The image says it all - just look what transpires in a minute. If you are not an active participant in social media then you are being left behind every minute. Take part. Start today. No, you don't need to join every site and post continuously. Just pick an area and start. Participating in social media is a sure way to ensure that you take your business to the next level. Cook County Assessor Joe Berrios - aka "I'll be The Mouthpiece for Anyone with a Dollar" - is pushing legislation in Springfield that would raise the real estate taxes paid by Illinois landlords. He has advocated denying the homestead exemption to landlord's which would result in substantially higher real estate taxes. Under current law, the homestead exemption may be sought on rental properties if the tenant is responsible for the payment of taxes. As we all know, any costs associated with a rental property are almost universally passed on to the tenant - whether it be the mortgage, maintenance, repairs, etc. The proposed legislation is entirely misplaced and comes at the worst possible time. Many Illinois landlords are operating on razor thin margins and find themselves with properties that are in many cases under water. In short, may landlords are on the brink of bankruptcy themselves. Either they are pushed over the edge or the costs of the increased tax burden are shifted to the tenant. Either way, one party will bear the burden at a time when the economy is fragile and the housing market is far from stable.
To add insult to injury, Commissioner Berrios also wants to levy fines and penalties going back six years to gouge landlords for even more in taxes. Enough. Joe Berrios - you are an idiot! Keller Williams Gold Coast is the latest of Chicago's "Big Boys" real estate firms to go by the wayside. Today, the firm and its 200 agents agreed to be acquired by Coldwell Banker Residential Brokerage. Firms that survived in good times on high volume sales are finding their business models are underwhelming in a lean sales market. Gone are the likes of Sussex & Reilly, Sudler Sotheby's, Jameson (Now a mere shadow of itself after taking on the matel of Sotheby's International - and most recently dealing with the embarrassment of having one of its principals, Michael Sato, charged with shoplifting ties from Bloomingdales). Who is next? Who would you rather do business with?
Happy New Year!
With each change of the calendar year come the requirement that all Chicago landlords subject to the Chicago Residential Landlord Tenant Ordinance ("CRLTO") update the lease form that they are using. This year, there are two important changes to consider and implement. First, each January, CRLTO requires that the landlord change the interest rate disclosure that is made to tenants. For 2012, the interest rate is set at .057%. The CRLTO requires that Chicago landlords subject to the ordinance disclose the rate for the current year and the prior two years. Failure to disclose the appropriate rate at the time a lease is presented can subject the landlord to significant consequences - such as damages of two times the deposit, return of the deposit and attorney's fees. iMove Chicago uses the latest lease form in all transactions it processes. Additionally, we have posted the necessary forms under the "Buy Forms" at the iMove Blog site. Second, the CRLTO was amended in 2011 and adds a new requirement that landlords re-key locks after each tenant's occupancy or provide the tenant with a written authorization permitting them to re-key their own locks. We previously wrote about this new law in the iMove Blog and advised our landlords to be prepared to comply. Our standard lease form has been updated to reflect the changes to CRLTO. At iMove Chicago, we believe it is important to keep our landlord clients updated on the latest changes to the laws affecting their business. Check back here regularly for updates. If you would like to discuss any issues you are having or would just like us to review the lease you are using, simply contact our office. We look forward to working with you in the new year. Beginning today, it will cost you an extra quarter to park in Edgewater and Andersonville. Chicago Parking Meters is raising the rates to park across the city, with the steepest hikes coming in the downtown Loop area. There, rates will increase to $5.75/hour during peak hours (8AM – 9PM) while the area outside of the Loop, from Halsted to the Lake, North Avenue to Roosevelt, rates will increase to $3.50/hour.
The transition to the new rates will take some time, as meters need to be adjusted manually. The new rates will be implemented in the Loop first, and make their way outward into the neighborhoods, with the entire transition being completed during January. As the transition moves forward, motorists are only responsible for paying the posted rate on the meters and only the posted rates on each meter/pay box will be enforced. |
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