In case you missed them, here are highlights of new laws affecting condominium buildings in 2017:

Chicago Residential and Commercial Recycling Ordinance
Source Separated Recycling is now mandated
PLUS: What can and cannot be recycled

IRS Extends Due Date for 2016 Condominium Association Tax Returns 
Condominium Associations have an extra month to file their income tax returns

Electronic Notice and Voting in Condominium Associations 
Associations are allowed to adopt electronic notice and electronic voting

The Snow Removal Service Liability Limitation Act 
The act limits liability provisions in snow and ice removal contracts 

More Freedom for Board to Discuss Business Outside of Meetings 
Instances are outlined in which a board is allowed to close a noticed meeting or meet separately from a noticed meeting

New Water and Sewer Tax
The tax will start at 7% of the water and sewer bill

New Definition of 'Acceptable Technological Means'
Means are now described as any generally available technology that is deemed to provide security, reliability, identification and verifiability, by the association

Condo Boards Get Exclusive Vote on Loans 
Boards are no longer required to hold an owner vote to approve a loan 

Enforcement of Short Term Rental Restrictions
Property owners wishing to rent on a short term basis will need to apply for and obtain certain licenses

Here are some tips to keep your next meeting short and sweet!

  1. Plan your meeting in advance, this will cut down on the time spent actually in the meeting.
  2. Create and stick to a written agenda. Do not go off topic.
  3. Set a time limit for questions and comments.
  4. Ask owners to submit questions in advance of the meeting and work them into the agenda.

Plan and execute successful board meetings with our Guide to Conducting a Board Meeting. This and other guides and templates are available to CCR Subscribers.

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.

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.

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.

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