The Chicago Bears’ potential move to Arlington Heights got a little more complicated after the Cook County Assessor hiked the assessed value of the team’s newly acquired land, meaning their property tax bill could be headed for a major increase.
“Whenever a taxpayer disagrees with that value, they have the opportunity to appeal,” said Cook County Board of Review Commissioner Samantha Steele. She noted that an area school district is also intervening in the appeal, presenting an appraisal of the property at $150 million.
“The taxpayer will present why they think that their value should be what they're asking for. And then the Assessor will present why they set their value and then the intervener will present their evidence, and so the commissioners will review that evidence, and their commissioners’ staff, and then make a determination based on the evidence that was submitted,” Steele explained.
“Paying property taxes is part of being a member of the community. We want to pay our fair share,” the Bears said in a statement. “But the proposed assessment of the unoccupied property we purchased, and the taxes associated with it, would be more than five times what the property generated when it had an income-producing racetrack operating on it. Arlington Park would not be redeveloped by anyone at such an excessive property tax rate.
As the team pushes for that in Springfield – currently a seemingly stalled effort – this latest move may drive up their costs of owning the land well before they begin any sort of potential development.
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