ltlawchicago

How A Chicago-Based Law Firm Has Shaped A Major Industrial Tax Incentive

Wed, 09 Apr 2025 20:42:44 GMT

Source:  BISNOW | Repost Liston & Tsantilis 4/9/2025 -

With tax season in full swing, the commercial real estate industry is focused on how to get the most out of any tax incentives available. In Cook County, Illinois, this includes the Class 6b incentive , which was created to encourage the development of new industrial facilities, the rehabilitation of existing industrial structures and the industrial reutilization of abandoned buildings.

Properties that qualify for this incentive will be assessed at 10% of market value for the first 10 years, 15% in the 11th year and 20% in the 12th year, resulting in significant tax savings. Qualifying properties can receive a reduced assessment from the date that new construction or substantial rehabilitation is completed and initially assessed or, in the case of abandoned property, from the date when it is occupied by new tenants.

According to the 6b eligibility bulletin published by the Cook County assessor, the goal of this incentive is “to attract new industry, stimulate expansion and retention of existing industry and increase employment opportunities.”

Brian Liston and Peter Tsantilis of the Chicago-based law firm Liston & Tsantilis have a personal history with this incentive. Four decades ago, while working in the Illinois Attorney General’s Office, Liston helped draft several key property tax incentives with Cook County President George Dunne, including 6b.

Years later, Liston and Tsantilis were instrumental in drafting the legislation that allowed industrial owners to renew this incentive. Tsantilis, reflecting on the changes that have been made to the incentive since its inception, explained that initially, a building needed to be vacant for two years to qualify. That term was then shortened to less than two years, then less than one year under the special circumstances arm of the incentive — if there is a transfer of title. Otherwise, with no transfer of title, there must be at least one year of vacancy.

“Several different variations have been developed over the years based on the needs of property owners and tenants,” Tsantilis said.

Read the full article...

Our New Location at 200 S. Wacker

Mon, 14 Oct 2024 12:05:34 GMT

We are excited to announce a new chapter for Liston & Tsantilis !

Thanks to your continued support and the growth we’ve achieved together, we are expanding into a new, larger space that will enable us to ensure the best possible technological advances in our industry.

As of November 1, 2024, our new office will be located at:

200 S. Wacker Drive

Suite 820

Chicago, Illinois 60606

This move reflects our continued commitment to excellence by creating a space that accommodates the ever evolving and increasing technological demands necessary to lead the new frontier of land use and valuation services.

If you have any questions or need more information, feel free to contact us. Thank you for being an essential part of our journey!

Warm regards,

Brian, Peter & the Team at Liston & Tsantilis

Liston & Tsantilis Start Construction on Our New Location at 200 S. Wacker

Fri, 30 Aug 2024 13:44:14 GMT

We are thrilled to share some exciting news with you! Thanks to your continued support and our collective success, we are embarking on a significant new chapter at Liston & Tsantilis . Due to our sustained growth, we are expanding into a new, larger space that will allow us to better serve you as we continue our journey.

Our new location will be at 200 S. Wacker, a move that reflects our commitment to providing the highest quality of service and technology in order to accommodate the evolving needs of our clients and partners. This expansion is more than just a change of address; it is a testament to the strong relationships we have built with you and the bright future we envision.

As you can see, construction is about to begin and we are planning to transition to the new space upon its completion. We will keep you updated on our progress and any relevant details as the project advances. Rest assured, throughout this process, our focus remains on maintaining and exceeding the excellent level of service you have come to expect from us.

Thank you for being an integral part of our journey. We look forward to welcoming you to our new location and continuing our successful partnership.

Should you have any questions or need further information, please feel free to reach out.

Warm regards,

Brian & Peter

2023 Cook County Final Multiplier Announced

Tue, 21 May 2024 16:41:03 GMT

Source: Illinois Revenue | Repost Kistin Tsantilis 5/21/2024 -

A final 2023 property tax equalization factor of 3.0163 for Cook County was just announced by the Illinois Department of Revenue.

The Department is required by law to calculate the factor, often called the multiplier, to achieve uniform property assessment throughout the state.

The Department determines the equalization factor for each county by comparing a three-year period the actual selling price of individual properties to the assessed value placed on those properties by the county assessor. If the median level of assessment for all property in the county varies from the 33 1/3 percent level required by law, an equalization factor is assigned to bring assessments to the legally mandated level.

The three-year average level of assessments (weighted by class) for Cook County property is 11.05 percent. The Department calculated the multiplier to bring the average level of assessments to the required 33 1/3 percent level by dividing Cook County's three-year average of 11.05 into 33.33. After taking into account the reassessments, the levels of assessment are as follows:

After taking into account the 2023 reassessments, the levels of assessment are as follows:

Class Average 2020 2021 2022 3-Year

1 (Vacant Lots) 7.57% 7.88% 6.76% 7.40%

2 (Residential) 9.86% 9.05% 8.16% 9.02%

3 (Apartments) 8.41% 7.21% 6.59% 7.40%

5a (Commercial) 24.53% 23.54% 20.59% 22.89%

5b (Industrial) 26.14% 24.59% 19.05% 23.26%

COUNTYWIDE 12.08% 11.12% 9.94% 11.05%

(weighted average)

The equalization factor does not cause individual tax bills to go up. Tax bills are determined by local taxing bodies when they request the dollars needed to provide services to citizens. The assessment process simply determines how the bill will be divided among taxpayers.

A Cook County ordinance requires that residential property (homes, condominiums, apartment buildings of six units or less) be assessed at 10 percent of market value; all other residential property (apartments with more than six units), 10 percent; vacant lots, 10 percent; property owned by not-for-profit corporations, 25 percent; commercial property, 25 percent; industrial property, 25 percent; and commercial or industrial property being developed in economically deprived areas, usually 10 percent.

Official Announcement:

Property Tax Experts Break Down Revisions To Cook County Tax Incentives

Mon, 01 Apr 2024 13:38:28 GMT

Navigating the evolving landscape of property tax incentives in Cook County, Illinois has become an increasingly complex task for business leaders aiming to optimize their real estate investments. Liston & Tsantilis has been at the forefront of property tax incentives for industrial and commercial properties for the last 40 years. In this article, we offer the recent incentives updates and insights into the significant changes that have recently unfolded in the realm of commercial and industrial property incentives. Understanding their implications is essential as real professionals move their businesses forward against the never-ending changes taking place.

Brian & Peter

Source: Bisnow | Reposted Liston & Tsantillis 4/1/2024 -

Nearly four decades ago, attorney Brian Liston worked as an assistant at the Illinois Attorney General’s office, playing a key role in drafting Cook County incentives ordinances to boost the local economy and attract new businesses.

“I worked in a team alongside the Cook County Assessor Thomas Tully and Cook County President George Dunne to implement tax incentives to compete with the surrounding counties’ to lower assessment classifications, instill economic development and create jobs,” Liston said. “As Jerry Garcia of the Grateful Dead would say, ‘It’s been a long, strange trip.’”

Today, Liston is a partner alongside Peter Tsantilis at the Chicago-based Liston & Tsantilis, a law firm that specializes in eminent domain litigation, property tax litigation and incentives for industrial and commercial properties. His law firm has consistently been ranked No. 1 for the past 19 years by the Leading Lawyers Network .

In the decades since Liston helped shape those incentives, a lot has changed. And those changes seemed to speed up significantly in the last few years amid the changing real estate landscape.

“There have been significant changes in the last 36 months that we need to update the real estate community on to ensure they have all the necessary and accurate information they need to make informed decisions when it comes to incentives,” he said.

Liston and Tsantilis walked Bisnow through the major changes of the last four years and what they mean for the commercial and industrial real estate communities.

Read the full article...

2022 Cook County Tax Rates and Second Installment Tax Bill Calculations Released

Mon, 16 Oct 2023 22:34:10 GMT

While Cook County has not yet mailed 2022 Second Installment tax bills, they have issued the 2022 tax rates used to calculate final tax bills.

The 2022 Second Installment Tax Bill amounts for your property can be found below:

https://www.cookcountytreasurer.com/yourpropertytaxoverviewresults.aspx

Chicago’s Economy Cannot Afford Another Tax

Wed, 20 Sep 2023 21:22:21 GMT

The Bring Chicago Home Proposal Would Quadruple the Real Estate Transfer Tax. The proposed three-tiered

system discourages global investment by increasing transfer taxes on properties valued at $1 million and above.

While transfer tax on properties under $1 million will decrease slightly from .75% to .6%, properties over $1

million will see significant increases in the midst of market turmoil:

With this increase, Chicago would have one of the highest transfer taxes compared to competitive cities.
The cities of Atlanta, Austin, Boston, Dallas, Denver, Houston, Indianapolis, Miami, Minneapolis, and Nashville do not assess transfer taxes; 14 states do not assess a transfer tax, including Indiana and Texas.

