School funding bill and triennial assessments will have a huge impact on Chicagoans' property tax bills in 2018 and future years.

Cook County’s and the City of Chicago’s labyrinth of fees, taxes and tax categories continue to expand and another property tax hike is coming as a result of the school funding compromise bill, according to the Chicago Sun Times. For example, the bill allows Chicago’s Board of Education to increase the pension fund’s maximum property tax rate and, seeing as how Illinois property tax caps do not apply to this pension levy, property taxes increased by approximately $270 million in 2017 and 2018 could see an additional increase somewhere between $125 million and $148 million. Given the record setting tax increases to date, future property tax bills could be even higher if Chicago’s property tax assessments are increased and left unchallenged.

The timing of Chicago’s reassessment of property values and combination of property tax increases and ongoing external pressures, such as pensions and the growing use of the dark store theory by big-box retailers, will yield devastating property tax liabilities for everyone with an interest in real estate in Chicago.

Owners, managers and tenants must be especially vigilant for the Cook County Assessor’s reassessment notices, especially if the goals are lower property tax bills and achieving the highest and best use of the property. We have the wherewithal to ensure that your property’s revaluation is at its market value as well as its present-use value via an effective property tax appeal of the Assessor’s proposed assessed value.  

The failure to properly address your property’s factual situation creates an inaccurate valuation and a flawed, increased valuation creates higher property taxes, inequitable property tax burdens as well as serious constraints on the use of your property.

Read the entire articles published by the Chicago Sun Times:

Chicagoans face another big property-tax hit in new school deal – Read Article

Emanuel says property tax hike needed to avoid CPS ‘train wreck’ – Read Article

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