Commercial property owners in Cook County are being saved by the Board of Review from higher assessments made by Fritz Kaegi, the county’s assessor. Seven of the 13 northern townships in the county are having assessed values cut on commercial and industrial properties, removing $1.54 billion in value.
Apartment, industrial, retail and other commercial building owners will benefit from this 32% reduction likely pushing more of the tax burden on to homeowners. According to The Real Deal, retired county clerk David Orr told Crain’s that thousands of homeowners will have to pay “considerably more than they should because of the Board of Review.”
Kaegi’s predecessor was known to under-assess commercial properties leading to the initial 98% increase in value from 2018 to 2019 in these seven townships.
To read the full article from The Real Deal, click here.