In response to a complaint filed by PTCA’s tax attorney with the Law Offices of Terrence Kennedy, the Cook County Board of Review reduced the 2018 tax assessments for all units at Park Tower by approximately 5%.

This reduction in the triennial property tax valuations is expected to result in a savings anywhere from about $90 to $550 per unit per year; and that depends mostly on each units size and percentage of ownership. All owners should notice the reduction on their 2nd installments for the 2018 tax bills. The best way to see this is to put the tax bills side to side and compare the “assessed value” on the 1st installment, against that of the 2nd installment. This rarely – and very likely – does not mean your total tax bill for 2018 is going down. However, it does mean every owner will be paying less than they otherwise would.

The result of 5% is far less than the success we’ve achieved in the past. The primary reason is, overall property values have been on the rise, and our attorney was not able to make as strong a case for a reduction as they have in the past.

Once you receive your 2nd Installment 208 Property Tax Bill, if you suspect any problem or have any questions, I would be very happy to take a look. You drop a copy off at the office, or send it to me at timothy.patricio@fsresidential.com. If I am able to answer the question I will, and if necessary the Association’s attorney will take a look at it.

Our attorney achieved far more success with the commercial units. And because the Association does pay taxes on a couple units, this is helpful with the operating budget. The Board of Review reduced the assessments for commercial units by approximately 38%. Collectively – in terms of the Association’s budget – we expect this to result in about $12,000 of savings annually.

All owners are encouraged to review their Tax account history and overview. The best way to do this is to visit the Cook County Treasurer’s online platform, Click Here. All you need is your PIN, or property identification number, which you can find on your tax bill or closing documents. If you can’t find your PIN number, feel free to let me know and I will get it to you, E-mail Me.