A recent case, A.P. Properties v. Rattner , 2011 IL App (2d) 110061 (October 27, 2011) Lake Co. demonstrates how cutthroat the tax deed business can be. On the one hand, you have companies that buy taxes at real estate tax sales, with the hope that they will end up owning the property for a fraction of its actual value. On the other hand, you have homeowners and lenders, trying to redeem the taxes to save the property before the redemption period expires. And then occasionally, you have companies that reap their profits from buying properties just before the redemption period expires, when homeowners are desparate to salvage some of the value of their home. The defendants in this case fall in the latter category. The plaintiff, A. P. Properties, was in the business of buying taxes at tax sales, and they sued the defendants because in two instances, the defendants bought real… read more →
A recent case, Picerno v. 1400 Museum Park Condominium Association, 2011 IL App (1st) 103505 (October 28, 2011) Cook Co., 5th Div., caught by interest: In 2008, related family members purchased neighboring units at the end of the hall in a condominium building. Their doors faced each other, and they shared a common wall. They decided that they would like to install a new door in the hallway, separating off their two units from all of the other units. The association objected. Eventually, the association set forth a proposal which delineated the requirements that the unit owners must agree to in order to install the door and separate their portion of the hallway. Because of the costs involved, the unit owners did not agree, and the matter ended up in court. While the trial court agreed with the plaintiff unit owners, the appellate court sided with the condominium association, stating that 1) the… read more →
If you live in Cook County, your second installment 2010 property taxes were due earlier this week (on Tuesday, November 1). Hopefully you’ve already paid the bill. As a senior, you might have assumed that your senior exemption showed up automatically on your tax bill, as it has in the past. But beware — the legislation made some changes last year, and senior exemptions are no longer automatic! If you are over 65, you should make sure you get the benefit of the senior exemption if you’re a homeowner! The Cook County Assessor’s office states that 55,000 seniors did not apply for their exemption this year. That’s a windfall for the county, but a lot of extra money out of each senior citizen’s pocket! If you are eligible for a senior exemption or a senior freeze exemption, you can still apply! You will have to complete a Certificate of Error and… read more →