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Article Excerpt
CITY LAND VALUES UP, MANY FACE TAX RISE
In news likely to mean a big tax hike for some landowners, Chicago's property tax base leapt approximately 21%-the largest jump in any reassessment period ever here-according to new figures being released by Cook County Assessor James Houlihan. The assessed value of all property in the city rose to $20.7 billion in the triennial period ended in 2000, Mr. Houlihan said. Increases are largest in some North Side residential areas and in the central business district, where the average property value rose 27%, with much smaller gains on the Northwest and South sides. The assessment increases will translate into higher taxes for many property owners, but tax caps and other factors will limit the size of the jumps. In most cases, only owners whose assessments rose more than 14% to 17% will pay more, Mr. Houlihan said. Properties with assessment hikes below that will see stable or lower taxes. That means tax bills for most Loop office towers will be up 10% to 13%. The...
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