Articles Tagged with property taxes

filios-sazeides-540219-unsplash-copy-200x300Did Governor Pritzker remove toilets from an unoccupied mansion next door to his own personal residence in order to defraud taxpayers of over $300,000? Federal authorities sure seem to think so. Pritzker has been under federal investigation since October for the toilet-removal scheme, but did not initially appear to be implicated in the scandal. Adding to the intrigue is the question of whether or not the report was leaked to weaken Pritzker’s position during a critical time in his office. Here, we will discuss the actual crime of which Pritzker is being accused.

Was Pritzker Involved in the Toilet Removal?

The IRS does not necessarily care if you went out of your way to commit a crime. Indeed, many folks who never committed a crime in their lives are held accountable for text debts that are owed to the IRS. How? The IRS is not going to look for what you did or did not do. The IRS is going to look at whether or not you benefited from what was done.

andreas-weiland-252613-copy-300x200An economy that relies on the realty market must take an interest in property taxes. Chicago realty law is often dominated by concerns about taxation. That is what is happening in Chicago today. From a legal point of view, the legislation that has been passed and that which is due to be passed is meant to streamline the process of conveyancing. At the same time, these reforms are also meant to ensure that the taxman gets a cut of the largesse. It is not so much a case of the tax increases but the reforms in the procedures. This procedural fairness also incorporates any possible consultations prior to confirming the tax rates as well as the forms that are required.

For most members of the Chicago public, the issue is fariness. Some argue that the increments are just too high. On average, Chicago increases its property taxes on an annual basis. The year 2016 was an anomaly because the legislative reforms meant that some people experienced property tax rises in the region of 32%, a clearly unfair increase by all standards. Some legal experts argued that even if the legislature was determined to increase that amount of money, they ought to have staggered it in order to minimize the immediate impact on property owners and those that transact realty.

Structuring Tax Increments