Project Description
Bank Branch
6335 N. Western Avenue Chicago, IL (Cook County)
- Obtained tax savings & refunds of nearly $400,000 over 8-year period.
- Identified refund opportunities for current owner based on bank merger.
Nikos Tsonis was retained to evaluate and appeal the assessment of a 9,140 SF commercial bank building utilized by Hanmi Bank.
Nikos was able to reduce the 2015 assessment of this branch by 38%, despite the fact that it is a recently-constructed building with high-quality amenities located on a main arterial. Additionally, because the bank had been acquired in a merger (and previously from an FDIC-ordered transfer), Nikos studied the merger and transfer documents and determined that the current owner was entitled to refunds in prior years – even though they were not the title holder during that time period.
Nikos obtained refunds for 2010-2014 totaling $225,000 and reduced the property’s taxes in the 2015-2017 triennial period by more than $170,000.