New Cook County assessor wants commercial property owners to submit income data

On his first day in office, Fritz Kaegi proposed a number of reforms

Chicago /
Dec.December 04, 2018 09:00 AM

Fritz Kaegi (Credit: iStock)

The new Cook County assessor wants commercial property owners to submit income data each year for his office to review when considering property tax assessments.

Fritz Kaegi, who unseated longtime assessor Joe Berrios in the March primary and won the general election last month, also said he would not accept campaign contributions from any appraiser or law firm that does business with the office, according to Crain’s.

Kaegi’s proposed reforms came after a swearing-in Monday that also included a promise to bring in the International Association of Assessing Officials to audit the office.

The proposal to require income information from commercial property owners would require action by the state Legislature. Kaegi’s office said his plan would require the filing of portions of the owners’ income tax returns, including Schedule E, which reports on supplemental income or loss from business activity.

More immediately, Kaegi issued an executive order banning all gifts to staffers from those seeking favorable action from the office, requiring all staffers to disclose properties in which they have an economic interest and banning the use of family connections and political considerations in hiring. Berrios was frequently criticized during his tenure for hiring his family members.

Berrios’ loss to Kaegi in the primary left commercial property owners wondering whether a property tax reckoning is on the horizon, after several reports leading up to the election showed Berrios’ office routinely valued large properties at far less than what they had sold.

A number of neighborhoods and suburbs are already seeing large increases in their property assessments after Berrios’ office revamped the system in light of the criticism. [Crain’s] — John O’Brien


Related Articles

arrow_forward_ios
Berkadia CEO Justin Wheeler with Moran & Co.'s Tom Moran (Getty)

Berkadia picks up longtime multifamily brokerage

Berkadia picks up longtime multifamily brokerage
The owner of Johnny’s IceHouse East wants to sell the 50,000-square-foot building. (Johnny's IceHouse via Facebook, iStock)

No more ice ice, baby: Indoor skating rink hits market as redevelopment opportunity

No more ice ice, baby: Indoor skating rink hits market as redevelopment opportunity
1919 North Howe Street (Photo via Realtor)

12K sf Lincoln Park mansion sells for $12M

12K sf Lincoln Park mansion sells for $12M
1917 North Howe Street (Google Maps)

Lincoln Park mansion sells for record-breaking $11.9M

Lincoln Park mansion sells for record-breaking $11.9M
110 North Carpenter Street and 333 South Wabash Avenue (Sterling Bay, Shvo)

Here are Chicago’s 10 biggest investment sales of 2020

Here are Chicago’s 10 biggest investment sales of 2020
TTX Company CEO Thomas Wells and 101 North Wacker Drive (Google Maps)

Off the rails: Freight train provider lists West Loop HQ for sublease

Off the rails: Freight train provider lists West Loop HQ for sublease
An aerial of the 3.3 acre lot in Winnetka (Google Maps)

Lake Michigan lot to sell for record-breaking $24M

Lake Michigan lot to sell for record-breaking $24M
203 Sheridan Road (Redfin)

Here are Chicago’s priciest residential sales of 2020

Here are Chicago’s priciest residential sales of 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...