Chicago Property Tax Assessor Fritz Kaegi on Valuations – Urban Land

"A struggling downtown Chicago office market complicates assessment calculations because there aren’t many transactions to compare. Last year, fewer than five large office buildings in Chicago were sold—and at losses ranging from 50 to 90 percent, according to the Building Owners and Managers Association of Chicago. Meanwhile, vacancy in Chicago’s central Loop submarket rose to 26.59 percent in 2023, up from 24.75 percent in 2022, according to Stone Real Estate Corp."
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Fed up neighbor
2 years ago

This property tax fiasco in Illinois needs to have the plug pulled on it needs a total revamp and restart, unfortunately there is no intelligent life form in Illinois politics that can fix it

Streeterville
2 years ago

Following assessor’s policy of using comparable sales to determine tax-assessment valuations for properties, then logically Kaegi would be compelled to utilize recent downtown office building sales, even if realized sale-price was drastically-lower than prior comps used for previous reassessments. Kaegi finds himself in a difficult predicament. If assessment valuations previously dramatically increased to reflect recent sale comps, then new assessment valuations must reflect dramatically decreased new sale comps. Oops.

Ataraxis
2 years ago
Reply to  Streeterville

Won’t be difficult for Fritz. He will follow the Marxist path like the good little Party member that he is.
Raised in Hyde Park, lives in Oak Park, next stop Gorky Park.

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