Project Description
Industrial/Flex Property
105-195 W. Central Road Schaumburg, IL (Cook County)
Reduced real estate taxes by $400,000 over 3-year period (47% annual reduction).
- Obtained reductions based on its vacancy despite strong leases & high pro forma income
Nikos Tsonis appealed the assessment of the 60,000 SF industrial/flex building known as the Schaumburg Tech Center.
Nikos reduced the property’s assessment based on the excessive vacancy while arguing that the strong leases and high potential income should not determine the property’s value. Instead, the property’s assessment was determined based on the excessive vacancy compared to other similar buildings in the market.
The property’s taxes were reduced by 47% per year over a 3-year period, resulting in aggregate real estate tax savings of over $400,000.