New A & L Website...

We were holding off a bit to be able to announce our new and improved website.  Please pay us a visit at www.amariandlocallo.com.  There are links to articles and e-letters that we have published and resources to assessment related sites.  We invite you to log into our Blog, Facebook, Twitter or Linked in accounts to tell us how we are doing.

Two matters of interest in the assessment world are:

Homeowner's exemption is shrinking in Cook County...

Beginning this year your home is no longer eligible to receive savings from the 7 percent Extended Homeowner's Exemption.  This exemption was intended to provide relief at a time when property values were rapidly increasing.  The Illinois General Assembly included a sunset provision in the law.  The exemption is no longer available in the City of Chicago.  The exemption phases out in the northern townships outside Chicago this year and the southern townships next year.  You will continue to receive the benefits of the traditional homeowners exemption.  Provisions for that exemption have not sunset.  Simply put...your homeowner's exemption will be a little less than normal as it goes back to where it was...

Remember our earlier e-letter about exemptions?  The Assessor is aggressively tracking your entitlements.   If you have more homeowner's exemptions going in your name then what you should have there will be back tax to pay!  (Access that earlier e-letter on our new website)

A new classification ordinance to lower shopping centers with grocery stores...

On March 12, 2014 the Cook County Board of Commissioners sent to their Real Estate Tax Committee proposed ordinance amendment 14-1930 which creates a new classification incentive 6A.  Class incentives in Cook County lower the assessments on qualified properties and the direct result being a lower real estate tax. 

This proposed ordinance is for retail centers with grocery store components that meet the ordinance's qualifications.  It includes centers that are vacant, or under utilized, or substantially rehabilitated and has provisions for those enterprises yet to be built, but all must prove that a hardship exists and but for the incentive being granted to save on the real estate taxes, no other economically viable alternative is available to avoid the inherent risk of vacancy

The matter is being seriously considered and its original drafting will sure to be changed before voted upon, but the climate for growth in certain areas of our city and suburbs is on the table:  "...that's what we need more grocery stores, we have food deserts in lots of places" said President Toni Preckwinkle.  More to come, we are sure!