North suburban landlords slapped with big assessment hikes – Crain’s

The trend is unambiguous. Assessment hikes for commercial and industrial properties dwarfed increases for homes in every township. The total assessed value for all commercial and industrial properties in the eight townships rose 89.9 percent, to $5.89 billion, versus a 16.7 percent increase, to $8.0 billion, for residential, according to an analysis of data from the Assessor’s Office.

The big disparity has shifted the tax burden from homeowners to commercial landlords. Residential properties now account for 58 percent of total assessed values in the eight townships, versus 69 percent last year, according to the analysis. Commercial and industrial properties account for 42 percent, up from 31 percent previously.
5 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
Illinois Entrepreneur
4 years ago

I always laugh a little at articles like this. With Crain’s I can never tell if they are letting their inner Millennial socialist out to gleefully report a “stick it to the man,” story, or if they are genuinely concerned about the impact on business. The idea that the burden shifted to “commercial landlords” is absurd. Yes, in the short term there will be some small dollar amount that the landlord will have to eat, but as leases are up and renewed (usually 1, 2 and maybe even 3 year leases), guess who pays for those increases? The working guy/gal… Read more »

debtsor
4 years ago

“All you have in the end is a bunch of rentals that cost that much more for everyone. The landlord isn’t going to absorb any “shift,” whatsoever.”

Incorrect. If it’s too expensive, then renters will look in other parts of the county or leave the county entirely. So less demand for higher rents. It’s not socialist, its just renter unfriendly.

Illinois Entrepreneur
4 years ago
Reply to  debtsor

Not really. We’re not talking about pricing people out, just costing them more. It’s like the gas tax. Yes, there is some small coefficient of demand drop, but there will likely still be someone who will pay it. Less housing stock will be built to offset the lower demand. People live where their jobs are, unless you are retired. Are you going to go live in Kane County and work downtown? Maybe some will, but not renters. No, you’ll pay the extra hundred bucks a month in rent to live closer, which is what we’re talking about here. Long term,… Read more »

debtsor
4 years ago

“The big disparity has shifted the tax burden from homeowners to commercial landlords. ”

What a business friendly tax environment! This will certainly bring more businesses and investment to vacant strip malls, empty office buildings and idle commercial buildings all over Chicagoland!!

Who is responsible for this amazing thing?

debtsor
4 years ago

Be careful what you wish for, north shore progressives, because you might actually get it.

SIGN UP HERE FOR FREE WIREPOINTS DAILY NEWSLETTER

Home Page Signup
First
Last
Check all you would like to receive:

FOLLOW US

 

WIREPOINTS ORIGINAL STORIES

A statewide concern: Illinois’ population decline outpaces neighboring states – Wirepoints on ABC20 Champaign

“We are not in good shape” Wirepoints’ Ted Dabrowski told ABC 20 Champaign during a segment on Illinois’ latest population losses. Illinois was one of just three states to shrink in the 2010-2020 period and has lost another 300,000 people since then. Ted says things need to change. “It’s too expensive to live here, there aren’t enough good jobs and nobody trusts the government anymore. There’s just other places to go where you can be more satisfied.”

Read More »

WE’RE A NONPROFIT AND YOUR CONTRIBUTIONS ARE DEDUCTIBLE.

SEARCH ALL HISTORY

CONTACT / TERMS OF USE