Navigating Commercial Property Taxes in Illinois: What Owners Need to Know

Devine Intervention: Shedding Light on Illinois Property Tax

Episode Summary
In this episode of Divine Intervention: Shedding Light on Illinois Property Tax, host Kevin Rosenquist and property tax attorney Nora Devine delve into the complexities of commercial property tax assessments in Illinois. They discuss the nuances of fair market value, the impact of local government policies, zoning challenges, and legislative changes affecting commercial property owners. Nora shares valuable tips for minimizing property tax liabilities and managing assessments, offering insights that benefit both current and prospective property owners.

Timestamps:

[00:00-00:05] Introduction to the podcast and hosts
[00:06-00:30] Overview of commercial property tax assessments in Illinois
[00:31-02:23] How fair market value is determined for commercial properties
[02:24-04:17] Impact of market fluctuations on property tax assessments
[04:18-06:23] Influence of zoning on property valuations and tax implications
[06:24-09:15] Understanding the Property Tax Extension Limitation Law (PTELL)
[09:16-13:42] Process and considerations for appealing commercial property assessments
[13:43-15:31] The ripple effects of changes in commercial real estate on tax burdens
[15:32-16:47] State line tax dynamics and comparative tax systems
[16:48-18:45] Practical strategies to minimize commercial property tax liabilities
[18:46-19:14] Closing remarks and ways to connect with Nora Devine

About The Show
Divine Intervention: Shedding Light on Illinois Property Tax is a podcast hosted by Kevin Rosenquist and property tax attorney Nora Devine, designed to help listeners navigate the complexities of Illinois property tax laws. With Nora's expert insights, each episode delves into topics like property assessments, tax appeals, commercial real estate strategies, and the impact of local regulations on taxes. Whether you're a property owner, investor, or curious about Illinois tax policies, this podcast provides practical advice and in-depth discussions to empower listeners with the knowledge they need.