The Proposed Transfer Tax Increase Hurts Renters, Homeowners, and Local Neighborhoods

Renters will see rising rents, as costs to purchase housing units are passed down to tenants.
There are nearly 32,000 properties worth $1M or more in Chicago subject to the transfer tax.
Many small neighborhood residential buildings with ground level retail are valued at $1M or more.
An increase will keep grocers, health care facilities, and small businesses out of neighborhoods.
Many Chicago families pool resources to live in multifamily buildings and may rent out a unit – this tax takes away tens of thousands of dollars from families trying to build wealth.
Tax increase impedes development and maintenance of affordable and market rate rental apartments.

Record-High Office Vacancies Will Shift Property Tax Burden to Homeowners

Downtown offices have a record-high vacancy of 22%, with less than half of workers returning.
Office buildings anticipate 40-80% drops in value, which will increase residential property taxes 10-20%.
Building transactions and conversions to affordable units will be hampered if transfer taxes increase.
Tax increase on top of increased commercial property taxes further impedes development, union job creation, and tax base growth for schools, public safety, and more.

The Proposed Tax is a Blank Check—Work with All Stakeholders to Develop a Thoughtful Plan

This transfer tax increase does not include a real plan to increase housing for the homeless.
We should understand the effectiveness of current homelessness funding before raising taxes.
The City’s 2023 budget allocated a substantial $200M toward homelessness programs.
The City’s 2023 budget also allocated funding for rapid rehousing and affordable housing projects.
Only 15% of $52M in federal funds for homelessness have been spent.
All stakeholders should be involved to develop a thoughtful plan to support the unhoused.

For More Information, contact Amy Masters at BOMA/Chicago at amasters@bomachicago.org or 312.870.9612.

Transfer Tax Fact Sheet PDF!

2022 Cook County Final Multiplier Announced

Wed, 06 Sep 2023 08:39:25 GMT

Source: Illinois Revenue | Repost Liston & Tsantilis 9/6/2023 -

A final 2022 property tax equalization factor of 2.9237 for Cook County was announced today by the Illinois Department of Revenue.

The Department is required by law to calculate the factor, often called the multiplier, to achieve uniform property assessment throughout the state.

The 2022 Final equalization factor increased from the 2022 tentative factor of 2.7230.The department determines the equalization factor for each county by comparing over a three-year period the actual selling price of individual properties to the assessed value placed on those properties by the county assessor. If the median level of assessment for all property in the county varies from the 33 1/3 percent level required by law, an equalization factor is assigned to bring assessments to the legally mandated level.

The three-year average level of assessments (weighted by class) for Cook County property is 11.40 percent. The department calculated the multiplier to bring the average level of assessments to the required 33 1/3 percent level by dividing Cook County's three-year average of 11.40 into 33.33.

After taking into account the 2022 reassessments, the levels of assessment are as follows: 3-Year

Class 2019 2020 2021 Average

1 (Vacant Lots) 9.38 7.34 7.65 8.12

2 (Residential) 9.52 9.37 8.60 9.16

3 (Apartments) 7.24 8.65 7.42 7.77

5a (Commercial) 22.76 24.79 23.78 23.78

5b (Industrial) 27.27 25.38 23.88 25.51

COUNTYWIDE 11.64 11.74 10.81 11.40

(weighted average)

Official Announcement:

Cook County Property Tax Bills Will Be Late Again

Thu, 20 Jul 2023 12:42:09 GMT

On Wednesday, July 19th, Cook County Board President Toni Preckwinkle announced that the second installment of the property tax bills for the 2022 tax year should be ready by November 1st and due December 1st. The article below from the Chicago Tribune has the details of the announcement.

We will continue to monitor the situation and provide updates as we are made aware of them.

Brian & Peter

Source: Chicago Tribune | Repost Liston & Tsantilis 7/20/2023 -

Property tax bills owed by Cook County residents and business owners are once again landing in mailboxes months later than usual.

Cook County Board President Toni Preckwinkle announced Wednesday that second installment property tax bills for the 2022 tax year are expected to be ready Nov. 1 and due Dec. 1.

It’s an improvement compared to last year’s delay: Bills were not ready until late November and were due by Dec. 31. The year before, second installment bills were due two months later than usual.

For most of the previous decade, second installment bills have usually been mailed in July and due by Aug. 1. But technological issues between Assessor Fritz Kaegi’s office and the three-member Board of Review, which hears assessment appeals, proliferated during the COVID-19 pandemic, leading to a monthslong delay and weeks of finger-pointing between Kaegi and BOR Commissioner Larry Rogers Jr.

Read the full article...

ISBA Law - State and Local Tax Review

Wed, 11 Jan 2023 23:26:51 GMT

Live Webcast

Wednesday, January 25, 2023

CLE – 9:00 a.m. – 1:00 p.m.

Virtual Networking – 1:00 – 1:15 p.m.

3.75 hours MCLE credit

Whether it’s the State, Cook County, or the City of Chicago – our elected officials decide how taxes are collected, how they are distributed, how (and who) they help, and how to achieve equitable burden and distribution while ensuring the maximum collection and compliance. Join us for an in-depth look at how the laws and ordinances in our tax system operate, as well as how they impact you and your clients.

Brian Liston will presenting on Tax Incentives Today as part of the overall event.

Topics include:

Valuation issues for condominium/townhouse association assessments, as well as the pitfalls, remedies, and existing laws to be aware of;
What to expect from Illinois legislative as we enter the Spring 2023 session;
An introduction to the Cook County property tax system; and
What has changed (and stayed the same) with property tax incentives.

Here is the flyer with the complete schedule for the event!

Second Installment of 2021 Tax Bills in Cook County Will Be Due by Year’s End

Tue, 19 Jul 2022 10:27:40 GMT

The Cook County Board of Commissioners announced that the second installment of the 2021 property tax bills will be due before the end of the year. Board President Toni Preckwinkle also announced that there will be a loan program to help towns, school districts, and other taxing bodies to help them pay for their ongoing operations. The article below from the Chicago Tribune has the details of the announcement.

We will continue to monitor the situation and provides updates as we are made aware of them.

Brian & Peter

Source: Chicago Tribune | Repost Liston Tsantilis 7/19/2022 -

Cook County property tax bills will be due before the end of the year, board President Toni Preckwinkle announced Thursday afternoon, along with a plan to help towns, school districts and other taxing bodies affected by a monthslong delay.

Preckwinkle didn’t offer a definitive date for when bills would be sent, only telling reporters that she was “confident that the separately elected officials will be able to collect and distribute property taxes by the end of the calendar year.”

But she hinted that there could be delays in future billing cycles.

The pledge means individual taxpayers will be able to “take full advantage of the federal, state and local tax deduction” on their 2022 federal income taxes, she said.

But thanks to the late bills, Cook County cities and villages, along with fire, library and school districts, will have to wait to get property tax revenues that they use to pay for ongoing operations.

To help struggling districts make it through, Preckwinkle announced a new, one-time program the county will operate with PNC Bank to loan suburban districts money so that they don’t have to take on short-term debt through a measure known as a “tax anticipation note.”

Read the full article...

Imminent Delay For Second Installment Of Property Tax in Cook County

kevin@so-mark.com (Kevin McKeown) — Wed, 30 Mar 2022 15:30:20 GMT

There may be a delay for the second installment of the 2021 Cook County property tax bill. The Cook County Assessor's office implemented a new data system that replaced their mainframe computer on 2021. The implementation has cause there to be delays in the triennial reassment of real estate values in Cook County. Because of those delay's, they are months behind in transmitting the the final 2021 data from Assessor's office to the Cook County Board of Review which will delay the appeals process. The appeals process needs to be completed at the Board of Review before second installmants for the 2021 second installment bills can be issued.

Normally, the second-installments are issued in late June with a due date of August 1st. Because of the delay's, we believe the second-installments property tax bills will be issued late 2022 or the first part of 2023. If this happens, it is possible that second-installment of your 2021 property tax bill and your first-installment of you 2022 property tax bill could be both due in a short window. Normally, the first installment is issued on January with a due date of March 1st.

We will continue to monitor the situation and provides updates as we are made aware of them.

Brian & Peter

Get These 2021 Tax Breaks Before They’re Gone

Mon, 22 Nov 2021 02:24:00 GMT

Source: Wall Street Journal | Repost Liston & Tsantilis 11/21/2021 -

Plan your 2021 taxes now—or else.

Or else what? Or else risk missing out on a large stimulus payment, or face a surprise bill at tax-filing time, or forgo a charitable deduction.

Year-end tax planning always matters, but new or temporary tax-code changes make it different this year.

“There are so many new variables, and they bring opportunities for saving—if you plan,” says Jeffrey Porter, a CPA who practices in Huntington, W.Va.

Here’s a dramatic but not far-fetched example of how strategizing could save a young family at least $7,600 this year.

Say that a married couple has a new baby plus two children ages six and eight. They think their 2021 adjusted gross income will be $162,000, which is below their 2020 income because one spouse temporarily left the workforce this year.

