Those numbers will play a key role in how second-installment property tax bills β which will land later this year β will be calculated. But taxpayers β including many who own high-value trophy properties in the Loop β often contest the values Kaegi sets with the three-member board.
Appeals there are ongoing, and the highest-value ones have a good chance of success. The northern suburbs saw record hikes in as well. For years, the two offices have disagreed about how best to value commercial properties. In the suburbs, the Josh Myers study found board appeals knocked overall commercial values down too low.
It also found Kaegi set commercial building values in Chicago too high compared with their sale price. Appeals brought them closer to their market values. Several other factors will affect bills, property tax levies chief among them. While the city of Chicago and Cook County have not significantly raised their property tax levies in recent years, Chicago Public Schools have. Supporters have floated several forms of a circuit-breaker program in recent months.
Most involve a rebate or credit to low- or fixed-income homeowners who see their property tax bills rise above a certain percentage. Desmon Yancy, 5th, and Ald.
Mike Rodriguez, 22nd, joined suburban mayors from Hazel Crest, Burnham and Dixmoor at the news conference, saying quickly rising tax bills for low- and fixed-income homeowners are becoming unsustainable. We want to be on the vanguard of preservation. Quig aquig chicagotribune. More in Politics.
