2025 Western Illinois Property Tax Appeals: What Commercial Property Owners Need to Know

Posted on October 15, 2024October 15, 2024 by Natalie Linville-Mass

Illinois tax assessments for 2024 will be published shortly, which means it’s time to review your property tax assessment if you own commercial property in Illinois, particularly around the Quad Cities Area (QCA). Illinois properties are assessed at 33.33% of the assessor’s estimate of the market value of your property as of January 1st of the assessment year. For 2025 tax payments, this means the value as of January 1st, 2024. No consideration is given to external factors that change the property value after this date.

The Illinois Department of Revenue provides guidelines for property tax appeals’, and it’s important to understand the process and any deadlines. If you think your property is over-assessed, you have the right to appeal, and it’s best to start early. Typically, an increase in the assessed value will be published in a local newspaper. In some cases, you’ll receive an individual notice in the mail.

Considering a Tax Appeal?

If you’re considering an appeal, the process starts at the local level. Your local County Assessor’s site will often list the specific steps for an appeal. The general process typically follows these steps:

Obtain the assessed valuation of your property.
Determine the fair market value of your property, ideally through recent comparable sales or a professional appraisal.
Discuss the assessment with your township or multi-township assessor. If they still have the assessment books for that year, they may be able to correct any errors without a formal appeal.
Determine the basis for your formal appeal, such as a higher market value assessment or incorrect property data.
File a written appeal with your County Board of Review using the appropriate form (typically PTAX-230 for Non-Farm Assessment Complaints).
For Rock Island County, check their Board of Review for deadlines and appeal procedures.
Present evidence of unfair assessment to the Board of Review at a hearing. This may include property record cards, comparable sales data, photographs, and appraisal documentation.
If dissatisfied with the Board of Review’s decision, you can appeal in writing to the Illinois Property Tax Appeal Board (PTAB) or file a tax objection complaint with the circuit court.

For more detailed guidance on how to handle property tax appeals, you might also find our previous post about the Rock Island County Property Tax Appeals helpful. It covers a detailed step-by-step approach.

Act Now: Don’t Wait to Review Your Assessment

If you suspect your commercial property assessment is inaccurate, start gathering your documentation now. Each county has its own appeal deadlines, and missing these critical dates can result in paying higher taxes than necessary. For any questions, assistance with an appraisal, or guidance through the appeal process, please Contact Us at (563) 355-6606 or email info@royrfisher.com. For more information on our property tax appeal services, visit our Commercial Real Estate Services page, and let us help you ensure your property is fairly assessed for the 2025 tax year.

Mark Nelson Earns AI-GRS Designation from Appraisal Institute

Posted on June 11, 2024June 11, 2024 by Natalie Linville-Mass

In the fast-evolving world of commercial real estate appraisal, expertise and precision are not just requirements-they are necessities. It is with great pride that we share news from our own team at Roy R. Fisher: Mark Nelson, our president, earned the prestigious AI-GRS designation from the Appraisal Institute. This accolade is a testament to his unwavering commitment to professional development and his dedication to the highest standards of appraisal practice.

Our President, Mark Nelson, recently designated as an AI-GRS.

The AI-GRS (Appraisal Institute-General Review Specialist) designation is a hallmark of excellence in the realm of commercial real estate appraisals, specifically in reviewing appraisals to develop opinions of completeness, accuracy, adequacy, relevance, and reasonableness relative to the work under review. These opinions must be refined through tests of reasonableness to develop reconciled opinions of appropriateness and credibility. Appraisal review assists lenders in evaluating collateral for mortgage lending and informing property owners and attorneys for litigation support.

Mark’s journey to this achievement underscores not only his dedication but also Roy R. Fisher’s proactive approach to fostering professional growth among our team. You can learn more about what this designation entails on the Appraisal Institute’s page.

With an extensive background in real estate and a well-earned reputation for meticulous attention to detail, Mark has consistently delivered precise and accurate appraisals. His new AI-GRS designation enables him to provide even more comprehensive services, enhancing our capability to meet the diverse needs of our clients with even greater precision. The specialized knowledge and skills Mark has gained, particularly in appraising multi-tenant properties, equip him to navigate the most complex valuation challenges.

This certification enriches his proficiency in conducting comprehensive appraisals and bolsters his capabilities in litigation support-a crucial area for many of our clients navigating legal disputes or regulatory proceedings. Mark’s enhanced skills in appraisal review ensure that we are exceptionally well-prepared to support our clients through complex, high-stakes situations.

As each of their members continue to grow professionally, Roy R. Fisher continues to deliver top-notch service and value to our clients with even the most complex real estate assets. Look to Roy R. Fisher as your trusted advisers for those seeking enhanced, comprehensive, and dependable appraisal services. Please contact us at (563)-355-6606 for any appraisal questions or inquiries.

Zoning Could Impact Housing Affordability

Posted on March 6, 2024July 25, 2024 by Natalie Linville-Mass

In the evolving landscape of urban planning, zoning trends are showing a significant shift towards increasing housing density and fostering mixed-use, walkable developments. This movement is primarily driven by the urgent need to address the housing shortage and lack of affordability.

A key trend in this shift is the push to limit or eliminate single-family zoning. This strategy aims to increase density by allowing for the development of multi-family dwellings in areas previously designated exclusively for single-family homes. It’s a response to the growing recognition that single-family zoning can be a barrier to creating affordable and diverse housing options. By allowing higher-density housing, cities are tackling both the housing shortage and promoting more sustainable urban growth.

Another significant trend is the creation of mixed-use, walkable developments. These developments blend residential, commercial, and recreational spaces, fostering communities where living, working, and leisure activities are closely integrated. The benefits of such developments are manifold – they enhance the quality of life, reduce reliance on cars, and contribute to a more vibrant community atmosphere. This trend aligns with the broader shift towards sustainability in real estate emphasizing the industry’s commitment to environmental and social responsibility.

These zoning trends are not just about reshaping physical spaces; they represent a fundamental shift in how we think about and interact with our urban environments. They reflect a growing consensus that the future of urban development lies in creating more inclusive, sustainable, and livable communities. It’s a trend that speaks to the heart of what we do at Roy R. Fisher, where our expertise in commercial real estate appraisal helps clients navigate these changing landscapes.

Whether you’re a developer, investor, or property owner, understanding these zoning trends is crucial for making informed decisions in today’s dynamic real estate market.

For more insights into the commercial real estate industry, visit our blog or learn more about our comprehensive appraisal services. If you’re looking to explore how these zoning changes might impact your property or investment, feel free to contact us for expert guidance.