Assessment reforms shifted the tax burden to commercial real estate -- but the Board of Review undid that, Kaegi contends.
The setting sun colors clouds over a row of bungalows in the 4000 block of West 56th Street in Chicago in February. Assessor Fritz Kaegi's office says commercial property appeals have blunted his efforts to shift the tax burden from homeowners.
finding that homeowners in the city are bearing more of the tax burden this year compared to last, pointing the finger at the Board of Review.“Assessment reductions at the Board of Review shifted a substantial amount of Chicago’s assessed value back onto residential property owners and reduced the tax burden for commercial property owners,” the report said.
Kaegi and members of the Board of Review have sparred throughout his tenure, including over who deserved the blame for this year’s late property taxes. After a monthslong delay, the second installment bills — with potential sticker shock as the 2021 reassessments in Chicago kicks in — areThe Board of Review is where property owners dissatisfied with the Assessor’s numbers can make their case that their property is worth less, and in turn, reduce their final bill.
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