Property Taxes

Following the election of a new Cook County Assessor in 2018, legislation was introduced to alter how property taxes are assessed in Cook County and would be made as an opt-in for other counties in Illinois. Among the various proposals, included requirements for commercial property owners to provide income and expense data.

While legislative negotiations stalled in 2019 and were held up by the COVID-19 pandemic in 2020, similar legislation is expected in 2021, likely to include the targetting of income-producing commercial property.

Income-Producing Property Assessment Background

Income-Producing Property Assessment Opposition

By Danny Ecker for Crain's Chicago Business - May 30, 2019
By Alby Gallun for Crain's Chicago Business - Oct. 16, 2019