Quote:
Originally Posted by Via Chicago
i dont see why the city cant do both affordable housing and TOD on that site. they did exactly that in Logan near the blue line. clearly they recognize the value in doing something in one situation...so why isnt it consistent? it makes zero sense for that parcel to be anything other than medium/high density housing. this should have been a layup for multistory. theres a billion other lots in the neighborhood that can get cheap hardie panel townhomes.
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I literally offered to buy side lots on Troy or Spaulding or something and trade them to the city. I offered to buy the lots outright at market value. I own the third lot north, but not the two on the corner. I would
love to develop that corner as a small scale TOD.
But no dice, city is going to build some crap that will ruin the corner forever.
Quote:
Originally Posted by BrinChi
This is really concerning. How can the tax bill be $65,000? What is the building valued at? I was trying to understand this in another post. Based on this example, clearly the tax structure for retail is problematic if the tax is higher than market rent. No wonder retail spaces are sitting empty.
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Lol that's not even the bill, I used smaller numbers trying to keep some semblance of privacy. But whatever, I've been super open with this forum for years. Ready for this?
I paid $1,147,500 for the property (this is a matter of public record anyhow). It brought in $105,000 in rent in 2021. The tax bill for 2020 was $31,000.
Fritz Kagei says it's worth $2.4 million. My new tax bill is... Drumroll please...
$110,000
Again, he's claiming it's worth
more than twice what I actually paid for it at the beginning of Feb 2022. They will not recognize that
fact because the bill is for 2021 and apparently property values dropped 50% between 2021 and 2022 (obviously not).
It's utterly absurd.
And this is why his nonsense about "the Board of Review changed all my assessments so residential owners would take the burden" line is bullshit.
What actually happened is he hired a bunch of incompetent clowns to gin up absurd values like this to slap commerical owners with. When it came time for people to, you know,
review his homework on these values, they started throwing them out en masse. Obviously commercial owners challenged their taxes at a much much higher rate than homeowners. So the mildly insane increases he put on homeowners ended up being higher than the now appealed and tossed utterly absurd values he pulled out of his ass for commercial owners.
And the numbers will only get worse because the Board of Review punted on literally every single case they could because they were totally swamped by Kagei's tidal wave of made up garbage. So cases like mine actually got tossed to PTAB/Circuit Court because they could come up with an excuse like "sorry your sale didn't happen until 2022" to get it off their table so tax bills could go out.
So that 8% higher burden than commercial that Kagei blasted residential owners with will actually go significantly higher as cases like mine are tossed. The thing is assessments aren't just a "we get to decide the value of the property" thing. If you assign a value, you must be able to defend it. When you shit out a bunch of nonsense based on literally nothing, don't be surprised when people with very expensive attorneys get your turds flushed down the toilet.
So the next step is for me to sue Cook County. I may prevail in front of the administrative law judge at the Property Tax Appeals Board (PTAB), but in all likelihood I'll have to sue them in real court, in Division 50 of the Circuit Court of Cook County. This will likely take about two years and I absolutely will win and get this bill halved at the very minimum because courts don't care about your political agenda to persecute commercial landlords, they care about findings of fact. The fact is value is determined by what someone is willing to pay on the open market and I paid less than 50% what Kagei says it's worth. That's a fact and no amount of crains interviews blaming the Board of Review for your embarrassing level of incompetence will change that.
Oh and does anyone here know what other areas of law
Division 50 of Cook County Circuit Court handles???
- adoption
- marriage of minors
- annexation and deannexation of land to a tax body
- elections
- inheritance taxes
- mental health proceedings
- real estate taxes
- municipal organizations
- orders of protection filed in conjunction with a mental health proceeding
You can't make this shit up. This clown Kagei literally just jammed the court division responsible for family law and mental health with a whole pile of utter bullshit that is going to be tossed as soon as it can be processed. I'm literally going to be competing with orphans and people in mental crisis for the attention of these judges. Like what? Are you fucking kidding me? This is how you are going to "enact reform"?
Oh and my attorneys will take 30% of what they save me as their fee after they win. So when that bill goes from $110k, a level it should never have been anywhere near, back to $40k or $50k, my attorneys will walk off with $20-25k in fees. Money literally stolen from me by Kagei and converted to pure waste. Pure waste being clogging up adoption court with tax appeals that don't need to be happening if you just recognized actual sales prices.
Quote:
Originally Posted by west-town-brad
All of the data used to value an individual property is available on the assessor’s website. So you need to see if the data points they used are incorrect or not. I do not believe that revenue collected by a specific property is one of those data points… because how could it be? Real estate people don’t tend to like to share their tax returns
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Nope, Kagei is trying hard to claw this data from landlords. You are now required to submit your rent roll and tax returns to Kagei. Landlords have been responding to this with a variety of tricks such as creating management companies that sign a master lease of the whole building for like $1 a month and then basically funnel the revenues through that shell company so Kagei can't see it. The real estate holding company reports a massive loss to Kagei and then that loss is passed through to the management company. Again, more pure waste.