Chicago Mayor Rahm Emanuel has proposed a massive nearly $600 million property tax increase for the city.
Taxes will go up for about 194,000 homes the Cook County Assessor estimates are worth more than $250,000, according to Marc Rutzen, data officer for KIG Analytics, a wing of KIG CRE.
Troubling, too, is the impact on commercial real estate. The article states:
The city has about 95,000 pieces of commercial real estate, Rutzen found. All of them would see a tax increase, according to Emanuel’s plan.