By Bill Cameron, WLS-AM News
(CHICAGO) More bad news about property taxes. The Daily Line is reporting that preliminary analysis of new property tax re-assessments in parts of north suburban Cook County will lead to big jumps in assessments.
We’re now beginning to see what reform in Cook County property tax re-assessments looks like. In Norwood Park Township, some commercial properties with apartments are set to rise by 76%, other commercial properties more than 30%. Homeowners face increases of about 25%.
It’s because new research indicates they’ve been significantly undervalued in the past.
Assessor Fritz Kaegi wants the legislature to compel commercial properties to report their rents and other income.
“Building owners see it’s more valuable to have certainty in the system than to have an uncertain, highly volatile assessment where sometimes they win and sometimes they lose.”
All of this determines a taxpayers SHARE of the property tax burden, which often means high property taxes.
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