Written by Maria Rossobillo
As a leasing agent of properties residing in Cook County, real estate taxes are at the forefront of most deal negotiations. To some, high real estate taxes are just “the cost of doing business in Cook County” but to others it’s become a deterrent in wanting to do business in the county. We’ve especially seen this in the last few months as many are uncertain of where the County’s taxes are headed as property’s continued to get reassessed in 2018.
“If commercial assessments in these areas rise to the point where property taxes are higher than rents, small businesses will close and the tax burden will be absorbed by homeowners,” Chicago Association of Realtors Senior Director of Government Affairs and Public Policy, Brian Bernardoni says in the below article. It will continue to be critical that Landlord’s work to appeal taxes annually and that they understand the potential effects increases in real estate taxes may have on their properties’ rents. It will also be especially important to pay close attention to other expenses passed through to the Tenant in a typical triple net lease (example: common area maintenance charges).
In a forever changing, constantly evolving real estate environment, costs become increasingly important deal after deal. Knowing the ins and outs of your property whether as an owner, leasing agent or property manager, is key in the success of your business and asset.
Maria Rossobillo | Vice President
Mid-America Asset Management, Inc.
One Parkview Plaza, 9th Floor | Oakbrook Terrace, IL 60181
Direct: 630.954.7385 | Fax: 630.954.7306
firstname.lastname@example.org | www.midamericagrp.com