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Article: A FACE-OFF OVER COUNTY TAX SYSTEM; Legal challenge to assessment structure could sock homeowners.(Cook County, Illinois, property tax dispute)(Brief Article)
- Article from:
- Crain's Chicago Business
- Article date:
- August 13, 2001
- Author:
CopyrightCOPYRIGHT 2001 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Cook County's unique way of assessing commercial property at more than twice the rate for homes is headed toward a legal showdown, after a state agency this month for the first time declared that the effective gap between the two classes exceeds constitutional limits.
If upheld, the ruling by the Property Tax Appeal Board (PTAB) could lead to higher residential assessments, lower valuations for owners of commercial, industrial and large residential properties, or a combination of both.
But any resolution is months, if not years, away. The county will contest the decision vigorously, perhaps by appealing directly to the Illinois Supreme Court.
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