Chicago & Midwest + Downtown + Finance | July 2, 2021

ULI Chicago Advocates Standardized Valuation Process for Taxation

ULI Chicago has released recommendations to encourage the creation of a standardized valuation process in the city.

Working in partnership with the City of Chicago and the Cook County Assessor’s Office, ULI Chicago convened a group of experts which reviewed the Illinois Department of Revenue Sales Ratio Studies and other sources and constructed a hypothetical scenario of what the fair assessment and taxation might have looked like and how it might impact different property types

Achieving consistency and transparency in taxation will require “a partnership of multiple governmental authorities including the Assessor’s Office, the Board of Review, and Cook County to then examine whether the resulting assessments were consistent with broader goals of fairness, economic competitiveness and other issues affecting investment and development in our region,” said Property Tax Incidence Task Force chair Steve Friedman and ULI Chicago chair Keith Largay.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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