Monday, January 31, 2011


Vacant Building Ordinance

Not sure if anyone reading this blog has a vacant building, but if you do you need to be aware of a new proposed ordinance in city council. Alderman Balcer has proposed an ordinance that will give property owners jail time if they do not properly secure their vacant buildings, see the article link above. The city wants to crack down on derelict and unsecured buildings after the south side vacant building fire that killed two fireman. This ordinance would cover all properties including vacant land, two flats and commercial buildings. The city of Chicago does offer a vacant building registry, for $250 dollars you can get notified of 311 calls and code violations. It is hard to know if that is in a property owners best interest or not. I think if you do not live near a vacant property that you own, or at least have dependable neighbors to keep you updated, I would register the building so you know what is going on. You will be help responsible.
Here is a link the city registry:

Thursday, January 13, 2011


Small Business Jobs Act

Landlords are effected by the new Small Business Jobs Act. The new law requires landlords to track information about contractors that have been hired to perform services to rental property that exceeds $600 a year. The new law takes effect January 1st 2011. This law includes mom and pop landlords of both residential and commercial properties. If the landlord fails to provide the 1099 form and the contract information it is expected that they will not receive the deduction on the taxes. Landlord will be required to provide 1099 to all contracts that meet the new criteria of the legislation. Contractors can include but are not limited to landscapers, accountants, painters, plumbers, etc.
The new law will help the government accurately track contractor income and discourage landlords from make false deductions for services and repairs. It is expected to increase federal tax revenue over 2.5 billions dollars in the next 10 years.

Some of this information was provided by

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