Commercial landlords in north suburban Cook County will shoulder more of the county’s tax burden when they pay their property tax bills next year.
Cook County Assessor Fritz Kaegi recently wrapped up the reassessment process for the county’s northern suburbs, and the results confirm what many landlords had feared. Elected on a reform agenda last year, Kaegi has placed much higher values on office, apartment and other commercial properties than did predecessor Joseph Berrios. Many landlords are bracing for big tax hikes as a result.
The total assessed value of all commercial and industrial real estate in north suburban Cook rose 74.4 percent from 2018, according to an analysis of data from the assessor’s office. That’s almost five times the 15.6 percent increase for all residential property in the north suburbs. Read more here at Crains Chicago Business.