Home Business Small Business Owners Say Soaring Property Tax Assessments Could Put Them Out...

Small Business Owners Say Soaring Property Tax Assessments Could Put Them Out of Business | Chicago News

2

Property tax assessments are out Tuesday for much of the North Side of Chicago, and they show a 14% rise in assessments for residential properties, and nearly 50% for all other properties, most of which are commercial.

The amount of property taxes one pays is based on the assessment from the Cook County assessor, and higher assessments usually translate into higher property taxes.

When running for election, then-candidate but now Cook County Assessor Fritz Kaegi vowed to fix what had been widely regarded as a broken and regressive assessment system under his predecessor Joe Berrios.

Under Berrios, the assessment system was criticized for undervaluing commercial and high-end residential real estate, effectively shifting part of their tax burden onto the owners of more modest homes.

Reforming that system has meant some big increases for business owners who say the soaring assessments and the impact of the COVID-19 pandemic may be a double-whammy their…

Click here for full article…news.wttw.com