Donald Trump is owed $1M tax refund on Chicago skyscraper

State says former president overpaid on Trump Tower’s hotel, retail portions; Cook County filed suit to block payment

Chicago /
Aug.August 02, 2021 10:28 AM
Donald Trump and the Trump International Hotel & Tower in Chicago (Getty, iStock)

Donald Trump and the Trump International Hotel & Tower in Chicago (Getty, iStock)

 

Donald Trump has received a rare tax ruling in his favor.

The Illinois Property Tax Appeal Board said the former president should receive a $1.03 million refund for overpaying on a 2011 tax bill at the hotel and long-vacant retail portions of Trump International Hotel & Tower in Chicago, according to the Chicago Sun-Times.

That order is based on a decision that the Cook County Board of Review overestimated the combined value of those portions of the skyscraper, according to the report.

The refund would come out of property taxes for Chicago and several government agencies. But it’s not clear when Trump will see the money because Cook County State’s Attorney Kimberly Foxx filed suit with the Illinois Appellate Court to block the refund.

Trump initially claimed the thousands of square feet of vacant storefront at the tower along the Chicago River had no value and thus no taxes were owed. The state agency denied his argument but on June 2, the board unanimously ruled to reduce the commercial property assessments on the building, triggering the refund.

In 2018, a hearing officer for the board said Trump wasn’t due a refund because his team couldn’t prove the overvalued assessment. A new report afterward, however, argued that Trump was owed the money, though action wasn’t taken during his presidency.

In a separate case, the Department of Justice last week ruled that the Treasury Department had to hand over to Congress Trump’s tax returns. And in an ongoing probe, prosecutors in New York have accused the Trump Organization of systematically cheating on taxes.

[Sun-Times] — Holden Walter-Warner






    Related Articles

    arrow_forward_ios
    Workforce recovery grants set to help Illinois businesses recover
    Workforce recovery grants set to help Illinois businesses recover
    Workforce recovery grants set to help Illinois businesses recover
    Chicago industrial real estate sales far outpace 2020 figures
    Chicago industrial real estate sales far outpace 2020 figures
    Chicago industrial real estate sales far outpace 2020 figures
    E-commerce, logistics deals drive demand for Chicago industrial market
    E-commerce, logistics deals drive demand for Chicago industrial market
    E-commerce, logistics deals drive demand for Chicago industrial market
    Guinness picks Chicago as location for second US brewery
    Guinness picks Chicago as location for second US brewery
    Guinness picks Chicago as location for second US brewery
    Kaegi’s higher property assessments shock Chicago landlords
    Kaegi’s higher property assessments shock Chicago landlords
    Kaegi’s higher property assessments shock Chicago landlords
    Hilton Chicago Magnificent Mile Suites and Procaccianti Companies CEO James Procaccianti (Facebook, Procaccianti)
    Hilton Chicago Magnificent Mile transferred to lender amid pandemic struggles
    Hilton Chicago Magnificent Mile transferred to lender amid pandemic struggles
    Greystar buys site earmarked for 20-story West Loop tower
    Greystar buys site earmarked for 20-story West Loop tower
    Greystar buys site earmarked for 20-story West Loop tower
    Elk Grove Village to get $1B data center project
    Elk Grove Village to get $1B data center project
    Elk Grove Village to get $1B data center project
    arrow_forward_ios

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

    Loading...