Wednesday, September 26, 2012

 

Senior Citizen Real Estate Tax Exemption

If you or your tenant were born before 1946 you are probably eligible for the senior tax exemption on your real estate taxes.  If this is for a tenant the exemption can still be claimed but the tenant has to pay the real estate taxes.  I would get an accountant involved here but it might be cheaper to reduce your tenants rent, have them pay the taxes with the exemption, then to pay the higher amount yourself but get the right-off.  Once again an account would need to work the number to see if this is the case.  Worth checking out if you have senior tenants. 
http://www.cityofchicago.org/city/en/about/wards/18/serving_you/senior_citizen_exemption.htm

Wednesday, September 05, 2012

 

TIF Vacant Building Rehab Ordinance

The TIF Vacant Building Rehab Ordinance final passed the city council in July and there is 1 million available for rehab work but only in one TIF District so far, Ogden Pulaski District.  Read more about it:
http://www.chicagohomeless.org/an-amended-tif-vacant-building-rehab-ordinance-passes-city-council-along-with-first-1-million-in-funding/
The new ordinance allows property owners to bundle several two and three flats together for one rehab development.  I think this should make the project more appealing as most of the vacant building are smaller properties.

Or to see the exact boundaries of the Ogden Pulaski TIF District:
http://www.cityofchicago.org/dam/city/depts/dcd/tif/narratives/T_161_OgdenPulaskiFA.pdf

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