The Impact of Market Trends on Your Property Tax Assessment

Episode Summary

In this episode of Devine Intervention, host Kevin Rosenquist is joined by property tax attorney Nora Devine to explore how market trends affect property tax assessments in Illinois. They discuss past real estate cycles, including the 2006-2008 housing crash and the pandemic-driven market boom, and how these fluctuations influence assessments for homeowners and commercial property owners alike. The conversation also covers industrial and office real estate trends, assessment challenges, and the process for appealing unfair property tax evaluations.

Timestamps

00:00 – Welcome to Devine Intervention with host Kevin Rosenquist and guest Nora Devine
00:05 – Introduction to Nora Devine, her background, and today’s topic: market trends and property tax assessments
00:30 – The impact of past real estate cycles on property assessments
02:00 – The 2006-2008 housing crash and its effect on property tax valuations
03:45 – How pandemic-era low-interest rates and limited inventory drove prices up
06:20 – The challenge of overvalued properties and how they affect assessments
07:50 – Office real estate struggles post-pandemic and shifting demand in Chicago’s Loop
09:53 – The impact of industrial growth on property values in Illinois
11:19 – What homeowners can do if their assessment is unfair
14:55 – How often property assessments are updated in Illinois and why the system lags behind market trends
16:23 – The importance of timing when buying property and its effect on future tax assessments

About the Show

Devine Intervention is a podcast dedicated to shedding light on Illinois property tax issues. Hosted by Kevin Rosenquist and featuring expert insights from property tax attorney Nora Devine, each episode explores key topics to help homeowners and business owners navigate the complex world of property taxation.