Power outage forces closure of Illinois REALTORS® Springfield office on Wednesday

Source: Bigstock

A truck accident has taken down part of the downtown Springfield power grid and is forcing the closure of Illinois REALTORS® offices for the day.

The accident, which occurred just after 8 a.m., may take as long as seven to eight hours to resolve, officials say.

Calls to Illinois REALTORS®’ office will be returned Thursday. Messages can also be sent to info@illinoisrealtors.org.

 

REALTOR®-backed energy efficiency measure signed into law by governor

Gov. Bruce Rauner signed the Property Assessed Clean Energy Act (PACE) on Friday, providing property owners an innovative new way to help integrate energy-efficient upgrades into their commercial or industrial properties.

The PACE Act was a key effort of Illinois REALTORS® in the 2017 legislative session, and had passed the Illinois House and Senate with significant support.

The PACE Act allows a city or county to establish a clean energy program and create a PACE area by entering into a voluntary assessment contract with the property owner to finance or refinance energy projects. The repayment of the costs of the energy project are through assessments on the property.

Key safeguards are included in the bill, including:

  • There is a requirement that there be written consent of the existing mortgage holder,
  • Contractors agree to adhere to terms and conditions established by the unit of local government,
  • The property cannot have any delinquencies,
  • The owner must be current on all mortgage debt, and
  • The amount of the assessment in relation to the greater of the assessed value of the property or the appraised value cannot exceed 25 percent.

The act is limited to commercial or industrial properties. It does not apply to single-family homes.

 

State, local tax deduction loss would hit Illinois property owners hard

Source: Bigstock

Illinois homeowners would face a double hit if two key tax provisions are eliminated through a rewrite of the federal tax code, according to Illinois’ REALTORS®‘ Local Government Affairs Director Brian Bernardoni.

Brian Bernardoni

Already a point of discussion is the Mortgage Interest Deduction, which homeowners have enjoyed for decades. But the article in Crain’s Chicago Business notes eliminating the state and local tax deduction provisions would particularly hurt Illinoisans, and could send billions of dollars to the federal government.

Since Illinois has among the highest property taxes in the country, the loss of both the MID and the state and local tax deduction could really hurt.

Bernardoni, who also works with the Chicago Association of REALTORS®, said as much as $2.9 billion could go to federal coffers instead of staying in the state if the state and local tax provision was eliminated. In the article, he says:

On top of that, the mortgage interest deduction​ “is most valuable when you first buy your house and loses its value over time.” Because the early years of payments on a mortgage are mostly interest and little principal, the possible deduction is far larger then​ than in later years, as the interest portion of the payment diminishes and the principal part grows.

 

The state and local deduction, though, “gets more valuable over the years, as your home’s value appreciates and the taxes on it go up,” Bernardoni said. “That’s the one that will hurt more homeowners, including people who’ve already paid off the house but still get a property tax bill.”

 

New event launched for ABR® and SRS designees

ABR® and SRS designees are invited to an exclusive conference and networking event September 17-19 in Charleston, South Carolina.

RE:up is a new conference launched by The Real Estate Buyer’s Agent Council (REBAC) and the Real Estate Business Institute (REBI) exclusively for ABR® and SRS designees. Attendance is limited to 300. Register now to make the cut!

The registration fee includes valuable networking, two keynote sessions, 18 learning labs, an opening welcome reception, two continental breakfasts and two luncheons with speakers. See the full schedule here.