- Jul 17, 2019
Commercial property owners in Northfield Township were stunned by the increases in assessed values recently released by the Cook County Assessor’s Officer. While many expected to see changes under new Assessor Fritz Kaegi, the shock of valuations that doubled or almost tripled has been felt throughout the business community.
“I’ve received a number of calls from our members who have been hit with massive increases in their assessments,” notes Tensley Garris, Chamber President. “Throughout the northern Cook County suburbs, commercial increases have far outpaced residential. The anticipated increases are placing our businesses as a huge competitive disadvantage to those in neighboring Lake County.”
Due to tax ordinances existing only in Cook County, owners of business property pay 60% more in taxes than residential owners on a dollar-per-dollar basis. Commercial property produces 2.5 times the Equalized Assessment Value (EAV) and tax revenue per dollar of value compared to residential property.
On top of that differential, the Assessor’s new calculations have led to significantly greater increases on commercial property than on residential. According to data summarized by Crain’s Chicago Business, assessments on residential property in Northfield Township increased by 13.7 percent, while commercial property assessments jumped an average of 82.1 percent. Based on figures reported to the Chamber and to the Village Trustees, Northbrook businesses are seeing increases far above that amount.
Village President Sandy Frum took a stand on behalf of the business community. In a letter to Assessor Kaegi (re-printed in full right), she noted the disproportionate increases reported by Northbrook businesses. Her letter argues that “it is blatantly unfair for Northbrook to be carrying such a burden for the Township,” and asks for the Assessor’s help in easing the impact of the triennial assessment.