Chicago’s smorgasbord of taxes
A new client enters your office stating their desire to open a new five-star hotel on the lakefront of downtown Chicago and wants you to handle any and all Chicago tax compliance issues.
The cost approach The lost approach to value
For real property valuation, the cost approach rests upon an assumption that a prospective purchaser "would not pay more for a piece of property than it would cost to construct an equivalent piece of property."
Editor’s note: New publication
Illinois tax practitioners will want to examine a Research Institute of America publication, "Illinois Tax Handbook." Its author, Mr. Stanley R. Kaminski, is secretary of the State and Local Taxation Section Council. The
Recently, the mayor of the city of Chicago, Richard M. Daley, and the Cook County assessor, James Houlihan, sponsored a program to provide homeowners, who are on low-income budgets, assistance in financing the payment of their real estate taxes.
Excerpts of minutes of section council meetings
The new officers of the section council were introduced. The new officers were: Sean Fitzgerald (chairman), Joanne Elliott (vice chairman), and Stanley Kaminski (secretary).
Property Tax Appeal Board news
On September 2, 1998, the Property Tax Appeal Board (board) adopted a new rule regarding the appropriate level of assessments to be applied by the board in appeals involving the major Cook County property classes.
Raising local taxes: Turf wars resulting from dual taxation—round two
The April 1998 issue of Tax Trends, Vol. 41, No. 6, included the article "Raising local taxes: Turf wars resulting from dual taxation," which reviewed an Illinois Appellate Court decision which declared the trial judge incorrectly held unconstitutional a village of Rosemont ordinance prohibiting the collection of Cook County's amusement tax at village facilities