This couple didn’t qualify for $7,000 in third-round stimulus payments based on their 2020 income. And their 2021 income will be just above the $160,000 limit for payments to married joint filers.

But see what happens if this couple rearranges their 2021 income so it’s below $150,000. They become eligible for $7,000 of stimulus payments, and they’ll get $600 in new child tax credits for 2021 that they would have lost due to a separate phaseout.

Read the full article...

2020 Cook County Final Multiplier Announced – A Nearly 11% Increase

kevin@so-mark.com (Kevin McKeown) — Thu, 01 Jul 2021 11:39:20 GMT

The Illinois Department of Revenue Just Released the 2020 Cook County Multiplier. At a Nearly 11% increase over the prior year (3.2234 in 2020 vs. 2.9160 in 2019), this variable represents a significant increase in a major factor in determining final 2020 taxes. Tax rates, the remaining component, have yet to be released and are eagerly anticipated this summer.

Brain & Peter

A Final 2020 property tax equalization factor of 3.2234 for Cook County was announced today by the Illinois Department of Revenue.

The Department is required by law to calculate the factor, often called the multiplier, to achieve uniform property assessment throughout the state.

The 2020 Final equalization factor increased from the 2020 tentative factor of 3.0861

The department determines the equalization factor for each county by comparing a three-year period the actual selling price of individual properties to the assessed value placed on those properties by the county assessor. If the median level of assessment for all property in the county varies from the 33 1/3 percent level required by law, an equalization factor is assigned to bring assessments to the legally mandated level.

The three-year average level of assessments (weighted by class) for Cook County property is 10.34 percent. The department calculated the multiplier to bring the average level of assessments to the required 33 1/3 percent level by dividing Cook County's three-year average of 10.34 into 33.33.

After taking into account the 2020 reassessments, the levels of assessment are as follows:

Official Announcement:

PDF Announcement:

The Good, the Bad, and the Ugly: Taxes and Incentives Today and Tomorrow

Wed, 31 Mar 2021 00:27:29 GMT

Join Brian Liston and Peter Tsantilis who have been invited by the Association of Industrial Real Estate Brokers (AIRE) along with other industry professionals to present on Tax Incentives today and tomorrow. This is a virtual event being held on April 13, 2021. You can link below to learn more about the event and to register.

Learn more about the event!

Chicago City Council Adopts Air Quality Ordinance Including New Zoning Rules For Industrial Properties

Wed, 24 Mar 2021 23:23:24 GMT

The City of Chicago has just passed an amendment to its zoning Ordinance (Ordinance 2020-4590) that will have major implications for industrial and other property types in the City of Chicago.

Based on the overall goals of increased air quality and manageable traffic congestion, this legislation was subject to multiple revisions since its introduction by the Mayor’s Office in 2020, prior to its passage in its current form.

Essentially, the Ordinance provides for City oversight of warehousing, freight movement and wholesaling uses in commercial, manufacturing and PMD districts. The law provides for City authority over “by right” projects in a similar manner as the City has in special use situations.

Under the Ordinance, uses including warehousing, freight movement and wholesaling, among others, will be subject to site plan review standards which will include the following:

• Required air quality impact analysis (Department of Public Health review)

• Required traffic analysis study (Department of Transportation review)

• Mandated public comment/meeting(s)

• Review of the entire proposal or project

• Landscaping review

• Lighting review

The foregoing site plan review criteria is applicable to all such newly-established uses or existing uses that change or increase their area, bulk or function (in addition to the requirements of Section 17-13-0800).

Additionally, such uses will be subject to compliance with the Department of Planning and Development’s sustainable development policy.

Further, a Planned Development will become mandatory for sites greater than 10 acres. Also, for all uses except warehousing, freight movement and wholesaling, there will be an additional Planned Development trigger if within 660 feet of certain sensitive uses in residential, business, commercial or parks/open space districts.

In addition to the implications for warehousing, freight movement and wholesaling, standards on certain other uses in the City will be tightened, and some uses will be eliminated altogether. There will also be additional notice requirements for special use applications. Additional provisions that affect various uses, which are not identified here, are also incorporated into the Ordinance.

As with any legislation, users and owners will need to see how it is administered and evolves in practice. As the above requirements are implemented, questions as to the standards by which these uses will be judged will undoubtedly arise.

Cook County Waives Late Charges on 2020 Payable 2021 Real Estate Taxes

kevin@so-mark.com (Kevin McKeown) — Mon, 08 Feb 2021 22:01:51 GMT

The first and second installments of your 2021 tax bills have been given an additional 2 months to be paid without penalty pursuant to the Cook County Board. The Cook County Board voted to waive late fees for 2 months on both property tax installments for 2021. See the announcement below.

Brian & Peter

The Cook County Board of Commissioners this past November voted to waive late fees for two months on both property tax installments due in 2021, giving cash-strapped property owners more time to juggle their finances, Treasurer Maria Pappas said.

The Board unanimously passed 20-5643, which waives for two months the 1.5 percent per month late fee on all Tax Year 2020 property taxes. Specifically:

The First Installment of 2020 taxes is due March 2, 2021, with application of late charges moved back to May 3, 2021.
The Second Installment of 2020 taxes is due August 2, 2021, with application of late charges moved back to October 1, 2021.

See the full announcement here...

How To Attract And Retain Real Estate Business In Cook County

Wed, 27 Jan 2021 17:59:39 GMT

IICLE will be hosting a webinar on February 24th intended to educate how best to utilize Cook County's real estate tax incentives to attract and retain industrial business. Brian Liston is considered by many the leading expert on Incentives as voted by Crain’s Chicago Business, the Wall Street Journal and voted Illinois #1 Leading Lawyer on Taxes 10 consecutive years. He along with other industry professionals have been invited to share their knowledge and insight on this topic.

Additionally, this webinar will also count for 2 MCLE credits.

Below is the webinar description and the list of professionals that will be apart of the webinar.

In this time of challenge lies tremendous opportunity. Featuring a distinguished panel of professionals, this webinar will provide valuable information on the most commonly used Cook County real estate tax incentives used to attract and retain commercial and industrial businesses in Cook County. Topics include understanding how to qualify for Cook County real estate tax incentives; how brokers and property owners can use the incentives to market vacant buildings and land in Cook County; and how to successfully navigate the process from application to securing the necessary Village (and if applicable County Board) resolutions to the final step of applying for the class change with the Cook County Assessor’s office.

Panel Moderator: Joanne Elliott , Elliott & Associates Attorneys, P.C., Chicago & Des Plaines

Sheryl Stewart -Caldwell , Cook County Bureau of Economic Development and Department of Planning & Development, Chicago

Lauren C. Elliott , Elliott & Associates Attorneys, P.C., Chicago & Des Plaines

Matt Frank , Director of Economic Development, Village of Schaumburg, Schaumburg

Tatia Gibbons , Cook County Assessor’s Office, Chicago

Ira M. Horwitz , Cook County Assessor’s Office, Chicago

Brian Liston Esq., Liston & Tsantilis, Chicago

Trinity Scurto , Brown Commercial Group, Inc., Elk Grove Village

John M. Watson, Jr. , Director of Economic Development, Village of South Holland, South Holland

Melissa Whitley , Elliott & Associates Attorneys, P.C., Chicago & Des Plaines

Register for the Real Estate Tax Incentives Webinar!

New Cook County Incentive Rules for 2021

Fri, 22 Jan 2021 14:50:29 GMT

The Cook County Incentives department has indicated that starting in 2021 they will be pro-rating incentives on both the land and building value based on occupancy. In order to receive incentive status, the Subject Property must be over 50% physically occupied – the value for the period prior to 50% occupancy will not receive 6b status, resulting in a pro-rated 6b.

Please also note that activating the incentive for a particular year will burn a full year of the incentive, regardless of occupancy. Thus, If a property does not have over 50% physical occupancy late in the year it may be beneficial to activate the incentive in the following year. Once the Property is activated for a particular year, the Subject Property will receive the full incentive in the following years assuming the property continues to be over 50% physically occupied.

Give us a call if you have any questions about the new incentive rules or if you have any other needs where we can help!

Liston & Tsantilis, P.C. Secures Class 6B Incentive and Zoning Relief For Brett Anthony Foods

Wed, 29 Jul 2020 20:41:52 GMT

Liston & Tsantilis, P.C. secures Class 6B Incentive and zoning relief for Brett Anthony Foods and its expansion at 1250-1350 Greenleaf. In connection with a sale/leaseback to Clear Height Properties and the acquisition of an adjacent property, the project includes the extension of an existing Class 6b and a new Class 6b, reoccupation and significant rehabilitation of existing structures along with new construction, bringing Brett Anthony Foods into its next phase of growth.

