Vacancy Relief 101: A Lifeline for Property Owners

Episode Summary:

In this informative episode, property tax attorney Nora Devine discusses preferential assessments in Illinois and how they can lead to significant property tax savings. She explains various types of preferential assessments, including farmland, open space, and developer's relief, along with their qualification criteria and application processes.

 

Key Timestamps:

00:00 - Introduction

00:33 - Definition of preferential assessments

01:25 - Farmland assessments and FATAB

03:57 - Corporate campus examples and open space assessments

06:26 - Financial benefits and real-world examples

09:56 - Application process

10:26 - Conservation stewardship plans

12:41 - Common denial reasons

14:12 - Maintaining preferential assessment status

 

About the Show:

Divine Intervention: Shedding Light on Illinois Property Tax features Nora Devine, a property tax attorney in private practice since 2005. With her statewide practice experience across all Illinois jurisdictions and property classes, she provides expert insights into property tax matters. Hosted by Kevin Rosenquist.