I wanted to get started in real estate investing slowly. I found this condo available for $70,000 and offered that price. There were only 2 condos sold in the last two years. In my county, these are the most affordable places to buy while also avoiding the bad areas of town. For my first investment, I wanted to make sure it went as smoothly as possible.

Hassan Mojiri: Did it go smoothly?

Amir Hossein Modjiri: Absolutely! The condo needed some new flooring in the kitchen and dining room and also needed paint. All told I spent about $2500 plus closing costs. I had saved $85000 and that gave me some money for emergency repairs.

H. Mojiri: Did you have any emergencies?Amir Modjiri

Amir Mojiri: None at all in the years that I’ve owned it! The HOA fees are steep at $220 per month and now with more experience I wouldn’t call it a “good” investment. I’ve talked to my real estate agent about selling it this year.

Hossein: Now that you’re more experienced, would you buy it again?

Amir: Never! It rents for $700 and I pay $220 in HOA fees leaving me $480 cash per month. Property management is another $70 leaving $410. The cash on cash return is REALLY low!

I wanted to take a few minutes to thank Amir Modjiri for taking the time to talk with me about real estate! Amir has agreed to answer any questions you might have in the comment section below.

Hassan Modjiri Buying A Rental Property

When looking into buying a rental property there is something crucial that most people overlook.

Do you have enough money to cover the initial investment, a major repair, vacancy and a tenant damaging your home beyond the deposit?

Those are all unlikely to come due at the same time, but it’s possible. If that situation would bankrupt your or cause your rental to get foreclosed, it’s a bad investment regardless of the numbers. You need to be able to look at the entire picture and plan for the worst case scenario. What would you do in that situation?

 

Photo by Costa Hollywood