Chicago’s Tax Burden Shifts to Commercial Properties
Oh wow! Here come the taxes!
Cook County, under the direction of County Assessor Fritz Kaegi, is sending out the tax bills now, and owners of commercial properties will not be happy; but homeowners will be.
As widely expected, Kaegi has shifted the county’s tax burden from residential to commercial properties. Last year, commercial landlords in north suburban Cook were stunned by big assessment hikes, much bigger than the increases for homeowners.
The average residential property tax bill in municipalities in north and northwest suburban Cook rose just 1.1% from 2019. The average bill for commercial and industrial properties rose a whopping 15.8%!
Dave Smolensky, a spokesman for “Renew Cook County,” a commercial landlord-backed group calls the tax hike, “Unsustainable.”
The battle with Kaegi rages on… Stay tuned!
Read on HERE
Mr. Willig engages and coordinates a professional team of real estate brokers, general contractors, leasing agents, and property managers in order to rehabilitate, lease and maintain the properties he acquires for SpringView Investments. He has over 20 years of finance and accounting experience.