According to the article, “In Barrington Hills, the median residential property tax bill for Cook County homeowners is nearly $537 lower than last year, but almost 77% of the homeowners there are paying more in property taxes than they did last year.”
Nearly 80% of all commercial property owners in Cook County received higher property tax bills this year, while 50% of homeowners saw their taxes increase.
A representative of building owners said the gap isn’t fair. But a spokesman said the Cook County assessor’s office is correcting for widespread underassessment of commercial property in the past.
“It just doesn’t make any sense,” said Farzin Parang, executive director of the Building Owners and Managers Association of Chicago. “This shows to us how the assessor is putting his thumb on the scale and not on market data.”
According to a new report being released today by the property tax research unit of Cook County Treasurer Maria Pappas’ office, property owners in Cook are paying $534 million more in property taxes this year combined over last year, a 3.4% increase.
The report also shows that 50.5% of residential properties in the county received higher tax bills, while 78.5% of the county’s commercial property owners were charged more this year.
Of the additional property tax revenue generated, $410 million is coming from commercial owners, while $114 million is due to increases on residential property owners. The remaining $10 million is coming from other types of properties.
Read more here.
The commercial property owners are the rich, dontcha know? Democrats ard ignorant to the fact that when costs increase prices must also be raised or their enterprise will fail. Could this be because Democrats have very little experience in capitalist endeavors ?