Tax assessments soar for Evanston apartment buildings

Chicago /
Apr.April 15, 2019 04:00 PM

Fritz Kaegi with Amli Evanston (Credit: Facebook)

Some high-end Evanston apartment buildings saw their tax assessments more than double this year, fueling fears new Cook County Assessor Fritz Kaegi could send commercial property taxes through the roof.

In the first round of assessments since Kaegi took over in December, his office valued the 214-unit Amli Evanston at $74.5 million, nearly three times the 2018 assessment of $25.7 million that had been set by Kaegi’s predecessor Joe Berrios, according to Crain’s.

The 80-unit Central Station apartment complex in Evanston saw its assessment leap from $14.9 million to $31.6 million during the same period. Assessments for the E2 and Main Station apartment buildings also saw their assessments more than double.

Kaegi said he arrived at the higher assessments because he assigned the buildings sharply lower capitalization rates, a metric that corresponds inversely to a building’s value.

In an interview with The Real Deal on Friday, Kaegi said he believes the new cap rates are more accurate than those estimated under Berrios’ leadership. He also said higher assessments don’t necessarily equate to higher taxes, since they’re only one part of the formula for calculating tax bills.

Still, the owners of buildings like Amli Evanston and Central Station said the higher assessments might force them to raise rents.

Property owners in Evanston Township were the first in Cook County to receive their assessment notices this spring. Notices since have been mailed in the Oak Park, New Trier, Palos and Cicero townships, according to the assessor’s website. Taxpayers can appeal their bills to the assessor’s office and to the Cook County Board of Review. [Crain’s] Alex Nitkin

 

Related Articles

arrow_forward_ios
Fritz Kaegi

Higher tax bills cometh for commercial landlords in south, west suburbs

Higher tax bills cometh for commercial landlords in south, west suburbs
Liberty Mutual at 27201 Bella Vista in Warrenville (Google Maps)

Chicago’s Q3 suburban office market hits highest vacancy in decade

Chicago’s Q3 suburban office market hits highest vacancy in decade
Mayor Lori Lightfoot (Getty, iStock)

Lightfoot to propose $94M property tax hike

Lightfoot to propose $94M property tax hike
Brian Whiting, CEO of Telos Group, and the Old Post Office (Credit: Google Maps)

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world
Cars.com CEO Alex Vetter and the building (Credit: Google Maps)

Cars.com wants to shrink its space at West Loop HQ

Cars.com wants to shrink its space at West Loop HQ
Thor Equities’ Joseph Sitt and Palmer House Hilton at 17 East Monroe Street (Google Maps)

Thor’s Palmer House hit with $300M+ foreclosure suit

Thor’s Palmer House hit with $300M+ foreclosure suit
Cook County Assessor Fritz Kaegi and downtown Evanston

Cook County landlords get bad news about 2020 taxes

Cook County landlords get bad news about 2020 taxes
Cook County Assessor Fritz Kaegi

Kaegi to slice assessments by up to 12% on certain condos and apartments

Kaegi to slice assessments by up to 12% on certain condos and apartments
arrow_forward_ios

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

Loading...