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Commissioner George Cardenas Addresses Proposed Changes to ‘Apartment Tax Loophole’

Cook County Board of Review (BOR) Commissioner George Cardenas wants owners of mixed use properties to understand they have an avenue for ensuring their assessments are fair and accurate. “Concerning the reassessment of mixed-use properties, we at the BOR can address the impact on affected property owners.”

The recent closure of the so-called ‘apartment loophole’ has led to dramatic reassessments for numerous mixed-use properties (up to 400 percent), previously classified under Class 3-18, causing their assessed values to increase significantly. While the intention to ensure fair taxation across property types is understandable, the resultant spike in assessments has caused considerable concern among property owners and tenants alike.

To mitigate these effects, Cardenas and the BOR are undertaking an outreach campaign to affected taxpayers to ensure mom-and-pop businesses know their options.

Cardenas says, “It is crucial that all affected property owners are promptly informed about their right to appeal these new assessments. By appealing with the appropriate documentation, property owners often see significant adjustments from the Assessor’s proposed Assessed Values. The main adverse effects of these reassessments will occur if property owners are not made aware of these changes or if they fail to take action. Therefore, proactive communication from County offices is essential to ensure that all affected parties are fully informed and able to respond effectively.

Cardenas says, “The shift in policy, while aimed at addressing disparities, should not lead to undue burden on any group of property owners and must generate fair and accurate assessments. By taking these steps, we can ensure that the transition to the new assessment system is as fair and smooth as possible. We owe it to the taxpayers of Cook County to provide clear guidelines and robust support during these changes.”

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