Real Estate Should Not Be So Taxing

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1 Real Estate Should Not Be So Taxing Stahl Cowen remains committed to following the formula: superior attorneys + superior client service = superior results. Our passion for real estate law, coupled with our comprehensive experience in every area of real estate, allows us to offer property owners and investors sound innovative and proactive real estate representation and advice, with respect to acquisitions/dispositions, development, construction, entitlement, finance and leasing. We have been involved in all types of commercial real estate asset classes, with special emphasis on retail, multi-family, hotel, industrial, self storage and office. Over the years, our firm has handled transactions in more than 30 different states and multiple foreign countries. A large part of our commitment to our clients is to provide them with more value than they would receive from another law firm. Our business is to understand our clients businesses and to find innovative ways to make them more successful. With this in mind, Stahl Cowen has formed a relationship with the law firm of Worsek & Vihon, a boutique law firm singularly focused on real estate tax matters and committed to delivering superior results. Like Stahl Cowen, Worsek & Vihon believes that the client comes first. Dedicated to minimizing property tax liabilities while providing extraordinary client service, Worsek & Vihon has developed a reputation for achieving successful results through strategic real estate tax portfolio management, well-researched, creative appeals and aggressive advocacy. The Firm, which was founded in 1983, includes veterans of the Cook County State s Attorney s office, the Office of the Cook County Board of Review, large law and public accounting firms and lists the following properties and companies among its clients: 111 West Jackson 311 South Wacker Drive 7-Eleven Acadia Realty Trust CITGO Petroleum Corporation Civic Opera Building Kraft Foods Group Lowe s Companies, Inc. Mondelez International Nestle, S.A. United Parcel Service, Inc. Walgreen Co. As a result of our alliance, Stahl Cowen s clients will receive a number of special benefits and services from Worsek & Vihon, including: Complimentary property tax assessment evaluations and tax projections for current or potential properties Discounted fees Flexible fee structures for unique engagements Deadline reminders for challenging assessments Coordinated approach with Stahl Cowen in facilitating tax assessment challenges

2 Tax Reductions: At Worsek & Vihon, Stahl Cowen clients will work with an individual attorney throughout the life of a case, allowing the attorney to develop comprehensive insights into the issues impacting each property, while also creating a direct line of attorney-client communication. Listed below is a sample of successful tax reduction results the firm has delivered on behalf of its clients: Annual Tax Savings/Refunds Location Case $1,100,000 Kankakee County Illinois Supreme Court affirmed the decision of the Illinois Property Tax Appeal Board reducing the market value for an underground natural gas storage area from $32,000,000 to $1,700,000. $730,000 Schaumburg, IL Property tax appeal for a 620,000 square foot shopping center. $621,000 Chicago, IL County agreed to settle overvaluation lawsuit for a 690,000 square foot office building. $440,000 Schaumburg, IL Property tax appeal for a big box store. $366,000 Chicago, IL Property tax appeal for a residential cooperative apartment building. $277,000 Chicago, IL Property tax appeal for new construction 400-unit condominium building. $210,000 Chicago, IL Property tax appeal for a 250,000 square foot shopping center. $209,000 Chicago, IL Property tax appeal for a 345 room hotel located just off Michigan Avenue. $192,000 Niles, IL Property tax appeal for a 453,000 square foot industrial complex.

3 Tax Incentive Savings: Worsek & Vihon has represented properties throughout Illinois and has attained successful, often precedent setting, results for clients. Below is a representation of individual properties where Worsek & Vihon s legal team was able to reduce taxes by obtaining favorable tax incentives for real estate development projects: Annual Tax Savings/Refunds Location Case $1,000,000 Chicago Heights, IL Obtained tax abatement and Class 6b incentive for property taxes for 350,000 square foot building resulting in property tax reduction of $200,000. $700,000 Ford Heights, IL Obtained renewal of Class 8 incentive. $600,000 Dolton, IL Obtained Class 6b renewal, Class 8 incentive and challenged valuation for 500,000 square foot manufacturing facility resulting in annual tax savings. $400,000 Cicero, IL Obtained Class 8 incentive assessment for annual property tax reduction on 16-screen movie theater. N/A Northbrook, IL Obtained Class C incentive assessment for formerly contaminated property and created economic basis for commercial development. $100,000 Franklin Park, IL Obtained Class 6b incentive and successfully challenged valuation resulting in annual tax savings. $50,000 Countryside, IL Obtained Class 6b incentive for annual tax savings of approximately $50,000. $45,000 Bedford Park, IL Obtained renewal of Class 6b incentive assessment resulting in annual property tax savings. N/A Chicago, IL Renewal of Class 6b incentive assessment for 350,000 square foot building.

