Statement on Recent Actions by Cook County Assessor Fritz Kaegi

Press Statement on Recent Actions by Cook County Assessor Fritz Kaegi

In light of recent actions taken by Cook County Assessor Fritz Kaegi concerning the reassessment of mixed-use properties, I am calling for immediate and clear actions to address the impact on affected property owners.

The recent closure of the so-called 'apartment loophole' has led to dramatic reassessments for numerous mixed-use properties, previously classified under Class 3-18, causing their assessed values to increase significantly. While the intention to ensure fair taxation across property types is understandable, the resultant spike in assessments has caused considerable concern among property owners and tenants alike.

To mitigate these effects, I propose the following measures:

Amendment of Existing Ordinance: There is a clear need to amend the current property tax classification code to stipulate that Class 3-18 properties should be assessed at 10 percent, not 25 percent. This amendment would provide much-needed clarity and fairness in the assessment process, ensuring that properties are not unfairly penalized under the new classification system.

Active Communication with Property Owners: It is crucial that all affected property owners are promptly informed about their right to appeal these new assessments. By appealing with the appropriate documentation, property owners may see significant adjustments to their assessed values. The main adverse effects of these reassessments will occur if property owners are not made aware of these changes or if they fail to take action. Therefore, proactive communication from the Assessor's office is essential to ensure that all affected parties are fully informed and able to respond effectively.

The shift in policy, while aimed at addressing disparities, should not lead to undue burden on any group of property owners. By taking these steps, we can ensure that the transition to the new assessment system is as fair and smooth as possible. We owe it to the taxpayers of Cook County to provide clear guidelines and robust support during these changes.