Chicagoland mansion owners won’t get the tax breaks they were promised

Chicago /
Dec.December 02, 2019 11:42 AM
Cook County Assessor Fritz Kaegi and a Winnetka mansion (Credit: Cook County and Redfin)

Cook County Assessor Fritz Kaegi and a Winnetka mansion (Credit: Cook County and Redfin)

In the end, Cook County Assessor Fritz Kaegi won’t deliver a promised property tax break for the homeowners of hundreds of luxury homes built on floodplains.

Ever since Kaegi took office in April, he’s been adamant about reforming the property tax system in Cook County. Included in his proposed plan was requiring property owners to report their income and reassessing property values.

But over this summer, the assessor’s office did not use floodplain data in the computer model for New Trier Township, though it did weeks later for other townships. To rectify the issue, Kaegi said he would apply a rarely-used legal procedure called a Certificate of Correction to correct previous assessments of the 1,136 homes in New Trier, some of Chicagoland’s priciest real estate. Re-assessments in New Trier were projected to reduce values by 19 percent.

The majority of homes affected were luxury properties in Winnetka valued at over $1 million. The proposed changes would have trimmed $31 million off their assessments, and additionally would have cut millions off their taxes for the next few years.

But despite his promise in a letter he sent three months ago, his office never filed for the tax relief for the nearly 1,100 homeowners. In a statement his office released Tuesday, he blamed the Cook County Board for the Review reversal but also admitted to never formally applying for the tax relief.

Scott Smith, Kaegi’s spokesperson, said in a statement Tuesday, “We had several meetings and conversations with the Board of Review about intention to issue Certificates of Correction for assessments of properties in floodplains. At the conclusion of these meetings, the Board of Review said they would not process the Certificates and would prefer the issue get resolved during their appeals process.”

But William O’Shields, the Board of Review’s chief deputy commissioner said they he denied Kaegi’s approach based on procedural grounds, the Chicago Sun-Times reported. [Sun-Times] — Jacqueline Flynn


Related Articles

arrow_forward_ios
Toni Preckwinkle (Getty)

Cook County provides $1M to limit evictions, foreclosures

Cook County provides $1M to limit evictions, foreclosures
Fritz Kaegi

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

Higher tax bills cometh for commercial landlords in south, west suburbs
1247-1249 W. Madison Street (Photos via @properties)

Dwelle Properties pays $33M for West Loop mixed-use complex

Dwelle Properties pays $33M for West Loop mixed-use complex
Plaza on DeWitt, 260 E. Chestnut Street

Downtown condo ponders mask mandate, big penalties

Downtown condo ponders mask mandate, big penalties
Homebuyers have flocked to Bronzeville (Credit: Google Maps)

Chicago homebuyers head to Bronzeville for more space

Chicago homebuyers head to Bronzeville for more space
Penny Pritzker and North Kenmore Avenue (Credit: Google Maps)

Office of Penny Pritzker picks up Lincoln Park mansion

Office of Penny Pritzker picks up Lincoln Park mansion
211 N Harbor Dr in Lakshore East (Redfin; iStock)

Supply glut may set downtown home market back a year

Supply glut may set downtown home market back a year
Robert Reffkin and Fran Broude (Getty, Linkedin, iStock)

Compass taps ex-Coldwell exec to oversee Chicago growth

Compass taps ex-Coldwell exec to oversee Chicago growth
arrow_forward_ios

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

Loading...