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Report: Commercial Properties Underassessed in Cook County
The Cook County Property Tax (PTAX) Reform Group, in collaboration with Josh Myers Valuation Solutions, has released a comprehensive study on commercial property valuation practices in Cook County.
The study focused on the processes, practices and outcomes of commercial valuation, and the findings highlight significant issues with current property tax assessment practices.
“This study underscores the urgent need for reform in how we assess commercial properties in Cook County,” said Cook County Board President Toni Preckwinkle. “My administration will use these findings to further address the systemic, long-standing challenges in our property tax system – challenges that have persisted for decades.”
The Building Owners and Managers Association of Chicago (BOMA/Chicago) agrees with the study’s conclusion that property tax reform is necessary, said Farzin Parang, Executive Director of the Building Owners and BOMA/Chicago, in a statement. “Reform should include changes to Cook County’s unique classification system that assesses commercial properties at 250% the rate of residential properties.”
