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Table of Contents
-
List of Forms by Chapter - Chapter 1 — Appraisals
- I. [1.1] Scope of Chapter
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II. [1.2] Conforming to Uniform Standards of Professional Appraisal Practice - [1.3] Uniform Standards of Professional Appraisal Practice Rules
- [1.4] Real Property Appraisal Reporting
- [1.5] Letter of Transmittal
- [1.6] Identification of Property
- [1.7] Property Interest Appraised
- [1.8] Tangible Assets
- [1.9] Intangible Assets — Business Enterprise Value
- [1.10] Purpose
- [1.11] Intended Use
- [1.12] Definition of Value
- [1.13] Effective Date of Valuation
- [1.14] Exposure/Marketing Time
- [1.15] Scope
- [1.16] Limiting Conditions
- [1.17] Highest and Best Use
- [1.18] Property History and Listing Information
- [1.19] Certification
- III. Three Approaches to Value — Cost, Sales Comparison, and Income Capitalization
- [1.20] Cost Approach
- [1.21] Sales Comparison Approach
- [1.22] Adjustment of Leased Fee Sale Prices to Fee-Simple Interests
- [1.23] Above- or Below-Market Rent Encumbrance
- [1.24] Which Property Types Will Most Likely Need Adjustment?
- [1.25] Why Do Certain Property Types Need Adjustment?
- [1.26] Elements of Leased Fee Sales
- [1.27] Effect of Excess Tenant Improvements on Leased Fee Prices
- [1.28] Leased Fee Adjustment
- [1.29] Time Adjustment
- [1.30] Transfer Declarations
- [1.31] Income Capitalization Approach
- IV. [1.32] Contract Rent vs. Market Rent
- V. [1.36] Specialized Property Types
- [1.37] Anchor Department Stores
- [1.38] Sanitary Landfills
- [1.39] Income Capitalization Approach
- [1.40] Sales Comparison Approach
- [1.41] Applicability of Cost Approach
- [1.42] Specific Methodology To Be Used in Cost Approach
- [1.43] Healthcare Properties
- [1.44] Quantification of Business Enterprise Value (Nursing Homes)
- [1.45] Comparison of Cost Approach Value and Income Capitalization Approach Value
- [1.46] Capital Cost Component from Medicaid Reimbursement Rate
- [1.47] HUD Loan Underwriting Guidelines
- [1.48] Preferred Method — Cost Approach
- VI. [1.49] Conclusion
- Chapter 2 — Real Property Tax Incentives
- I. Real Estate Tax Incentive Program in Cook County
- [2.1] In General
- [2.2] Incentive Classifications
- [2.3] Eligibility Application and Incentive Appeal
- [2.4] Term of Incentive Classifications
- [2.5] Maintaining Incentive Classification
- [2.6] Renewability of Some Incentives
- [2.7] Additional Requirements
- [2.8] Benefit of Incentive Classification
- [2.9] Qualified Projects
- [2.10] Qualifying Circumstances
- [2.11] Eligible Investment Projects
- [2.12] Relaxed Circumstances Under Relief Programs
- II. [2.13] Specific Incentive Classes
- [2.14] Exclusive to Industrial Use Property
- [2.15] Class 6b
- [2.16] Class 6b Sustainable Emergency Relief Program
- [2.17] Class 6b Temporary Emergency Economic Recovery Modification
- [2.18] Class 6b Critical Emergency Employee Retention Modification
- [2.19] Exclusive to Commercial Use Property
- [2.20] Classes 7a and 7b
- [2.21] Class 7c Commercial Urban Relief Eligibility
- [2.22] Incentives Available to Commercial and Industrial Use Property
- [2.23] Class 8
- [2.24] Class 8 Temporary Emergency Economic Recovery Modification
- [2.25] Class 8 Critical Emergency Employee Retention Modification
