Tax Reduction Seminar

Description

BUILDERS, DEVELOPERS, BANKS, AND INVESTORS “REAL ESTATE TAX REDUCTION WHAT IS IT AND HOW DO I DO IT” As a member of the Chicago Area home building community I would like to bring to your attention an upcoming seminar on Tuesday, July 30 which Northern Illinois Home Builder Association is jointly sponsoring with the Home Builder Association of Greater Chicago.   One of the greatest financial burdens for builders, developers, banks, and investors is the carry cost of Real Estate taxes in the extended holding periods in this market.  The cost of the real estate taxes can equal the interest carry cost of the property. The new assessments for property will be sent at the end of July and beginning of August.  From receipt there is generally only a 30 day window to perfect your rights to appeal.  Be prepared to evaluate your opportunity to reduce tax bills.  After a quick breakfast we will first cover “Basic” Real Estate Tax Reduction and then go or stay for “Advanced” Real Estate Tax Reduction when we will go through an example assessment appeal through preparation & research, Township Assessor, Board of Review and PTAB requirements and procedures.  I hope to see you there:   Location is Hilton Lisle/Naperville, 3003 Corporate West Drive, Lisle, Illinois, 60532, USA TEL: 1-630-505-0900 Tuesday, July 30, 2013. Cost:  Members $30 Non-member $45   “REAL ESTATE TAX REDUCTION WHAT IS IT AND HOW DO I DO IT” Richard M. Guerard, a partner at the law firm of Guerard, Kalina & Butkus has been involved in the real estate industry for 30 years.  He is an attorney, and a manager of Wyndham Deerpoint, LLC, which is a Builder/Developer in the Chicago area.   8:00 – 8:30    Registration & Continental Breakfast 8:30 – 10:00    “BASIC” REAL ESTATE TAX REDUCTION -  Overview of Real estate taxes.  How they are determined, the principal exemptions and reductions available.  Presenting the strongest case for exemption or reduction.  Traps to avoid. (90 min.) How are real estate taxes determined Deadlines for seeking a reduction of assessmentsThe “Developer Exemption” How to qualify Strategies to maintain exemption Model Home Exemption Assessment of Common Areas Farm Assessment Destruction of Improvements Open Space Assessment Tips in negotiating with Township Assessors Appeals of Assessments/Build your Case Reasons Why People fail to get a reduction    9:50 – 10:10        Break (15 min.)  10:05 – 11:40  “ADVANCED” REAL ESTATE TAX REDUCTION – Requirements and procedures for and how to appeal assessments.  Example Appeal through preparation & research, Township Assessor, Board of Review and PTAB.   Research tips & Preparation to negotiate with Township Assessor Appeals to the Board of Review Required documentation Hearing procedure Appeals with the Circuit Court of tax objections Appeals to the Property Tax Appeal Board Required documentation Hearing procedure Appeals to the Circuit Court Administrative Review Certificates of Error and Correction Review of recent Property Tax Appeal Board Decisions Model Home Exemption land portion Proper Market Value methodology Effect of subsequent sales. What qualifies as an arm’s length transaction for value Compulsory sale comparables & effect of short sales Standards of proof