Tags |
|
|
Links |
|
|
Member You - Cook County's Class 9 Can Mean Lower Property Taxes, But Is It Right For You?
Government Finance Divisions manage the execution of the fiscal policy: management of the taxation and tax audit processmanagement of the budget execution process Within the taxation framework, each State aims to support its taxation policy: Support the efficient capture and processing of tax declarationsAssure t
...And document tenant income for those units, showing that the household earns no more than 80% of the area’s median income.
Maximum rents for each unit type are set by the county, and in 2005 are:
Studio/Efficiency $745
1 BR $804
2 BR $965
3BR $1,116
4BR $1,251
Get Ready for Commitment
Not only must you commit to documenting tenants' income every year, it's important to
I had an interesting conversation on the phone during class the other day. This took place over the course of 20 minutes or so with the class listening in on the conversation. Here are some of the details I can recall.I called on a prospect that was entrenched with another supplier. After asking and receiving his permission to speak we covered all t
But Class 9 properties are assessed at a lower 16% assessment level for a period of ten years. And that's means significantly lower property taxes for owners of buildings designated Class 9.
For example, an seven-unit worth $300,000 (by the Assessor's measure) would normally have an annual tax bill of somewhere in the neighborhood of $12,500. Under Class 9, a building with similar value would owe around $7,700 in property taxes—an annual savings of 38%.
Sounds like a no-brainer, right?
Not so fast. Just like any other government incentive program, there are strings attached to qualifying. Read on...
Get Ready to Rehab
First, Class 9 is only for new construction or older properties about to undergo major rehabilitation. Rehab costs must amount to at least $6.00 per square foot in 2005 (goes up to $7.00/sf in 2006 and $8.00/sf in 2007). So, for a 10,000 square foot apartment building, you’d have to spend at least $60,000 to qualify. And you must apply before you start the work.
The good news is that most projects make a building eligible, including electrical, plumbing, roofing, and windows.
Get Ready for Paperwork
First and foremost, Class 9 is an affordable housing incentive, designed to encourage building owners to keep rents affordable to seniors, low income renters and working families. Depending on who you normally rent to, you may already have the tenant demographics needed to satisfy Class 9’s requirements. But, under the program, you must designate 35% of units as Class 9 units...
...And document tenant income for those units, showing that the household earns no more than 80% of the area’s median income.
Maximum rents for each unit type are set by the county, and in 2005 are:
Studio/Efficiency $745
1 BR $804
2 BR $965
3BR $1,116
4BR $1,251
Get Ready for Commitment
Not only must you commit to documenting tenants' income every year, it's important to k
I have been lately thinking about gym security and how my personal belongings may be at risk and become target of thieves at large while I visit the gym for a workout. I have a gym membership with a national fitness company with locations every where in America. I live in the Los Angeles area and periodically visit one or two of the locations. I have witne
Sounds like a no-brainer, right?
Not so fast. Just like any other government incentive program, there are strings attached to qualifying. Read on...
Get Ready to Rehab
First, Class 9 is only for new construction or older properties about to undergo major rehabilitation. Rehab costs must amount to at least $6.00 per square foot in 2005 (goes up to $7.00/sf in 2006 and $8.00/sf in 2007). So, for a 10,000 square foot apartment building, you’d have to spend at least $60,000 to qualify. And you must apply before you start the work.
The good news is that most projects make a building eligible, including electrical, plumbing, roofing, and windows.
Get Ready for Paperwork
First and foremost, Class 9 is an affordable housing incentive, designed to encourage building owners to keep rents affordable to seniors, low income renters and working families. Depending on who you normally rent to, you may already have the tenant demographics needed to satisfy Class 9’s requirements. But, under the program, you must designate 35% of units as Class 9 units...
...And document tenant income for those units, showing that the household earns no more than 80% of the area’s median income.