4 Reasons Why You Should Call Stahl Cowen You have properties located in any townships that are ripe for real estate tax assessment challenges due to triennial re-assessment. You own or plan to buy distressed properties (i.e. property in receivership, OREO, or approved for short sale) in the State of Illinois that are ripe for real estate tax assessment challenges. You failed to challenge real estate tax assessments last year, or in the previous two years, in Cook County, as there may still be time to challenge those assessments through the Assessor s Office and possibly receive a real estate tax refund. You have experienced substantial changes in occupancy or income stream that may affect the value of a property within the past year. There have been recent sales in your area that might affect valuation favorably. You have future plans for construction in an area where tax incentives might be available. Worsek & Vihon s Team of Professionals Richard D. Worsek co-founded the firm in 1983 and, since that time, has concentrated on ad valorem property taxation and has 32 years of experience challenging statewide property assessments. Rich also currently serves as president of the Illinois Property Tax Lawyers Association, a member of the Illinois State Bar Association State and Local Tax Council, and a member of the Property Tax Advisory Committee of the Taxpayers Federation of Illinois. Rich received his J.D. from the University of Illinois. Robert S. Vihon co-founded the firm in With 33 years of experience handling tax matters and challenging property assessments, Rob worked as a Cook County Assistant State s Attorney ( ) in the Real Estate Tax Litigation and Chancery Litigation Divisions where he tried many contested valuation and exemption real estate tax cases. He is a member of the Chicago and Illinois State Bar Associations, the International Association of Assessing Officers, the Institute of Professionals in Taxation, Taxpayer s Federation of Illinois and the Executive Committee and Tax Committee of the Civic Federation. Rob received his J.D. from the Illinois Institute of Technology, Chicago-Kent College of Law. Brian Grossman joined Worsek & Vihon after 18 years with the Cook County State s Attorney s Office where he served as the Supervisor of the Real Estate Taxation Section and led a team of 16 Assistant State s Attorneys. With extensive trial experience, Brian represented the Cook County Board of Review, Cook County Assessor and Cook County Treasurer in numerous proceedings in Circuit Court and the Illinois Property Tax Appeal Board (PTAB), handled thousands of valuation cases, tried 300 civil and criminal cases before Cook County judges and many more before the PTAB. He has also tried 38 felony cases before juries. Since joining the firm, Brian has obtained significant tax savings for many small and mid-sized businesses, as well as corporations. He received his J.D. from Loyola University School of Law in Chicago.

5 Francis W. O Malley is a partner with Worsek & Vihon and has spent his career practicing in ad valorem property taxation. He has successfully argued before the Illinois Appellate and Supreme Courts. Because of his reputation in the industry, Fran is often sought out by the media to comment and provide guidance on news articles relating to property taxation. Fran is a member of the Institute for Professionals in Taxation, International Council of Shopping Centers, Chicago Real Estate Council, Association of Condominium, Townhouse and Homeowners Associations and Community Associations Institute. He is also a licensed real estate broker. Fran received his J.D. from DePaul University College of Law. Edwin M. Wittenstein is a partner with Worsek & Vihon. For more than 25 years he has specialized in ad valorem property taxation. He has lectured on property tax issues to association boards, property managers and professional organizations across the Chicagoland area. In addition, Ed has written articles for professional publications. His professional associations include Institute for Professionals in Taxation, Illinois State and Chicago Bar Associations, Chicago Bar Association Real Estate Taxation and Real Property committees. Ed earned a B.A. from the University of Michigan and his J.D. from De Paul University College of Law. Matthew E. Panush is a senior analyst with Worsek & Vihon. Prior to joining the firm, Matt spent 10 years in a similar role with the Cook County Board of Review. Matt was the head analyst for all condominium and residential properties during his tenure at the Board. He also adjudicated appeals of commercial, industrial and income-producing properties. In addition, he served as the community spokesperson for three commissioners, conducting more than 400 outreach seminars to assist and educate taxpayers on how to challenge their assessments if they were overvalued and not equitably assessed. For more information about superior property tax services, please contact your Stahl Cowen attorney or our real estate tax assessment coordinator, Melissa Lettiere, at or mlettiere@stahlcowen.com.