I have a park in IL that pays what I consider to be an absurd amount in property taxes. About 13% of our gross goes to these taxes and I really don’t see any kind of justification for this amount.
If I wanted to try and have these taxes reduced, especially in light of the hit I took in rents collected due to COVID last year, where should I start?
I assume I will probably want to get an attorney involved, but any advice would be much appreciated.
Tax attorney’s will do appeals. Also you can look to firms like CBRE/Cushman and Wakefield, Newmark Knight Frank - and the other big brokerage houses. They generally all have tax practices which work on contingency fee. Next up, you can look to firms like Ryan, LCC which focuses specifically on tax advisory/consulting and do this type of work all the time. Ryan has a national practice with many offices. Tax appeal work should be on contingency and they only get paid if they lower your tax payment. Additionally, it should be a percent of the amount that they lower your payment. It could be a good idea to start appealing your taxes every year - many institutions do this and you will hire a firm like Ryan who will advise you on if you should appeal and if you are likely to win.