ULI Chicago has released recommendations to encourage the creation of a standardized valuation process in the City.
Working in partnership with the City of Chicago and the Cook County Assessor’s Office, ULI Chicago convened a group of experts which reviewed the Illinois Department of Revenue Sales Ratio Studies and other sources and constructed a hypothetical scenario of what the fair assessment and taxation might have looked like and how it might impact different property types. The scenario is based on conditions in 2018, when Chicago was last reassessed, in an effort to provide insight before Chicago’s 2021 reassessment.
“The analysis of the assessment process and practice along with the significant changes that resulted from appeals led to the recommendation to focus on achieving consistency and transparency. This will require a partnership of multiple governmental authorities including the Assessor’s Office, the Board of Review, and Cook County to then examine whether the resulting assessments were consistent with broader goals of fairness, economic competitiveness and other issues affecting investment and development in our region.” said Property Tax Incidence Task Force Chair, Steve Friedman, President, SB Friedman Development Advisors and ULI Chicago Chair, Keith Largay, Senior Managing Director, Chicago Office Co-Head, JLL Capital Markets.