Chicago Real Estate Legal Corner

By Kovitz Shifrin Nesbit

Illinois Landlords and the New Fair Debt Collection Practices Act

Effective May 3, 2021, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule (IFR) that applies to debt collectors as defined in the Fair Debt Collection Practices Act (FDCPA).This new rule requires Landlords to make the following changes in cases...

By Kovitz Shifrin Nesbit

The New EPA Brochure: What Illinois Landlords Need To Know

The Environmental Protection Agency (EPA) released a new brochure in March 2021 explaining “The dangers of lead in your home and how to protect your family from lead-based paint hazards."Landlords who utilize the outdated EPA pamphlet in their leasing procedures can fa...

By Kovitz Shifrin Nesbit

20-Year Study Shows Chicago’s Increasing Property Taxes

The Cook County Assessor completed a 20-year study that demonstrated the increase of Chicago property taxes since 2000. The study looked at residential and business property taxes. It also compared the increases among Chicago’s 50 wards.Here are a few highlights:Reside...

By Kovitz Shifrin Nesbit

New Illinois Executive Order’s Impact for Landlords

On June 11, 2021, Illinois Governor Pritzker issued a new Executive Order (2021-13) addressing evictions. With a modified eviction moratorium, here are the implications for Illinois landlords:1. Eviction Orders entered before March 20, 2020 can be enforced by the Sheriff effectiv...

By Kovitz Shifrin Nesbit

Cook County Multi-Family Property Tax Appeals

To be considered multi-unit residential property, a parcel of real estate must be set up to accommodate several households in separate units. Multi-unit residential appeals involve several factors including:Capitalization ratesComparable propertiesErrorsNew constructionOpera...

By Kovitz Shifrin Nesbit

Cook County Commercial Property Tax Appeals

Commercial property is defined as a parcel of real estate used for business activities. Commercial property is often a building that houses office or retail space. It can also be land, a garage, hotel, theatre, gas station, shopping center, commercial greenhouse, or any other spa...

By Kovitz Shifrin Nesbit

Cook County Property Tax Appeal Basics

The value of a property is what is used to determine the cost of its taxes. When you file an appeal, you are contesting the value that was previously assigned to your property. The appeal process can take anywhere between 6-12 months, depending on when the appeal is received...

By Kovitz Shifrin Nesbit

Breach of Contract

The COVID-19 pandemic has made a significant impact to the Illinois rental market. To many landlords, resolution seems hopeless as they are faced with increasing tenant delinquencies, unpaid rent, and legal restrictions.With eviction moratoriums remaining in place, landlords are ...

By Kovitz Shifrin Nesbit

Cook County Property Types

There are many different types of properties in Cook County. They are sorted into several categories for the purposes of classification:ResidentialMulti-familyNot for profitCommercialCommercial incentiveCommercial/industrial incentiveIndustrialIndustrial incentiveIndustrial brown...

By Kovitz Shifrin Nesbit

Late Fees and Cook County Property Taxes

You can avoid adding a late fee to your tax bill by paying attention to the billing calendar and planning ahead. If you do not receive your mailings on time, be sure to call the Treasurer’s Office so that you are not unfairly penalized. If you will be traveling when as...