The Deal with Clear Height Properties will allow their commercial kitchen to more than double in size at its Elk Grove Village operations. Brett Anthony Foods was founded in Northbrook in 2009 and operates a commercial kitchen that provides high-quality foods to restaurants, groceries and delis, wholesales distributors, hospitality services, and catalog food companies including names such as Kroger, Whole Foods Market, Fresh Thyme and AmazonGO.

This article from REjournals provides more details about the transaction...

Property Tax Appeals and Incentives in the COVID 19 Era

Wed, 22 Jul 2020 16:25:49 GMT

Amazon To Build New Robotic Fulfillment Centers

Tue, 23 Jun 2020 12:04:03 GMT

CHICAGO - June 22, 2020 - Amazon is going to build two new Robotics fulfillment centers in Matteson and Markham. Attorney Brian Liston from Liston & Tsantilis, P.C. successfully negotiated key real estate tax incentives with School Districts 159 & 227 in Matteson for Seefried Industrial Properties who will build the fulfillment centers for Amazon. The Amazon development will bring 2,000 jobs to the Southland. Each warehouse will be approximately 850,000 square feet and will be the first of their kind in Cook County using the newest generation of Amazon robots to help sort and ship goods ordered online.

Attorney Brian Liston told us: “Future employees will work alongside Amazon's most innovative robotic technology to safely and efficiently pick, pack and ship smaller customer orders such as books, electronics, toys and household goods.” All 2,000 new jobs at the fulfillment center will have a starting wage of $15.00 per hour. All employees will also receive medical and dental insurance and 401(k) retirement benefits.

Governor JB Pritzker said Amazon already has 17 facilities employing 18,000 employees. He said these warehouses came at a critical time for the region, with so many people out of work from the COVID-19 pandemic.

You can contact Brian Liston with any questions.

Brian Liston - President
312-580-1594
bliston@ltlawchicago.com

COVID‐19 Impact on Illinois Real Estate Assessments and Tax

Mon, 20 Apr 2020 14:30:35 GMT

Updates to the Assessment Publication and Appeal Process

As of March 13, 2020, the Cook County Assessor’s Office closed its downtown and suburban branch offices to the public until further notice. As of March 19, it temporarily suspended assessment notice mailings and appeal deadlines. Re‐reviews of 2020 appeals will no longer be allowed.

Properties in River Forest, Riverside, Oak Park, Palos, and Calumet townships in Cook County were issued new assessments as part of the triennial reassessment cycle prior to the suspension of notice mailings. The appeal deadline for these townships is now May 1, 2020.

Berwyn, Lemont, Lyons, Worth, Stickney, Orland, Cicero, Proviso, Thornton, Bremen, Rich, and Bloom townships in Cook County will be reassessed in 2020. Per the Cook County Assessor, properties in these townships may receive an adjustment to value due to COVID‐19.

In all other non‐triennial assessment townships, the Cook County Assessor’s Office typically only reassesses properties under special circumstances such as issuance of permits. Although the CCAO has stated it will review non‐reassessment properties “following the appeal process” for the effects of COVID‐19, any adjustment made after certification of assessments will likely be issued via Certificate of correction, which is unlikely to be processed by the Board of Review. Adjustments by the Assessor to the values of these properties due to COVID‐19 is therefore not expected in 2020.

Assessors in counties outside of Cook have not announced delays to publications. Outside of Cook, assessments have historically been published in the summer and fall of each year.

The Cook County Board of Review has continued to issue decisions for 2019 appeals despite partial closure of its offices. Hearings have been conducted remotely. Decisions have been issued for every township except Bloom, Hanover, Niles, Rich, Thornton, Lake, North Chicago, and South Chicago.

Boards of Review in counties outside of Cook have continued to publish 2019 decisions.

The Circuit Court of Cook County has issued a general order to reschedule and continue matters including pending real estate tax cases scheduled for a court status or hearing.

Similarly, the Property Tax Appeal Board has rescheduled matters that are set for hearing but has required that new 2019 appeals are filed within the 30‐day statutory required time period.

No delays have thus far been announced by the Cook County Treasurer with regards to mailing of second installment 2019 tax bills. Bills likely will be mailed in late summer.

Appeal Strategy Moving Forward

Liston & Tsantilis is equipped to work remotely without interruption and continues to review and prepare appeals of 2019 and 2020 assessments.

With regard to 2020 (payable 2021) assessment relief at the County Assessor and Board of Review, we will continue to fight aggressively, relying heavily on the income approach in the short term. To this end, please continue to gather timely monthly data on income, collections and vacancies, and send us any relevant tenant correspondence and/or lease modification agreements that may be relevant to valuations.

Economic effects from COVID‐19 will likely be felt at least through the remainder of 2020. Due to the look‐back nature of assessments, it is probable that most significant changes to valuations will be reflected in 2021 assessments.

Class 6B Eligibility Application

Mon, 02 Mar 2020 17:47:28 GMT

Here is the latest version of the Class 6B Eligibility Application. Give us a call if you have any questions about the form.

Class 6B Eligibility Application Form

County Suspends Requirement For Annual Incentive Affidavits

Tue, 28 Jan 2020 16:38:54 GMT

After significant lobbying, the Cook County Commissioners have agreed to temporarily suspend the multiple Cook County incentive affidavits that were recently required on an annual basis.

As set forth in the Amendment, Cook County Incentives, like the Class 6B for industrial properties, at one point became subject to 3-year affidavits. They were then required annually and caused an administrative nightmare for businesses. They are now frozen until 2022.

The exception to the suspension is the annual affidavits for properties receiving the Cook County SER (Sustainable Emergency Relief) incentive, which will continue to be required on an annual basis.

Here is the full text of the amendment...

Triennial Report Affidavit For Incentive Properties...

2018 Cook County Final Multiplier Announced

Thu, 06 Jun 2019 15:08:30 GMT

Source: www2.illinois.gov | Re-Post Liston & Tsantilis 6/6/2019

The Illinois Department of Revenue announces the final 2018 equalization factor of 2.9109 for Cook County. The department is required by law to calculate the factor, also called the multiplier, to achieve uniform property assessment throughout the state. The 2017 final equalization factor was 2.9627.

The department determines the final equalization factor for each county by comparing the actual selling price of individual properties, over a three-year period, with the assessed value placed on those properties by the county assessor and adjusted by the board of review. If the median level of assessment for all property in the county varies from the 33 1/3 percent level required by law, an equalization factor is assigned to bring assessments to the legally mandated level.

A tentative equalization factor of 2.8366 was issued on January 14, 2019. The final factor is different than the tentative factor because of assessment reductions by the Cook County Board of Review.

Read the full announcement...

Data Modernization Bill Put On Hold By Lawmakers

Thu, 06 Jun 2019 14:55:49 GMT

A key piece of the new Cook County Assessor Fritz Kaegi's plan to overhaul the way his office values properties hit a roadblock today, as lawmakers shelved a bill he is counting on as a centerpiece of the new system.

The measure, erroneously dubbed the Data Modernization Bill, was buried in an Illinois House committee today as legislators believed it was too onerous based on the new random rules it would create.

The bill proposes to force commercial property owners to disclose to the Assessor’s Office any and all potentially privileged financial information about a building's income and expenses, which is not proper under ad valorem valuation principles, and is subject to penalties of perjury.

Capital Fax Report...

17 Successful Cook County Class 6b Incentives In The First Quarter Of 2019

Thu, 11 Apr 2019 17:42:13 GMT

Liston and Tsantilis have successfully secured approval for 17 Cook County Class 6b Incentives in the first Quarter of 2019. (Based on the new Cook County requirements for Incentives recently put in place by the Cook County Board, all these incentives have complied with the new requirements.) Our incentive clients include a wide range of owners/users such as REITS, Fortune 500 companies, small business owners and various tenants, many of which have been with us for decades. Please see the link below for the new requirements regarding Cook County incentives.

Liston & Tsantilis 2019 Cook County Class 6b Incentive List

New Prevailing Wage Requirements for Cook County Incentives

Contact us for strategy consultation

Liston & Tsantilis Secures Class 6b Incentive for Transwestern Development

kevin@so-mark.com (Kevin McKeown) — Thu, 20 Dec 2018 03:25:49 GMT

Liston & Tsantilis Secures Class 6b Incentive for Transwestern Development Company located at 9100 W. Belmont Ave. in Franklin Park. O’Hare Gateway Logistics Center offers 178,516 sq. ft. (divisible to 40,000 sq. ft.) of Class A high-image light industrial on 10.52 acres to accommodate growing demand for modern industrial space for small to mid-size tenants. This asset offers 32-foot clear heights, 14 trailer parking stalls, 129 car parking spaces, low Cook County 6b taxes and premier visibility at the corner of Belmont Avenue and River Road. Johnathan Kohn and John D’Orazio of Colliers International are the listing agents for the project. Liston & Tsantilis is proud to have worked on this asset with Transwestern and the Village of Franklin Park and to attend the ribbon cutting on December 6th.

