A comprehensive study conducted by the Cook County Property Tax (PTAX) Reform Group, in partnership with Josh Myers Valuation Solutions, has revealed concerning issues with commercial property valuation practices in Cook County.
The study specifically examined the processes and outcomes of commercial property assessment and found significant flaws that need to be addressed.
Cook County Board President Toni Preckwinkle emphasized the urgency for reform based on these findings. She stated that her administration will use this information to tackle long-standing challenges within the county’s property tax system.
Farzin Parang, Executive Director of Building Owners and Managers Association of Chicago (BOMA/Chicago), also agrees with the study’s conclusion. He believes that changes should be made to Cook County’s unique classification system which currently assesses commercial properties at a rate 250% higher than residential properties.
In summary, it is clear from this report that there is a pressing need for reform in how commercial properties are assessed in Cook County. The collaboration between PTAX Reform Group and Josh Myers Valuation Solutions sheds light on crucial issues within current practices and calls for immediate action towards fairer taxation policies.
