In response to a complaint filed by PTCA’s tax attorney with the Law Offices of Terrence Kennedy, the Cook County Board of Review reduced the 2024 tax assessments for all units at Park Tower by approximately 2%.

This reduction in the triennial property tax valuations is expected to result in a savings anywhere from about $53 to $263 per unit per year; and that is calculated based on each units percentage of ownership. All owners should notice the reduction on their 2nd installments for the 2024 tax bills which are expected in Fall 2025.

The best way to see this is to put the tax bills side to side and compare the “assessed value” on the 1st installment, against that of the 2nd installment (once you have it). This rarely – and very likely – does not mean your total tax bill for 2024 is going down. However, it does mean every owner will be paying that much less (somewhere between $53 and $263) than they otherwise would be.

The result of 2% is far less than the success we’ve achieved in the past, but it does not come as a huge surprise. The primary reason we believe, is the overall property values. Having been modestly on the rise over the last three years, our attorney was not able to make as strong a case for a reduction as they have in the past.

Once you receive your 2nd Installment 2024 Property Tax Bill, this Fall, if you suspect any problem or have any questions I would be very happy to take a look. You can drop a copy off at the office, or send it to me at tpatricio@habitat.com. If I am able to answer the question I will, and if necessary the Association’s attorney will take a look at it.

All owners are encouraged to review their Tax account history and overview. The best way to do this is to visit the Cook County Treasurer’s online platform, Click Here. All you need is your PIN# (property identification number), which you can find on your tax bill or closing documents. If you can’t find your PIN number, feel free to let me know and I will get it to you, E-mail Me.