Liston & Tsantilis Served as Tax Counsel to NAIOP Studying the Benefits of Tax Increment Financing

kevin@so-mark.com (Kevin McKeown) — Thu, 29 Nov 2018 03:09:31 GMT

Liston & Tsantilis served as tax counsel to the NAIOP Chicago that recently completed a study citing the benefits of Tax Increment Financing in the Chicago area. The article below highlights the results of the work that took 2 years to complete. Liston & Tsantilis is proud to have served on this research team and of the results the survey yielded. Please enjoy the article from the NAIOP .

Source: naiopchicago.org | Re-Post Liston & Tsantilis 11/28/2018

NAIOP Chicago, together with SB Friedman Development Advisors, has published TIF Success Stories: Funding Local Economic Development in the Chicago Region, the culmination of a thorough and detailed initiative by NAIOP Chicago to highlight the benefits of Tax Increment Financing as a valuable and effective tool to not only spur economic development but create jobs and increase a community’s tax base.

Almost every town has a site that is underutilized and not effectively fulfilling the town’s economic development goals. These sites could be located in obsolete commercial corridors, industrial parks, or underperforming downtowns. Depending on the scale and context of the underutilized site, the lack of economic activity may have a negative influence on adjacent properties, reducing their value and development potential. In many cases there are physical, real estate market and financial barriers that prevent these sites from realizing their full economic potential.

Read the full article...

Liston & Tsantilis Support The ALS Matty Matters Foundation!

kevin@so-mark.com (Kevin McKeown) — Thu, 04 Oct 2018 15:35:08 GMT

Liston & Tsantilis is proud to have helped raise money for the ALS Matty Matters foundation. The event was held this past Saturday, September 29th, at Soldier Field. This year was the 17th Walk and helped to raise over $675,000. With continued collections, they hope to raise over $900,000.

If you would like to donate to this worthy cause, you can do so below!

Peter Tsantilis Interviews Ward Fitzgerald, CEO Exeter Property Group, at Bisnow National Industrial and Logistics Midwest Summit

kevin@so-mark.com (Kevin McKeown) — Tue, 07 Aug 2018 18:54:20 GMT

Thank you to Ward Fitzgerald, CEO of Exeter Property Group, and Bisnow for the privilege to interview Ward at the Bisnow National Industrial and Logistics Midwest Summit recently. Very insightful discussion about Ward’s incredible background, today’s industrial market and the road ahead.

Peter Tsantilis moderates Tech Disruptors panel at Bisnow National Industrial and Logistics Midwest Summit

kevin@so-mark.com (Kevin McKeown) — Tue, 07 Aug 2018 18:37:33 GMT

Thank you to Bisnow for the privilege to moderate the Bisnow Tech Disruptors panel at its National Industrial and Logistics Midwest Summit recently with Geoffrey Kasselman, Managing Director at Newmark Knight, and Michael Beckerman, CEO of CREtech. Thank you for sharing your invaluable insights into the rapidly approaching technological changes affecting our market.

Elk Grove Village Technology Park

kevin@so-mark.com (Kevin McKeown) — Thu, 26 Jul 2018 19:41:35 GMT

THANK YOU, THANK YOU, THANK YOU TO The Brennan Investment Group on including Liston & Tsantilis as Counsel on the tax and development team for the largest US multi-billion dollar Technology Park, coming to Elk Grove Village. Brennan's vision along with Illinois Governor Bruce Rauner and Mayor Craig Johnson and their 100% support made this incredible venture possible. Pictured Mike Brennan, CEO Brennan Investments, Peter Tsantilis, Liston & Tsantilis, Bill Keeley President Keeley Construction, Brian Liston, Liston & Tsantilis. Illinois Governor Bruce Rauner #mentoring #itdevelopment #constructability #ceos #investments #presidency #parks #tax #sucessfactors #taxlaw #motivation #millionaire_mentor.

Little City Special Needs

kevin@so-mark.com (Kevin McKeown) — Wed, 25 Jul 2018 13:23:34 GMT

Liston and Tsantilis are the apparel sponsor for the Little City Special Needs Golf Outing. Established in 1959, Little City was founded by a group of parents who dreamed of a unique and revolutionary environment for their children who “experts” often said should be institutionalized. Today, Little City is a vital and vibrant community offering a comprehensive scope of services and amenities to individuals with intellectual and developmental disabilities.

Their founding principles along with a therapeutic community approach, continue to guide the programs and services for children and adults of all ages, enabling Little City to create hope, change lives and challenge the limits placed on individuals with disabilities.

Their mission is to serve children and adults with intellectual and developmental disabilities by providing the best options and opportunities to live safely, learn continuously, explore creatively and work productively throughout their lifetime. By inspiring, advocating and pursuing success with passion and purpose, lives are changed through hope, happiness, and optimism.

Liston and Tsantilis are proud to support Little City and their mission.

For more information on Little City, please check out their website - Little City

Cook County Final Multiplier Announced

kevin@so-mark.com (Kevin McKeown) — Thu, 31 May 2018 17:07:06 GMT

SPRINGFIELD – The Illinois Department of Revenue announces the final 2017 equalization factor of 2.9627 for Cook County. The Department is required by law to calculate the factor, also called the multiplier, to achieve uniform property assessment throughout the state. The 2016 final equalization factor was 2.8032.

The Department determines the final equalization factor for each county by comparing the actual selling price of individual properties, over a three-year period, with the assessed value placed on those properties by the county assessor and adjusted by the Board of Review. If the median level of assessment for all property in the county varies from the 33 1/3 percent level required by law, an equalization factor is assigned to bring assessments to the legally mandated level.

A tentative equalization factor of 2.9084 was issued on February 20, 2018. The final factor is different than the tentative factor because of assessment reductions by the Cook County Board of Review.

The three-year average level of assessments (weighted by class) for Cook County property is 11.25 percent. The Department calculated the multiplier to bring the average level of assessments to the required 33 1/3 percent level by dividing Cook County’s three-year average of 11.25 into 33.33.

After taking into account the assessment changes by the Board of Review, the levels of assessment are as follows:

Class 2014 2015 2016 3-Year Average

The equalization factor does not cause individual tax bills to go up. Local
taxing bodies determine tax bills when they request the dollars needed to provide
services to citizens. The assessment process simply determines how the bill will
be divided among taxpayers.

A Cook County ordinance requires that residential property (homes,
condominiums, apartment buildings of six units or less) be assessed at 10
percent of market value; all other residential property (apartments with more than
six units), 10 percent; vacant lots, 10 percent; property owned by not-for-profit
corporations, 25 percent; commercial property, 25 percent; industrial property, 25
percent; and commercial or industrial property being developed in economically
deprived areas, usually 10 percent.

Round 3 Against The Proposed Incentive Amendments

Thu, 15 Mar 2018 15:17:00 GMT

Today both Peter Tsantilis and Brian Liston again testified against the proposed Cook County prevailing wage amendment to the Cook County Commissioners. The Cook County Finance Committee Commissioners debated the controversial Prevailing Wage Amendment to the Property Tax Incentive Program. On a surprising 12 – 4 vote, Commissioners approved the … Continued The post Round 3 Against The Proposed Incentive Amendments appeared first on Liston Tsantilis Law.

Today both Peter Tsantilis and Brian Liston again testified against the proposed Cook County prevailing wage amendment to the Cook County Commissioners. The Cook County Finance Committee Commissioners debated the controversial Prevailing Wage Amendment to the Property Tax Incentive Program. On a surprising 12 – 4 vote, Commissioners approved the amendment, but deferred its adoption until September 1, 2018, to give both sides an opportunity to work out a compromise.

Observers speculate the move was likely driven more by politics than policy. The affirmative vote earns Commissioners running in contested races favor with Organized Labor who has reportedly been applying immense pressure on them to support its workers. Alternatively, the deferment and potential for a compromise give Commissioners some “cover” with voters in advance of next week’s election.

The questions remain whether Commissioners will participate in a good-faith dialogue with suburban mayors and managers, economic development groups, real estate professionals and investors and employers who came out in overwhelming numbers to oppose the legislation. A review of the public comments registered through the County’s website revealed that opposition outnumbered support by a margin of nearly 40 to 1. Another 62 signed up this morning to address the Committee in protest compared to just five who testified in favor. In all, nearly 3,000 residents, elected officials, professional organizations and other interested parties opposed the changes, making this one of the most contested issues in Cook County in recent memory. Despite near-record opposition, Commissioners moved forward anyway, raising questions by some just who the Cook County Board truly represents – taxpayers or special interest.

Opposition to Proposed Cook County Prevailing Wage and Apprenticeship Requirements for Tax Incentive Properties

Tue, 06 Mar 2018 20:08:00 GMT

Last week, Brian Liston and Peter Tsantilis testified before the Cook County Board of Commissioners Finance Committee to voice strong opposition to a recent proposed amendment to the Cook County Assessment Classification Ordnance seeking to add a “prevailing wage” component to 74-71 (Proposed Ordnance 18-64) that requires property owners to … Continued The post Opposition to Proposed Cook County Prevailing Wage and Apprenticeship Requirements for Tax Incentive Properties appeared first on Liston Tsantilis Law.