Maximum rents for each unit type are set by the county, and in 2005 are:
Studio/Efficiency $745
1 BR $804
2 BR $965
3BR $1,116
4BR $1,251
Get Ready for Commitment
Not only must you commit to documenting tenants' income every year, it's important to
Bullying has come into the spotlight this week, with a record number of complaints made about Celebrity Big Brother (UK). Whilst Jade Goody is bearing the brunt of the criticism, she was not alone in her appalling behaviour and was joined by 2 other housemates, who thought it was fair game to target another contestant.Nearly everyone is bullied at s
The good news is that most projects make a building eligible, including electrical, plumbing, roofing, and windows.
Get Ready for Paperwork
First and foremost, Class 9 is an affordable housing incentive, designed to encourage building owners to keep rents affordable to seniors, low income renters and working families. Depending on who you normally rent to, you may already have the tenant demographics needed to satisfy Class 9’s requirements. But, under the program, you must designate 35% of units as Class 9 units...
...And document tenant income for those units, showing that the household earns no more than 80% of the area’s median income.
Maximum rents for each unit type are set by the county, and in 2005 are:
Studio/Efficiency $745
1 BR $804
2 BR $965
3BR $1,116
4BR $1,251
Get Ready for Commitment
Not only must you commit to documenting tenants' income every year, it's important to
It costs nothing to reach thousands or possibly millions of online shoppers by listing your items with Froogle, Google's free shopping search engine. You can link each one of your products in the Froogle search directly with your website.For example, if you sell coffee mugs and someone does a search in Froogle for mugs then your products will be lis
Get Ready for Paperwork
First and foremost, Class 9 is an affordable housing incentive, designed to encourage building owners to keep rents affordable to seniors, low income renters and working families. Depending on who you normally rent to, you may already have the tenant demographics needed to satisfy Class 9’s requirements. But, under the program, you must designate 35% of units as Class 9 units...
...And document tenant income for those units, showing that the household earns no more than 80% of the area’s median income.
Maximum rents for each unit type are set by the county, and in 2005 are:
Studio/Efficiency $745
1 BR $804
2 BR $965
3BR $1,116
4BR $1,251
Get Ready for Commitment
Not only must you commit to documenting tenants' income every year, it's important to
Tired of running from pillar to post for the best deal in secured personal loans?Relax! Now you don't have to run around here and there in search of personal loans. Instead you can simply surf the internet to get a wonderful deal called easy loans.What are easy loans?Easy Loans are personal loans that you can avail at com
...And document tenant income for those units, showing that the household earns no more than 80% of the area’s median income.
Maximum rents for each unit type are set by the county, and in 2005 are:
Studio/Efficiency $745
1 BR $804
2 BR $965
3BR $1,116
4BR $1,251
Get Ready for Commitment
Not only must you commit to documenting tenants' income every year, it's important to know that the Class 9 designation runs with the building for ten years. So, if you plan to sell any time within that timeframe, give some thought to whether the affordable housing restriction will be attractive to investors looking at your property and area.
If an investor later buys your property and needs to get rid of Class 9, he'll be required to repay all the tax savings from previous three years. Chances are, he'll know about this requirement at the time of sale and look for a discount in price to cover that penalty.
Class 9 is a great cost reduction tool for multifamily owners citywide, just make sure it fits your investment objectives today and tomorrow.
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.memberyou.net/article/134723/memberyou-Cook-Countys-Class-9-Can-Mean-Lower-Property-Taxes-But-Is-It-Right-For-You.html">Cook County's Class 9 Can Mean Lower Property Taxes, But Is It Right For You?</a>
BB link (for phorums):
[url=http://www.memberyou.net/article/134723/memberyou-Cook-Countys-Class-9-Can-Mean-Lower-Property-Taxes-But-Is-It-Right-For-You.html]Cook County's Class 9 Can Mean Lower Property Taxes, But Is It Right For You?[/url]
Related Articles:
How To Make $1000 In Next 24 Hrs
There's a Dirty Little Secret in the World of Google Pay-Per-Click Today
4 Keys to Excel At SEO - How SEO is Really Done
Bookmark it:
|