- [2.26] Class C
- [2.27] Class L
- [2.28] Classes 9 and S
- Incentives Summary Tables
- [2.29] Class-Specific Qualification and Eligibility Rules
- [2.30] Additional or Alternative Rules
- III. History
- Chapter 3 — Additional Resources for Practitioners
- I. Educational Resources
- II. Voluntary Association Resources
- [3.4] International Association of Assessing Officers
- [3.5] Illinois Chief County Assessment Officers
- [3.6] Illinois State Bar Association
- [3.7] Chicago Bar Association
- [3.8] Illinois Real Estate Lawyers Association
- [3.9] Illinois Property Tax Lawyers Association
- [3.10] Appraisal Institute
- [3.11] Women’s Property Tax Association
- [3.12] Illinois Chamber Tax Institute
- [3.13] Taxpayers Federation of Illinois
- [3.14] Civic Federation
- III. Governmental Resources
- Chapter 4 — Levy, Extension, and Collection of Property Taxes
- I. Introduction
- II. Levy of Taxes
- III. Extension of Taxes
- [4.16] Overview of the Tax Extension Process
- [4.17] Preparation of Collectors’ Books
- [4.18] Effect of Equalization of Assessments
- [4.19] Determination of Tax Rates
- [4.20] Modification of Maximum Tax Rates
- [4.21] Computation of Actual Tax Rate
- [4.22] Extension of Taxes and Additions Thereto
- [4.23] Property Tax Extension Limitation Law
- [4.24] Increasing the Extension Limitation
- [4.25] Increasing the Limiting Rate
- [4.26] Imposing a New Tax Rate
- [4.27] Increasing the Debt Service Extension Base
- [4.28] Decreasing the Extension for Educational Purposes
- [4.29] Proving Up Extensions
- [4.30] Back Taxes on Omitted Property
- [4.31] Certificate of Tax Rates and Delivery of Collectors’ Books to Collectors
- IV. Payment, Collection, and Distribution of Taxes
- [4.32] Overview of the Tax Collection Process
- [4.33] Collectors of Taxes — Duties and Liabilities
- [4.34] Fines and Civil Penalties
- [4.35] Liability on Their Bonds and Damages
- [4.36] Removal from Office
- [4.37] Criminal Penalties for Official Misconduct
- [4.38] Tax Bills and Payment of Taxes
- [4.39] Effect of Payment Under Protest
- [4.40] Return, Settlement, and Distribution of Taxes
- V. [4.41] Sample Tax Levy Village Ordinance
- Chapter 5 — Tax Rate Objections
- I. [5.1] Introduction
- II. Objections to the Multiplier
- III. Objections to Tax Levies
- IV. [5.6] Payment of Tax Under Protest
- V. [5.7] Developing Rate Objections
- VI. Illustrative Rate Objections
- [5.8] Ballot Not in Statutory Form
- [5.9] Budget or Levy Not Made at Time and in Manner Required by Law
- [5.10] Levy Adopted Too Soon After Publication of Budget
- [5.11] Underestimate of Surplus
- [5.12] Lump-Sum Appropriations (Insufficient Itemization)
- [5.13] Excessive or Unneeded Levies
- [5.14] Excessive Provision for Loss in Collection of Taxes
- [5.15] Levy at Rate in Excess of Maximum Allowed by Law
- [5.16] Contingent Expenses
- [5.17] Tax Based on Unconstitutional Statute
- [5.18] Validating Act Invalid
- [5.19] Impermissible Transfer of Funds
- [5.20] Multi-County Apportionment Factors
- [5.21] Home-Rule Units
- VII. Filing and Litigating the Objections
- Chapter 6 — Tax Bills and Payments; Tax Sales and Redemptions; Miscellaneous Collections
- I. [6.1] Scope of Chapter
- II. [6.2] Real Estate Taxes as a First and Prior Lien
- III. [6.6] Tax Collection Procedures — Current Taxes
