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CushWake: Higher Cook County Assessments Less Impactful Than Expected
Commercial property owners in Cook County have been bracing for higher tax bills – the expected outcome of a three-year reassessment led by newly- elected Assessor Fritz Kaegi, who won on a reform agenda. However, a new report from Cushman & Wakefield says the increases may not be as significant as some have feared.
“With recent commercial property reassessments coming in very high, our clients are understandably concerned about how a dramatic increase in tax liabilities might affect the long-term value of their investment,” said Cushman & Wakefield vice chair Paul Lundstedt.
“But as this guide shows, a higher assessed value doesn’t necessarily translate to a higher tax bill,” he continued. “In fact, because the tax rate is likely to fall as assessments go up, some buildings may not see any tax increase and perhaps a tax reduction.”
An update to the report will be published at mid-year.
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