Cook County commercial, industrial and apartment properties owners may have noticed some significant changes in their property assessments that were recently released by Assessor Fritz Kaegi. A shocking increase of more than 74% in valuations have caught the attention of area business owners.
According to an article published by the Chicago Tribune, “…the result may be a significant shift in how the property tax burden is divided up — with homeowners paying less and business owners paying more. A Tribune analysis shows that if Kaegi’s initial property values stand, businesses would pick up 44% of the combined taxes in those suburbs next year, up from 34% this year. That would shift 10 percent of the property tax burden from homeowners to businesses.”
However, business owners are concerned that the result will cause a slowdown in the sales of these types of properties in Cook County. In fact, some business owners have threatened, if the assessments stand, to relocate out of Cook County. “Even as business owners experience assessment sticker shock, Kaegi explained that it’s his job to accurately determine the current market value of properties so each owner is facing his or her fair share of taxes, under rules set by the state and county” according to reporter Hal Dardick,
Read the entire article.