- [6.7] Two-Equal-Installment Method
- [6.8] Estimated-First-Installment Method — Cook County
- [6.9] Estimated-First-Installment Method — Outside Cook County
- [6.10] Four-Installment Method
- [6.11] Miscellaneous Exceptions — Deferred Delinquency Dates and Deferred or Exempted Interest Charges
- [6.12] Payments
- [6.13] Partial Payments
- [6.14] Payments as to Partial Interests
- [6.15] Certificates of Error
- [6.16] Payments Under Protest (Tax Objection Complaints)
- [6.17] Warrant Books
- [6.18] Special Assessments
- IV. [6.19] Tax Enforcement Procedures — Delinquent Taxes
- [6.20] Prerequisites for a Tax Sale — Collector’s Application for Judgment and Order of Sale
- [6.21] Publication of the Delinquent List
- [6.22] Mailed Notice to the Last Assessee or to the Current Owner of Record
- [6.23] Tax Judgment, Sale, Redemption, and Forfeiture Record
- [6.24] Judgment and Order of Sale
- [6.25] Certificate of Correctness
- [6.26] Annual Tax Sale
- [6.27] Bidding
- [6.28] Who May Bid
- [6.29] Completion of the Sale
- [6.30] Sales in Error
- [6.31] Forfeitures and Forfeiture Sales
- [6.32] Scavenger Sales
- [6.33] Origin and Purpose of the Scavenger Act
- [6.34] Prerequisites for a Scavenger Sale
- [6.35] Scavenger Sale
- [6.36] Who May Bid
- [6.37] Confirmation
- [6.38] Redemption Period
- [6.39] Redemptions
- [6.40] Scavenger Sales Summary
- [6.41] Tax Foreclosure Sales
- [6.42] Special Tax Sales
- [6.43] In Personam Liability —Suit To Recover Unpaid Taxes
- [6.44] Available Defenses
- [6.45] Owner for Purposes of Personal Liability for Unpaid Taxes
- [6.46] Relationship Between in Rem Lien and in Personam Action
- [6.47] Effect of No Subsequent Tax Sale on Tax Lien
- [6.48] Real Estate Closings and in Personam Liability
- V. [6.49] Redemption Period
- [6.50] Certificate Holder
- [6.51] Certificate of Purchase
- [6.52] Tax Receiverships
- [6.53] Necessary Party in Governmental Actions Against the Property
- Sales in Error
- [6.54] Grounds for Finding of Sale in Error
- [6.55] Error of a county official
- [6.56] Bankruptcy of legal or beneficial owner
- [6.57] Improvements “substantially destroyed” or “rendered uninhabitable”
- [6.58] Municipal liens or acquisition under the police power
- [6.59] Non-extinguishable United States interest
- [6.60] Unknown presence of hazardous substance, hazardous waste, or underground storage tank
- [6.61] Denial of petition for tax deed
- [6.62] Exclusivity of statutory listing
- Payment
- [6.63] In General
- [6.64] Interests and Costs
- [6.65] Exceptions
- [6.66] Methods of financing
- [6.67] Problems
- [6.68] Right to Redemption Money
- [6.69] Right To Proceed to Tax Deed
- [6.70] Property Owner
- [6.71] Time and Condition of Redemption
- [6.72] Redemption During Period of Redemption
- [6.73] Amount Necessary for Redemption
- [6.74] Parties Entitled To Redeem
- [6.75] Redemption of Individual Interests
- [6.76] Right To Appear and Defend Against a Petition for Tax Deed
- [6.77] Redemption Under Protest
- [6.78] Bankruptcy
- VI. [6.79] Miscellaneous Provisions for Extinguishing Tax Liens
- VII. [6.86] Conclusion
- Chapter 7 — A Guide to Tax Deed and Indemnity Fund Proceedings
Authors
Real Estate Taxation: Assessments, Rate Challenges, and Tax Sale Matters 2020 Edition (COMING SOON)
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