Last week, Brian Liston and Peter Tsantilis testified before the Cook County Board of Commissioners Finance Committee to voice strong opposition to a recent proposed amendment to the Cook County Assessment Classification Ordnance seeking to add a “prevailing wage” component to 74-71 (Proposed Ordnance 18-64) that requires property owners to pay the prevailing wage for all construction and ongoing maintenance related to properties seeking a Class 6b, Class 8 (and many other incentives) and to participate in apprenticeship programs. Initially, the proposal was to apply to existing incentives, but recent changes would make it applicable to all such projects seeking incentives after July 2018.

Along with over 48 mayors and economic development professionals, representatives of the industrial and commercial development communities and organizations and business owners, we testified against this unprecedented requirement as it would cripple the development and business community by implementing onerous, time-consuming and financially impossible requirements in relation to incentive programs. Our position was that these incentives must remain simple and reliable as originally created in order to continue to promote economic growth.

After all testimony, Members of the Finance Committee voted to bring the matter to vote on March 14th, although the indications were that at such time, the vote would likely be to continue the matter for rounds of discussions to take place between all stakeholders involved prior to any final decision being made.

We will keep you updated on the progress of this critical piece of legislation as it unfolds.

Cook County Revises And Expands Affidavit Needed For Vacancy Relief

Thu, 22 Feb 2018 17:55:00 GMT

The Cook County Assessor’s Office has recently updated the Vacancy/Occupancy Affidavit required in order to secure reduced taxes on vacant buildings. The Assessor has expanded the format to two pages, with the first page continuing to request a monthly breakdown of square footage occupied/vacant along with a certification that photos … Continued The post Cook County Revises And Expands Affidavit Needed For Vacancy Relief appeared first on Liston Tsantilis Law.

The Cook County Assessor’s Office has recently updated the Vacancy/Occupancy Affidavit required in order to secure reduced taxes on vacant buildings. The Assessor has expanded the format to two pages, with the first page continuing to request a monthly breakdown of square footage occupied/vacant along with a certification that photos have been provided and leasing attempts have/have not occurred.

The second page of the Affidavit is new and requires a detailed explanation from the owner about its attempts to lease the property. It now provides a checklist comprised of several methods of attempting to lease as well as multiple reasons explaining an inability to lease. Some examples of the information requested include: the number of showings; the number of inquiries and offers the owner may have received; and reasons as to why any offers failed to result in a new tenant for the vacant space. Again, the County still requires the owner to provide photos of the vacant space and any broker listing sheets/listing agreement (or any other attempts to lease) as proof of vacancy and its attempts to mitigate.

Cook County New Affidavits Requirements For Class 6b And Class 8 Incentives Suspended

Thu, 18 Jan 2018 16:58:00 GMT

On Wednesday, January 17, 2018, I testified in front of the Cook County Business and Economic Development Committee, along with 24 Mayors throughout Cook County, to repeal the new Cook County Incentives Ordinance 74-71(b)(2), which implemented new Labor regulations and required Living Wage Incentives affidavits. The new affidavits required by … Continued The post Cook County New Affidavits Requirements For Class 6b And Class 8 Incentives Suspended appeared first on Liston Tsantilis Law.

On Wednesday, January 17, 2018, I testified in front of the Cook County Business and Economic Development Committee, along with 24 Mayors throughout Cook County, to repeal the new Cook County Incentives Ordinance 74-71(b)(2), which implemented new Labor regulations and required Living Wage Incentives affidavits. The new affidavits required by Ordinance 74-71(b)(2) have made the already complex real estate tax incentives process even more cumbersome for landowners and occupants seeking incentives from Cook County for their properties.

Based on the overwhelming testimony in strong opposition to Cook County’s new affidavit requirements, the Cook County Board of Commissioners voted unanimously to waive the new requirements and seek 24 months to reform the tax incentives process.

2017 Tax Planning – Pre-Pay Real Estate And State Income Taxes

Tue, 26 Dec 2017 14:05:00 GMT

The overhauled income tax laws coming into effect in 2018 have resulted in varying ramifications for owners of real estate. The new limit on state income and local property taxes has in most cases made it beneficial to prepay personal real estate taxes and state income taxes prior to December … Continued The post 2017 Tax Planning – Pre-Pay Real Estate And State Income Taxes appeared first on Liston Tsantilis Law.

The overhauled income tax laws coming into effect in 2018 have resulted in varying ramifications for owners of real estate.

The new limit on state income and local property taxes has in most cases made it beneficial to prepay personal real estate taxes and state income taxes prior to December 31, 2017.

More specifically, individuals and families who will be affected by the new limits will in most cases benefit from prepaying their 2017 (payable 2018) personal real estate taxes prior to the end of 2017 (in some cases, payments are required prior to the last day of the year). While each county has allowed the prepayment of these taxes, each jurisdiction has created its own rules and limits, some of which are below:

1. Cook County has released its typical 2017 (payable 2018) first installment now at the historical 55% of the full prior year’s bill, allowing taxpayers to pay this amount now.

2. Lake County allows for prepayment of up to 100% of the full 2016 tax bill.

3. Du Page County allows for prepayment of up to 105% of the full 2016 tax bill.

4. Will County allows for prepayment of up to 110% of the full 2016 tax bill (minimum of 50%).

It is important to check with your particular county as some jurisdictions require payment to be received even prior to December 31, 2017 and have strict rules on payment methods. Additionally, you should always consult your income tax advisor to confirm these payments are in conformity with your particular situation and all laws prior to making any such payments. Liston & Tsantilis, P.C. does not intend for the above to constitute a substitute for advice by an income tax professional. Please consult accordingly.

Liston & Tsantilis Secures First Class 7b Incentive For Spectrum’s $70 Million Assisted Living Center

Thu, 16 Nov 2017 16:12:00 GMT

Spectrum Assisted Living Center with 9 locations in Illinois had their groundbreaking at their newest $70 million dollar facility in Palos Heights where Liston and Tsantilis received the first Cook County 7b Incentive for Assisted Living Centers. Spectrum Retirement Communities, LLC is headquartered in Denver, Colorado, and they are a leading … Continued The post Liston & Tsantilis Secures First Class 7b Incentive For Spectrum’s $70 Million Assisted Living Center appeared first on Liston Tsantilis Law.

Spectrum Retirement Communities, LLC is headquartered in Denver, Colorado, and they are a leading developer, owner, and operator of Retirement, Assisted Living and Memory Care communities across the United States.

It is the mission of Spectrum Retirement Communities to empower seniors to continue along on their paths to personal growth, health, and wellness. The communities they provide offer state-of-the-art amenities, gracious hospitality, a wide range of specialized services, and innovative programs that will continue to support their needs-and ultimately, exceed their expectations.

Additionally, they create an environment where staff members take pride and responsibility for every aspect of their community and the service they provide to their residents.

We are proud to work with Spectrum Retirement Communities!

Amended Cook County Property Tax Incentives Ordinance

Tue, 10 Oct 2017 18:31:00 GMT

The Cook County Board of Commissioners recently issued an amendment to the Cook County Property Tax Ordinance that modified the requirements for incentives (including Class 6b, 7A, 7B, 7C, 8 and 9). Taxpayers, both those interested in applying for a new incentive and those who already have received an incentive, must now file annual affidavits with the County. Beyond the traditional industrial use affidavit where taxpayers would confirm that the site’s use remains in compliance with the law (i.e., industrial use and over 50% occupied), Cook County now requires additional affidavits attesting to compliance with the Cook County Living Wage Ordinance, the Cook County Minimum Wage Ordinance and compliance with applicable federal and state labor laws. The Cook County Board of Commissioners recently issued an amendment to the Cook County Property Tax Ordinance that modified the requirements for incentives (including Class 6b, 7A, 7B, 7C, 8 and 9). Taxpayers, both those interested in applying for a new incentive and those who already have received an incentive, must now file annual affidavits with the County. Beyond the traditional industrial use affidavit where taxpayers would confirm that the site’s use remains in compliance with the law (i.e., industrial use and over 50% occupied), Cook County now requires additional affidavits attesting to compliance with the Cook County Living Wage Ordinance, the Cook County Minimum Wage Ordinance and compliance with applicable federal and state labor laws.

For new incentive applications (filed or requesting activation this year), OR if you have recently purchased a property with an incentive in place, you must file:

Owners of existing incentive properties must file:

Tenants leasing a space in a building with an incentive in place must file:

Living Wage Ordinance Modifications and New Requirements for Tenants and Leases as of July 1, 2020

Keeping the above requirements in mind, we strongly recommend any leases relating to Incentive properties contain language requiring tenants to comply with current and future incentive requirements and to cooperate with Landlords in providing information and documentation to the County, and otherwise comply with incentive requirements, to ensure the incentive is implemented and/or continues in place.

