As previously reported, the Association is pursuing an appeal of the triennial property tax valuations. According to the county, everyone’s property values have gone up by about 28% in the last 3 years. Which we know is not true based on easily attainable facts – such as what units at Park Tower and surrounding buildings have been selling for. The Association’s tax attorney is fairly optimistic we will get that figure reduced.
We DO NOT expect to reverse it, such that there will be a decrease in the scheduled values. But the increase should get a pretty good hair cut, so to speak. And that would result in savings for owners, based on what they otherwise would have paid.
However, all signs this time around point to other variables having a greater impact on how much owners pay for property taxes. The triennial valuations being appealed are just one component. Our friends in City Hall and at the County have more direct control over others. And the outlook, anecdotally, is bullish.
We will keep Owner’s informed on the progress of the appeal. In the mean time, here is a link to a great article in Crain’s, and how they feel about where Property Taxes are going:
“What Emanuel Must do Before Hiking Property Taxes
By CRAIN’s Editorial Board
Rahm Emanuel likes to say that before hitting up Chicago businesses and residents for more money, he has done everything possible to cut spending. To a point, he’s right. Over his first term, the number of city employees dropped by nearly 7 percent.
But the mayor has a lot more to do before proposing a $500 million property tax increase—the largest in Chicago history—on top of a slew of other revenue-raisers, including a fee on single-family homeowners for garbage pickup…. Click Here For Full Article.”