Indiana Board of Tax Review rules on application of new statute permitting use of comparable assessments to challenge a property’s value

Indiana Board of Tax Review rules on application of new statute permitting use of comparable assessments to challenge a property’s value

          Indiana Code § 6-1.1-15-18, added to Indiana law by P.L. 146-2012, provides that to accurately determine a property’s market value-in-use, a taxpayer or an assessing official may: (1) in a residential property proceeding, introduce evidence of the assessments of comparable properties located in the same … [Read more...]

Illinois District Court Finds that Fannie Mae, Freddie Mac, and FHFA Not Subject to Illinois Real Estate Transfer Tax

Illinois District Court Finds that Fannie Mae, Freddie Mac, and FHFA Not Subject to Illinois Real Estate Transfer Tax

On February 13, 2013, the Honorable Judge Kapala for the Northern District of Illinois partially granted declaratory judgment for Plaintiffs Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency ("FHFA"), entering judgment that Plaintiffs were exempt from Illinois real estate transfer tax by virtue of … [Read more...]