Both myself and my partner, Peter Tsantilis, have been in constant communication with the Assessor’s Office across the street from our office regarding these changes since the day the County first recommended these incentive changes. As a member of the County’s policy advisory board on incentives, I argued strongly against this additional paperwork because of its duplicative nature, since the necessity of the incentive and parameters have already been analyzed and determined by the local municipal trustees. While this additional paperwork may be a minor inconvenience, we stand ready to work with you and assist you in obtaining and/or maintaining a property tax incentive in Cook County. Please do not hesitate to call either myself or Peter to discuss your next project.

Very Truly Yours,

Brian

Liston & Tsantilis Secured Class 6b Incentive For Skokie Commerce Center

Thu, 14 Sep 2017 17:51:00 GMT

Liston & Tsantilis has successfully secured the Cook County 6b Real Estate Tax Incentive for Dallas-based Hillwood, allowing it to kick off construction for Skokie Commerce Center – a new industrial building located at 3601 Howard Street in Skokie, Illinois. The 236,912 square-foot facility will feature 32-foot ceiling heights, onsite … Continued The post Liston & Tsantilis Secured Class 6b Incentive For Skokie Commerce Center appeared first on Liston Tsantilis Law.

Liston & Tsantilis has successfully secured the Cook County 6b Real Estate Tax Incentive for Dallas-based Hillwood, allowing it to kick off construction for Skokie Commerce Center – a new industrial building located at 3601 Howard Street in Skokie, Illinois. The 236,912 square-foot facility will feature 32-foot ceiling heights, onsite storage for 67 trailers, 26 dock doors (expandable to 50) and 270 car parking stalls.

With close proximity to two four-way interchanges along I-94, access to some of the best labor in the Midwest and accessible from both adjacent Howard Street to the north and W. Touhy Avenue to the south, Skokie Commerce Center is easily accessible from both the Near North Suburban and Chicago submarkets.

Liston & Tsantilis Successful In Securing Class 6B Incentive For Preferred Freezer

Thu, 17 Aug 2017 17:28:00 GMT

On July 26, 2017, Liston & Tsantilis was successful in securing the City of Chicago’s unanimous approval for a Class 6B Incentive in the Pilsen neighborhood for Clarius Partners and Preferred Freezer. Liston and Tsantilis spearheaded the tax incentive process that paved the way for this newly constructed 227,043 square … Continued The post Liston & Tsantilis Successful In Securing Class 6B Incentive For Preferred Freezer appeared first on Liston Tsantilis Law.

On July 26, 2017, Liston & Tsantilis was successful in securing the City of Chicago’s unanimous approval for a Class 6B Incentive in the Pilsen neighborhood for Clarius Partners and Preferred Freezer. Liston and Tsantilis spearheaded the tax incentive process that paved the way for this newly constructed 227,043 square foot state of the art refrigeration facility, located at 2357 Wood Street. This asset replaces a crumbling 75,000 square foot industrial facility that was vacant for many years due to deferred maintenance and functional obsolescence.

In total, Clarius Partners invested over $48,000,000 dollars to clear the site and construct the new facility, while creating over 300 construction jobs in the process. Clarius Partners will lease this facility to Preferred Freezer, the premiere temperature-controlled warehouse operator in the United States, which plans to employ approximately 52 workers at this location.

At the building’s ribbon cutting, Chicago Mayor Rahm Emanuel emphasized that “Chicago is in the midst of an industrial renaissance and you can see that at work here today. This facility is doing more than employing 50 people in the Pilsen neighborhood, it is demonstrating the strength of Chicago’s industrial corridors.” Chicago Alderman Danny Solis also attended and highlighted the project as “an example of how we are building a brighter future for this neighborhood and the entire City of Chicago.”

1031 Exchanges – The Next Tax Reform Casualty?

Mon, 17 Jul 2017 20:19:00 GMT

A major tax advantage for the commercial real estate industry may be one of the casualties in a sweeping federal tax reform expected this year, The Wall Street Journal reports. Some lawmakers are eyeing the 1031 exchange provision to get the tax-rate cut they seek. The provision allows sellers of … Continued The post 1031 Exchanges – The Next Tax Reform Casualty? appeared first on Liston Tsantilis Law.

A major tax advantage for the commercial real estate industry may be one of the casualties in a sweeping federal tax reform expected this year, The Wall Street Journal reports.

Some lawmakers are eyeing the 1031 exchange provision to get the tax-rate cut they seek. The provision allows sellers of real estate and other assets to defer capital gains taxes by reinvesting any profit in “like-kind” properties. The 1031 exchange applies to a range of assets, but real estate accounts for the largest portion of exchanges at 36 percent, according to Ernst & Young LLP data.

The Joint Committee on Taxation estimated in 2014 that repealing like-kind exchanges could raise $40.6 billion in extra tax revenue over one decade. Several lawmakers consider the provision to be loophole that has limited economic benefit and, therefore, some are looking to put it on the chopping block in order to pay for lower tax rates. For example, Mark Mazur, the director of the Tax Policy Center, says 1031 exchanges “really have become just a way to defer tax liability.”

Read the full article…

Palos Heights Class 7B Tax Incentive Approved For Spectrum Retirement Community

Thu, 29 Jun 2017 15:00:00 GMT

On Friday June 23, 2017, the Cook County Economic Development Advisory Committee (EDAC) unanimously voted to approve Spectrum Retirement Communities’ application for a Class 7b Tax Incentive in Palos Heights. The proposed project includes construction of an approximately 174,000 square foot, 174 room senior assisted living and memory care community at the corner of 119th Street and Harlem Avenue. This project will occupy a site that has been vacant for over a decade and is in desperate need of revitalization. Spectrum plans to invest over $58,000,000 dollars into building this site and will create over 200 construction jobs in the process. This investment includes some environmental remediation and site restoration along the Cal-Sag channel. Once complete, this modern and highly-rated facility will be home to nearly one hundred employees.

Spectrum Retirement Communities is a nationally recognized leader in developing and managing retirement, assisted living and memory care communities throughout the United States. Based in Denver, Spectrum owns and operates over thirty-eight facilities in the United States, with more than ten new buildings reaching completion over the next decade. Not counting this new facility, Spectrum currently operates five facilities in Illinois. This Palos Heights facility will join Spectrum’s most recent project completion in Illinois, located in Streamwood, as the two projects Spectrum will operate in Cook County.

The City of Palos Heights strongly supported this project as the area where this development is planned was considered a blighted area, attracting “fly dumping” and other nuisances that the City was interested in resolving permanently. Further, the Palos Heights community and the surrounding area was in need of high-quality assisted living facilities such as Spectrum’s project. A majority of the community requested that Spectrum completes their project as soon as possible.

2016 Cook County Tax Rates Released

Thu, 15 Jun 2017 17:05:00 GMT

The Cook County Clerk recently released the new tax rates in preparation for the payment due on August 1, 2017. The memo contains an explanation for the rate changes and impact on personal and commercial properties. After reading through the memo, especially the FAQ, contact us so we at Liston … Continued The post 2016 Cook County Tax Rates Released appeared first on Liston Tsantilis Law.

The Cook County Clerk recently released the new tax rates in preparation for the payment due on August 1, 2017. The memo contains an explanation for the rate changes and impact on personal and commercial properties. After reading through the memo, especially the FAQ, contact us so we at Liston and Tsantilis can assist you with any questions or concerns on how you will be impacted by the changes.

Source: cookcountyclerk.com –

The 2016 property tax rates, calculated by the Cook County Clerk’s office for the county’s more than 1,400 taxing agencies, were released today – the final step in the tax process before bills are mailed out.

The average City of Chicago residential taxpayer should expect to see a roughly 10 percent increase in their tax bill while North Suburban Cook County homeowners will see their property tax bills go up 6.5 percent on average and South Suburban homeowners will see an average increase of 3.9 percent.

A tax bill is based on of the amount of money sought from taxing districts (the levy), the property’s assessed value, the state equalization factor, and the applicable tax rate.

Tax bills will be due Tuesday, August 1, 2017.

For the second year in a row, the total of all taxes extended for all taxing districts in Cook County exceeds $13 billion. Last year the total tax billed in Cook County was $13.1 billion. This year the total tax in Cook County is $13.7 billion. The City of Chicago’s extension again exceeds $1 billion, an 8.5 percent increase over last year.

Read the full report…

Class 7A And 7B Tax Incentives Are Now Renewable In Cook County

Thu, 25 May 2017 12:00:00 GMT

New Class 7 Tax Amendments Permit Renewal of Incentives in Cook County By Brian Liston “You will never face a tax problem that’s not charged with opportunity.” – Warren Buffett In the past few years, myself along with prominent local Mayors, Economic Development Municipal leaders and developers have formed a … Continued The post Class 7A And 7B Tax Incentives Are Now Renewable In Cook County appeared first on Liston Tsantilis Law.

