Jonathan, the founder of Quality Builders, emphasized the importance of networking and education for success. Jimmy from Sarnoff, Sarnoff, Sarnoff, and Sarnoff shared his firm's expertise in property tax law across various asset classes in Illinois. Quality discussed the complexities of predicting property tax costs due to the system's intricacies and varying rates. He explained the assessment process, where properties are assessed at 10% of their market value and reassessed every three years. Quality mentioned his company's residential appeal service and highlighted the importance of data quality for successful appeals. He differentiated his firm's contingency fee model from non-lawyer companies and emphasized their ability to handle complex cases through various appeal channels.

Quality discussed the assessment process for vacant land, commercial, industrial, and residential properties. They explained that vacant land is assessed based on land value, while commercial and industrial properties are assessed at 25% of market value, and residential properties at 10% of market value. For properties with 6 units or less, the assessment is based on uniformity, while for properties with 7 units or more, the income of the property is considered. Quality also clarified that vacancy relief is only granted for one year and must be re-proved annually. They further discussed the difference between residential and commercial properties, the process of adding a unit to a property, and the subsequent tax implications. Quality also explained the concept of cap rates and how they vary depending on the age and location of the building. They emphasized the importance of understanding the worst-case scenario for property taxes before making a decision. Lastly, they clarified that the assessor values the property based on its hard features, such as the frame, brick, and number of bedrooms and bathrooms, rather than the personal property within.

Quality explains the process of property tax appeals and assessments in Cook County. He emphasizes understanding the assessed value before purchasing a property, as the assessment can be used for negotiation and appeals can significantly reduce taxes. Quality discusses the appeal process, which involves the Cook County Assessor, Board of Review, and PTAB, potentially taking up to 3 years for relief in the form of a refund. He also covers various exemptions available to property owners and how to apply for them.

Jonathan, the founder of Quality Builders and host of the Chicago Quality Investors Meetup, expressed his gratitude for everyone's attendance and emphasized the importance of in-person connections for success. He also encouraged attendees to take action and not get stuck in analysis paralysis. Jimmy, a partner at Sarnoff, Sarnoff, Sarnoff, and Sarnoff, shared his background in property tax law, having worked with his father for 21 years. He highlighted the firm's focus on all types of asset classes and their extensive experience in the State of Illinois. Jonathan also reminded attendees of the importance of networking and education in achieving success.

The team discussed the need for a more comprehensive and detailed approach to their project, with a focus on the importance of understanding the customer's needs and pain points. They agreed on the necessity of a more structured and organized process, with clear roles and responsibilities assigned to each team member. The team also emphasized the importance of effective communication and collaboration to ensure the project's success. They ended the conversation with a commitment to work on these aspects and reconvene to review progress.

Jonathan, the founder of Quality Builders, expressed gratitude to the attendees and the venue host, Imran Khan. He encouraged networking and real estate investing, and promoted donating to the True Value Boys and Girls Club's Youth of the Year program. An attendee, Jones, expressed his desire to transition from working for investors to owning his own properties, and Jonathan offered him advice and a book. Jonathan also introduced Jimmy Sarnoff, who specializes in property tax appeals. Quality Builders, a 38-year-old company based in Chicago, specializes in handling various asset classes, including commercial, industrial, and residential properties across Illinois, with a focus on Cook County.

Quality, the managing partner of a family-owned law firm, shared his experiences of working with his father, emphasizing the importance of learning every aspect of the business. He also discussed the changes in the tax business over the past 21 years, particularly in the Cook County assessor's office, and highlighted the three levels of appeals available for property tax disputes. Quality noted that the transparency and predictability of property tax evaluations have decreased, making it more challenging to estimate future tax liabilities. He also introduced the residential appeal website, houseappeal.com, for those seeking to appeal their property tax assessments.