Allstate’s sale of Northbrook headquarters could have an impact on local school districts through property taxes
NORTHBROOK, Ill. (WLS) – Allstate’s decision to sell its huge corporate campus in Northbrook could have a significant impact on two school districts that rely heavily on the insurance company for property tax revenues.
Allstate has been a good neighbor to Northbrook for 50 years, but now, like so many industries experiencing the effects of the work-from-home movement, the insurance giant is selling its 200-acre corporate campus. That got the attention of two local school districts.
“It is certainly something that District 31 has been studying and monitoring very closely,” said Ares Delianis, an attorney for West Northfield School District 31.
The money Allstate pays in local property taxes goes to schools. The Cook County Treasurer said Allstate paid more than $ 4.7 million in property taxes in 2021. About 1.9 million US dollars of this went to District 31, which corresponds to 41% of the total tax collected.
If Allstate moves out and the property becomes vacant, the company could apply for a tax cut. And when that happens, the tax burden could shift to Northbrook homeowners.
But that’s not certain, say experts.
“First of all, you have no right to it, you can submit an application and back it up with evidence, but that’s a year-long application per vacancy, we call it economic vacancy, and we want to know if you’ve made your greatest and best efforts – this one Property to rent or sell, “said Michael Carbonargi, Commissioner for the Cook County Board of Review.
Allstate is also pretty unlikely to move quickly to sell the property.
“If history is a guide you will see a lot of real estate agents, you will see the Allstate Real Estate division sit down with local guides to say we want this property, a new tenant or a new owner, ASAP as possible, “said Cabonargi, noting how quickly the Kraft Company found a buyer for their property.
“If it were converted to a multi-tenant situation, the utilization could increase dramatically. And you would have more vitality, more energy and more movement at this intersection, ”said Dalianis.
This could end up generating more tax revenue for District 31 and District 225, the local high school district affected by the Allstate move. In that case, the boroughs could still be in good hands with whoever is buying the property.
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