New Class 7 Tax Amendments Permit Renewal of Incentives in Cook County
By Brian Liston

“You will never face a tax problem that’s not charged with opportunity.” – Warren Buffett

In the past few years, myself along with prominent local Mayors, Economic Development Municipal leaders and developers have formed a taskforce to advise Cook County on amendments to the current Cook County Tax incentive ordinances. Along with addressing the rising vacancy levels in Cook County Industrial properties, Cook County wanted to enhance its commercial incentive program to attract high quality investments in areas in desperate need of rejuvenation of decaying properties. Thanks to our hard work and feedback from the Cook County Planning and Development department, the Board of Commissioners (the “County Board”) passed an amendment to the Cook County ordinance that now allows the renewal of the Class 7 incentives in April of 2017.

This Class 7 amendment brings with it several new and exciting changes to the Class 7 incentives program. One of the more significant changes is that it will allow the renewal of Class 7 commercial incentives for the first time in Cook County history.

Class 7: The Commercial Tax Incentive

The County Board originally instituted the Class 7 Tax Incentive to encourage development of Commercial properties. Cook County defines such properties as “Any real estate used primarily for buying and selling of goods and services, or for otherwise providing goods and services, including any real estate used for hotel and motel purposes.” This includes without limitation: retail, service, self-storage, office properties and mixed office/industrial properties that do not otherwise qualify for a Class 7 incentive.

This Class 7 incentive is designed to last twelve years, generally lowering property taxes by nearly 60% for the first ten years of the incentive, 40% for the 11th year and 20% for the 12th year. To obtain the incentive a project must obtain municipal support, typically in the form of a resolution and the project must seek to start new construction or occupy an abandoned property. To qualify for the abandoned property category, the property must have been vacant for twenty four months or longer unless determined by the County Board that a waiver of this requirement is warranted (sometimes referred to as “Special Circumstances”). Such a waiver would permit an incentive application to proceed with less than 24 months vacancy, but the precise amount of vacancy needed varies depending on the specific circumstances of the project.

While this requirement is very similar to the Class 6 and 8 incentives Cook County uses to encourage industrial development in blighted areas, the Class 7 Incentives add a further eligibility test. All Class 7 Tax Incentives must satisfy five eligibility requirements:

Finally, the Class 7 Tax Incentive is generally divided into two classes, A & B. The key difference between the two versions of incentives is the level of investment required by the developing party. If an entity invests less than $2,000,000, it qualifies as a Class 7A, if more, it is a Class 7B. Beyond the monetary distinction, Municipalities and the County tend to “liberally construe” the above five eligibility requirements for smaller projects under the 7A program as they are smaller projects.

The County has also created a third program, 7C or “CURE,” which is a short term version of the commercial incentive, only lasting five years. The qualification requirements are similar to its “older” siblings, the class 7A and 7B, but as it is a shorter program, CURE is meant for smaller projects and has lower thresholds for qualification. Incentives under the CURE program remain non-renewable.
Recent examples of successful Class 7bs include Weichai Motors America (Rolling Meadows), Lifting Gear Hire (Bridgeview) and Evanston Volvo. Many large scale office projects are also included in the Class 7 incentives, and have seen solid success in certain areas of Cook County.

Commercial Incentives are Now Renewable

Historically, the Class 7 Commercial Tax Incentives were not renewable as the County originally did not include the option in the creating ordinance. However, similar incentives granted to industrial and properties in desperate need for support, the Class 6 and 8 incentives, have historically enjoyed the ability to be renewed. The recognition that these incentives may need to be renewed at times was based on Cook County’s historically high vacancy rates relative to surrounding areas. Further, the County recognized early on that Cook County property tax rates may result in higher tax bills than the collar counties around Cook, and that businesses may also look to Wisconsin and Indiana for competitive options. This renewal option resets the clock and gives municipalities options to retain and attract key commercial operations.

While the Class 7renewal requirements are still being fine-tuned, the general idea of renewal would be that a municipality would simply need to provide a resolution of support for the renewal to the County and the County would then be able to renew the Class 7 incentive for another twelve years. Similar to the Class 6 renewal timeline, renewals of the incentive would not be allowed until the tenth year of the current incentive. Not only will the ability to renew in this way add significant value, but the likely procedure to renew the incentives will be substantially more cost effective as most municipalities would be intimately familiar with the commercial operation in its community for the past year.

With the new amended ordinance going into effect on May 1, 2017, the County has given municipalities in Cook County a major new incentive tool to use in their economic development portfolio to allow municipalities to remain competitive in the commercial marketplace for emerging businesses. This option to renew the incentive will also improve stabilization of taxes, predictability of the process and attract a much higher level of investment in commercial properties in Chicagoland.

Brian P. Liston, M.B.A., J.D. is president of Liston & Tsantilis in Chicago where he specializes in the area of eminent domain and property tax litigation. He has successfully tried numerous jury and bench property tax appeal hearings throughout the State of Illinois brining successful resolutions to his clients. Liston has been on the team of 26 National Association for Industrial and Office Properties awards given for his legal work on incentives and land use projects throughout the Midwest. Recently his law firm was ranked #1 by the Leading Lawyers Network in the State of Illinois by his colleagues in the legal field for land use for the fifth year in a row.

Cook County Final Multiplier Announced

Fri, 28 Apr 2017 19:57:00 GMT

Source: tax.illinois.gov | Liston & Tsantilis 4/28/2017 – The Illinois Department of Revenue announces the final 2016 equalization factor of 2.8032 for Cook County. The department is required by law to calculate the factor, also called the multiplier, to achieve uniform property assessment throughout the state. The 2015 final equalization factor was … Continued The post Cook County Final Multiplier Announced appeared first on Liston Tsantilis Law.

Source: tax.illinois.gov | Liston & Tsantilis 4/28/2017 –

The Illinois Department of Revenue announces the final 2016
equalization factor of 2.8032 for Cook County. The department is required by law to calculate the factor, also called the multiplier, to achieve uniform property assessment throughout the state. The 2015 final equalization factor was 2.6685.

The department determines the final equalization factor for each county by
comparing the actual selling price of individual properties, over a three-year
period, with the assessed value placed on those properties by the county
assessor and adjusted by the board of review. If the median level of assessment
for all property in the county varies from the 33 1/3 percent level required by law,
an equalization factor is assigned to bring assessments to the legally mandated
level.

A tentative equalization factor of 2.7455 was issued on January 6, 2017.
The final factor is different than the tentative factor because of assessment
reductions by the Cook County Board of Review.
The three-year average level of assessments (weighted by class) for Cook
County property is 11.89 percent. The department calculated the multiplier to
bring the average level of assessments to the required 33 1/3 percent level by
dividing Cook County’s three-year average of 11.89 into 33.33.

Read the full article…

Brian Liston and Peter Tsantilis Speak to Cook County Industrial Property Owners and Brokers

Tue, 09 Apr 2013 02:31:00 GMT

Brian Liston and Peter Tsantilis Speak to Cook County Industrial Property Owners and Brokers The post Brian Liston and Peter Tsantilis Speak to Cook County Industrial Property Owners and Brokers appeared first on Liston Tsantilis Law.

Brian Liston and Peter Tsantilis Speak to Cook County Industrial Property Owners and Brokers

Liston & Tsantilis Represents Client in the Purchase of 501 N. Sacramento and in the Obtainment of a Class 6B Tax Incentive

Tue, 09 Apr 2013 02:17:00 GMT

West Side manufacturing plant sells for $2.05 million by Paula Widholm Chicago 501 N. Sacramento Boulevard, Chicago Ionian LLC, a private real estate investment firm, bought a 492,000-square-foot manufacturing building at 501 N. Sacramento Boulevard at auction for $2.05 million. The receiver, Gregg Szalagi, president of Tailwind Services, took title … Continued The post Liston & Tsantilis Represents Client in the Purchase of 501 N. Sacramento and in the Obtainment of a Class 6B Tax Incentive appeared first on Liston Tsantilis Law.

West Side manufacturing plant sells for $2.05 million by Paula Widholm Chicago
501 N. Sacramento Boulevard, Chicago

Ionian LLC, a private real estate investment firm, bought a 492,000-square-foot manufacturing building at 501 N. Sacramento Boulevard at auction for $2.05 million.

The receiver, Gregg Szalagi, president of Tailwind Services, took title to the building in April 2009 following the bankruptcy of the property’s owner, box fan maker Lakewood Engineering & Manufacturing Co. Larry Goldwasser, vice president in the industrial brokerage group of NAI Hiffman, co-brokered the listing of the property with Hilco Real Estate.

“The buyer bought it as an investment and plans to modify the building as required to make it suitable for users,” said Rodger Chenore, executive vice president of Paine Wetzel. He represented the buyer with team members Jeff Girling and Terence Lynch as well as with Paine Wetzel brokers Ed Wabick and William Kerrins.