Project Description
Hospital Professional Buildings
3-Property Portfolio Joliet, IL & New Lenox, IL (Will County)
- Reduced property taxes over a 4-year span by more than $365,000.
Separated business/intangible value from real property value.
Nikos Tsonis was appealed the assessments of three hospital professional buildings totaling 88,000 SF affiliated with Silver Cross Hospital.
Nikos argued that the benefit of association with the hospital should not be attributable to the properties’ real estate value. The properties’ assessments were argued with multiple township assessors and reductions were obtained based on income & market analyses.
The portfolio’s property taxes were reduced by an aggregate of more than $365,000 over a 4-year period.