regulation

Meet the Politicians Who Stand to Get Rich Off Of Chicago’s Massive Property-Tax Hike

As property taxes continue to rise, Illinoisans are likely to take a closer look at their tax bill. More scrutiny from property owners means more business for the law firms specializing in lowering property-tax bills. And that means more money in the pockets of certain members of the state’s political elite. One major reason for the high number of property-tax appeals in Cook County is the fact that the assessor assesses a property’s value once every three years. This means swings in the market aren’t mirrored by changes in a property’s assessed value, leading to incorrect valuations. Chicago should assess property values annually, as is done in New York City. Ideally, assessments would be calculated solely through a computer, confirmed solely by a computer and continuously updated with complete accuracy. Elected officials should not be permitted to sell their services in property-tax law. To anyone outside Illinois’ political machine, this is a clear conflict of interest that has gone untouched for too long.

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