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First Installment Tax Bills Released for Cook County
- Details
- Written by Alexa Jackson
- Category: What We're Thinking About Lately...
The first installment 2016 property tax bills have been released by the Cook County Treasurer. The due date is March 1, 2017. This is an estimated tax bill in which the amount due will be 55% of the previous year’s total tax. If you have a 2016 pending appeal, this bill must still be paid. Any change in the 2016 tax bill will be reflected in the second installment which will be issued in the fall. If you have a new Property Tax Index Number (PIN) for the 2016 tax year, your first installment will be zero because no prior year’s bill was issued for this PIN. In this case, the entire tax bill for the 2016 tax year will be reflected and due on the second installment tax bill.
Chicago Recycling Ordinance Update
- Details
- Written by Alexa Jackson
- Category: What We're Thinking About Lately...
An update has been made to the Chicago Residential and Commercial Recycling Ordinance. Beginning January 1, 2017, the ordinance mandates source separated recycling as the required collection method. If inspected, locations will have 30 days to come in compliance before being issued a ticket. The updated penalty for non-compliance for first-time offenders is $500-1,000, second offense is $1000-2,500 and third or more offenses is $2500-5,000.
If your condominium building does not already have recycling services in place, it's time to contact your waste removal provider to add this required service.
IRS extends due date for 2016 condominium association tax returns
- Details
- Written by Lauren Peddinghaus
- Category: What We're Thinking About Lately...
Beginning with the 2016 tax year, condominium associations have an extra month to file their income tax returns.
Form 1120-H (or 1120, if appropriate for your association) is due on April 18, 2017 for associations operating on a calendar year. If your fiscal year does not end on 12/31/16, your return is due on the 15th day of the 4th month after the end of your fiscal year.
Haus Financial Services offers tax return preparation with our Basic Service Package and Annual Compliance Package. Please contact us if you need help with your tax compliance.
Chicago Shared Cost Sidewalk Program saves condo owners money
- Details
- Written by Alexa Jackson
- Category: What We're Thinking About Lately...
Every year the city of Chicago sets money aside to partner with property owners and repair their damaged sidewalks. Your condo association can get its sidewalks fixed at a discount. The Shared Cost Sidewalk Program charges much less than a private contractor would, and elderly and disabled property owners may qualify for additional discounts. This year, the city will begin accepting applications via 311 or the city’s website at midnight on Tuesday, January 10. Demand for the program is always very high, so if you are interested, be sure to apply right away.
If you are unable to participate in the program, problematic sidewalks can be reported at any time to the 47th Ward Office of 311.
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"Ask the Expert"
Can late fees be applied to a special assessment approved by a condo board?
Q. Our condo board is passing a special assessment for some major repairs that need to be done. We want to apply a late fee of $50 for each month that owners don't pay the assessment. Can the board do this?
How should a condo board handle excessive owner emails?
Q. I am the board President of an 8-unit condo building. Owners email me often with questions and concerns about the building. Most of the owners have never volunteered to serve on the board and there are only two of us who handle most of the association's needs.
Can condo board elections be held without all owners present?
Q. We are a six unit building. We have scheduled a date for our annual elections but one of the owners has indicated that he isn't attending. He is the current board President.
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