Chicago Hispanic Newspaper, Lawndale News, Hispanic Bilingual Newspapers, Su Noticiero Bilingue » Commercial Property Taxes Could Increase by Almost $2B if Amendment 1 Passes
With four weeks until the election, new research shows if a proposed constitutional amendment passes on the Nov. 8 ballot, many business owners would pay the price. That’s according to original Illinois Policy Institute research that found commercial property owners can expect to see $1.8 billion in additional property tax hikes by 2026. Institute experts predict the tax hikes would likely be even higher should voters pass Amendment 1 into law, given the amendment’s unprecedented provisions that do not exist in any other state. Amendment 1 could also prevent lawmakers from proposing property tax reform or any other measures that could bring down costs for residential and commercial property owners.
How much could commercial property taxes rise?
* The bulk of the property tax increase – $1.6 billion – would occur in Cook County.
* Commercial properties on the South Side of Chicago could pay an estimated additional $10,179 in property taxes by 2026. Properties in central Chicago could pay nearly $100,000 in higher property taxes during the next four years.
* Statewide, commercial property tax bills are expected to total $11.3 billion during the next four years. In Cook County, commercial property tax bills are on pace to total $7.9 billion.
To read more about projected commercial property tax increases in Illinois, visit illin.is/taxes.