News from the Chicago Chapter

Expert Panel Shares Straight Talk on Cook County Property Tax Assessments at April 5 IREM Chicago Chapter Meeting and Luncheon


Ten Chapter Members Installed for Earning IREM Designations,
Announcements Made for 2018 Official Charity and 2018 Golf Outing

 

The often-complex triennial valuation process to determine property tax assessments in Cook County was brought to light by a panel of legal experts who engaged in a spirited discussion during the IREM Chicago Chapter Meeting and Luncheon April 5.

The event, held at Maggiano’s Restaurant in Chicago, included the installation of 10 members who earned IREM professional designations. Attendees also were introduced to the chapter’s official charity for 2018 and learned updates regarding the annual Golf Outing and Silent Auction.

Jim Vocos, CPM®, 2018 chapter president, welcomed a packed room of members, Industry Partners and guests. Cheryl Ann Gray, CPM®, the 2018 IREM Secretary/Treasurer, offered insight on the newly-released IREM logo and outlined its value to the industry and members.

The panel discussion was led by Joanne P. Elliott, partner with Elliot & Associates. Here are some highlights from the panelists:

Thomas Jaconetty, Deputy Assessor of Valuation and Appeals at the Cook County Assessor’s Office: Many sources – including property sales, listings of permits, aerial images and industry reports – are used by the Assessor’s Office to establish property tax assessments. All the data is collected and fed into variables the lead to the assessment.  “At the end of the day, nobody has a perfect solution,” he noted.

Brian P. Liston, President of Liston & Tsantilis: Regarding appeals, property owners can meet with the Assessor’s Office prior to the assessment to present a case for a lower assessment. In Illinois, only real property, not personal property, is taxed. “We gather a preponderance of evidence to make sure the glass is more than half full,” Liston said regarding the appeal process. 

Connie Ellis, Senior Director – Property Tax at Revantage Corporate Services: The recent sale price of a property, especially a large and complex office building, is not an effective way to assess a property. Trophy properties, for example, also hold a business value. “All of us know our properties and property specifics,” she said. “We look at sort of a reverse audit when making an appeal.”

These IREM Chicago members were installed for earning the Accredited Residential Manager® or Certified Property Manager® designations:

Aneisha Cole, ARM® – Catholic Charities
Edward Field, ARM® – M & M Property Management
Sam Groppi, CPM® – Draper and Kramer
Christopher Hawxhurst, CPM® – Colliers International
Tim Kramer, CPM® – Draper and Kramer
Josh Siegel, CPM® – Illinois Institute of Technology
Johanna Romero, CPM® – Chicago Apartment Place, Inc.
Naomi Triumph, CPM®
Gloria Tulloch, ARM® – North Park Tower Cooperative
Eric Zimmerman, CPM® – Northwest Property & Financial Management

Attendees also learned that Lydia Home Association will be the Chapter’s official charity for 2018. Located in Chicago, Lydia Home is a is a Christian, non-profit organization that has served foster children since 1916.

Details of the 2018 Golf Outing, which will be held August 6 at the Kemper Lakes Golf Club, were shared by event co-chairs June McCrory, CPM® and Katelin Dorsey, CPM®. Event sponsorships will be announced soon for the popular summer event.

These IREM Chicago Industry Partners supported the April 5 Luncheon:

Able Services
American Technologies, Inc.
American Painting and Renovations
Community Investment Corporation
The Patching People
Clarence Davids & Company
The Inside Out Company
Smart Elevators
U.S.A. Fire Protection

The next IREM Chicago event will take place April 19 at the Country Club in Chicago’s Wrigleyville neighborhood.