Episode Summary In this episode of Divine Intervention: Shedding Light on Illinois Property Tax, host Kevin Rosenquist and property tax attorney Nora Devine delve into the complexities of commercial property tax assessments in Illinois. They discuss the nuances of fair market value, the impact of local government policies, zoning challenges, and legislative changes affecting commercial property owners. Nora shares valuable tips for minimizing property tax liabilities and managing assessments, offering insights that benefit both current and prospective property owners.

Timestamps:

[00:00-00:05] Introduction to the podcast and hosts [00:06-00:30] Overview of commercial property tax assessments in Illinois [00:31-02:23] How fair market value is determined for commercial properties [02:24-04:17] Impact of market fluctuations on property tax assessments [04:18-06:23] Influence of zoning on property valuations and tax implications [06:24-09:15] Understanding the Property Tax Extension Limitation Law (PTELL) [09:16-13:42] Process and considerations for appealing commercial property assessments [13:43-15:31] The ripple effects of changes in commercial real estate on tax burdens [15:32-16:47] State line tax dynamics and comparative tax systems [16:48-18:45] Practical strategies to minimize commercial property tax liabilities [18:46-19:14] Closing remarks and ways to connect with Nora Devine

About The Show Divine Intervention: Shedding Light on Illinois Property Tax is a podcast hosted by Kevin Rosenquist and property tax attorney Nora Devine, designed to help listeners navigate the complexities of Illinois property tax laws. With Nora's expert insights, each episode delves into topics like property assessments, tax appeals, commercial real estate strategies, and the impact of local regulations on taxes. Whether you're a property owner, investor, or curious about Illinois tax policies, this podcast provides practical advice and in-depth discussions to empower listeners with the knowledge they need.

In this episode of Divine Intervention, host Kevin Rosenquist and property tax attorney Nora Devine delve into the intricacies of residential property taxes in Illinois. They discuss how property taxes are assessed based on fair market value, the significant role of local government assessments, and the impact of the Property Tax Extension Limitation Law (PTELL). Nora explains the various exemptions available to homeowners, including the homeowner's exemption and the senior freeze, and offers guidance on what homeowners should do if they believe their property tax assessment is too high.

Timestamps

[00:00:06 - 00:02:15] Overview of how residential property taxes are assessed in Illinois.

[00:02:15 - 00:04:40] Discussion of local government assessments and their impact on property tax burdens.

[00:04:40 - 00:06:16] Comparison of property tax experiences in Illinois versus other states.

[00:06:16 - 00:09:09] Explanation of the Property Tax Extension Limitation Law (PTELL).

[00:09:09 - 00:11:17] Discussion on main exemptions for residential property owners.

[00:11:17 - 00:14:41] Challenges of expanding homeowner exemptions and their implications.

[00:14:41 - 00:19:54] Process for homeowners in Cook County to contest their property tax assessments, including error corrections.

About The Show

"Divine Intervention" is a podcast that simplifies Illinois property tax issues, hosted by Kevin Rosenquist with attorney Nora Devine. The show covers topics like property tax assessment, the effects of local government decisions, and key laws such as the Property Tax Extension Limitation Law (PTELL). With expert insights and practical advice, it empowers homeowners to navigate property taxes, understand exemptions, and tackle assessment appeals effectively.

In this episode of Divine Intervention, host Kevin Rosenquist sits down with experienced property tax attorney Nora Divine to discuss the intricacies of Illinois property tax appeals. Nora shares insights on how frequently property owners attempt to handle their own tax appeals, particularly in Cook County, where assessing officials actively encourage self-appeals. She also highlights the differences in approachability of assessing officials outside of Cook County. Tune in to learn about the typical outcomes for those who navigate the appeals process on their own, and gain valuable information on the importance of professional assistance in achieving favorable results.

Timestamps:

[00:00:31] Self-appealing property tax assessments.

[00:05:01] Benefits of hiring tax attorneys.

[00:06:31] Property tax assessment differences.

[00:11:25] Property tax assessment strategies.

[00:13:41] Home improvement and property taxes.

[00:17:40] Experience in property tax appeals.

[00:19:38] Property tax appeal process.

About the Show

“Devine Intervention: Shedding Light on Illinois Property Tax” with seasoned property tax attorney Nora Devine. Hosted by Kevin Rosenquist, this podcast series offers in-depth discussions on Illinois property tax law, focusing on helping property owners understand and navigate the complexities of the tax system. Whether you’re a homeowner or a business owner, this show covers everything from tax appeals and exemptions to the impact of local government policies and zoning regulations.