Sales data for commercial properties in all but two Chicago townships in 2018 show that many assessments fell far short of corresponding market values, according to a recently released analysis by the International Association of Assessing Officers (IAAO).

The findings follow a June 2019 study of residential sales and market values that found similar problems with underassessment and lack of uniformity for residential properties in the city of Chicago.

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Commercial property owners in Chicago are still reeling from Mayor Rahm Emanuel’s $588 million property tax increase, which will be phased in over four years. As Crain’s Chicago Business reported last October, the 18% rate hike will add millions of dollars to the taxes of Chicago’s largest downtown office towers.

But one billionaire real estate mogul from New York will likely find a way to minimize paying his share of the increase.
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You’ve just purchased commercial real estate: congratulations. This blog post explains how you can reduce your property tax payment in the first year (twice) and every year thereafter, often by $5,000 to $15,000 or more annually.

How Commercial Property Tax Reductions Work

If the sales price of your new property is lower than its assessed value, we can make a compelling case for a commercial property tax reduction. We have the sales data and assessed values for all commercial properties sold in Cook County, and we can quickly identify if we can make a successful sales argument with our proprietary property tax reduction algorithm.

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