On February 17, 2005, the Illinois Supreme Court reversed the appellate court's dismissal of the property owners' appeal and remanded the case to the appellate court.
On December 2, 2004, the Illinois Supreme Court reversed the orders of the appellate and circuit courts, which reversed the Illinois Department of Revenue's (Department) holding that the property in question was not tax exempt.
The Nehemiah and AmeriDream programs allow sellers to pick up closing costs for homebuyers without violating RESPA. But is there a downside to this popular practice?
On December 9, 2004, the Illinois Appellate Court, Second District, affirmed in part, vacated in part, and remanded in part the decision of the Circuit Court of McHenry County awarding the plaintiffs certain property by reason of adverse possession.
The Department of Revenue recently adopted amendments to the Real Estate Transfer Tax, 86 Ill Adm Code 120. Effective October 13, 2004, the changes affect sections 120.5, 120.10, and 120.20 of the code.
Have – or hope to have – an active residential real estate practice? If you're not a title agent already, becoming one might well boost your bottom line.
Contributors to an ISBA e-mail discussion group create a primer that describes what any attorney should insist upon when representing the buyer of an apartment building.
Appellate court precedent makes it difficult for assessors to change the valuation of property more often than once every four years. But what are the limits on assessors' authority to "revise and correct"?
On April 15, 2003, the Appellate Court of Illinois, Second District, affirmed in part and reversed and remanded in part the order of the circuit court of DuPage County dismissing the plaintiff's amended complaint with prejudice.
For purposes of calculating real estate transfer taxes, the "consideration" paid for a new house equals the original contract price and; whether your homeowner client likes it or not; the extras added later, real estate practitioners argue.
Recent amendments to the Deposit of State Moneys Act (15 ILCS 520/7) now permit approved financial institutions to place the interest earned by deposited state moneys in a separate account.
Here's how taxing authorities can determine whether property is being used for religious purposes without impermissibly inquiring into religious beliefs.