Commercial Assessed Value Appeals




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Commercial, Industrial and Retail Assessed Value Appeals

In residential appeals we compare an assessed value for the client's property to properties having similar characteristics within the same neighborhood.

But with commercial, industrial, retail properties we predicate assessed value challenges primarily on the income approach to value. In short, rental income of similar properties determines value.

We find that many commercial, industrial and retail tenants with triple net leases (tenant pays the property tax) fail to appeal assessed value.

Business is experiencing supply, sales and employment challenges rarely seen on this scale and yet assessed values continue to increase. All of this of course has more to do with shifting of the property tax burden from residential to commercial. This puts business in the rather untenable position of paying the property tax or paying someone to help reduce the burden. Since we undertake these matters on a contingent fee basis, the answer here is to challenge the assessed value, which the Cook County Clerk uses to calculate the property tax payer's portion of the property tax. Remember that the Cook County Assessor sets property values, and administers exemptions created by the legislature. Municipalities and agencies submit their levy requests to the Cook County Clerk who validates those requests and determines the tax rate. The Cook County Treasurer mails the tax bills and collects payments.