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Commercial tax appeals shift $2 billion burden onto homeowners, hitting low-income areas hardest.
A recent report by Cook County Treasurer Maria Pappas highlights how commercial property tax appeals have shifted a $2 billion tax burden onto homeowners.
During the 2021 to 2023 reassessment cycle, commercial property taxes dropped nearly 20%, while residential taxes rose over 16%.
The report also notes that homeowners in low-income areas, primarily minority populations, saw their bills increase by about 10%, compared to a 5% rise in high-income areas.
Pappas suggests government spending cuts or a "circuit breaker" law to offer property tax relief.
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Las apelaciones de impuestos comerciales transfieren una carga de $ 2 mil millones a los propietarios de viviendas, golpeando más duramente a las áreas de bajos ingresos.