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Higher tax bills cometh for commercial landlords in south, west suburbs
$5B commercial property assessment for area was 56% higher than in 2019
Cook County Assessor Fritz Kaegi continues to draw the ire of commercial landlords as he released higher assessments for properties in the south and west suburbs. Higher taxes will likely follow.
Kaegi increased the total assessment on commercial properties to $5.3 billion in the south and west parts of the county, according to Crain’s, citing data from the assessor’s office. That amounts to a 56 percent overall increase from 2019.
Meanwhile, Kaegi’s assessment on residential property values in the south and west suburbs only increased by about 8 percent to $8.4 billion.
Last year, Kaegi increased the total commercial assessed values in the northern suburbs by about 77 percent, while residential properties only rose by 14 percent.
The numbers reflect a changing dynamic since Kaegi took office in 2018, with the mission to increase transparency around property tax assessments.
Kaegi’s new valuations mean nonresidential properties in the south and west suburbs account for about 38 percent of the total assessed value, according to Crain’s. That is an increase from 30 percent last year.
The tax burden on residential properties in that area has decreased under Kaegi. Residential properties account for 62 percent of the assessed value in the area, a drop from 70 percent in 2019. Some of the decline was a result of Covid-19, which caused Kaegi to lower assessed values of single-family homes and condominiums. [Crain’s] — Keith Larsen