The Chicago Bears got an initial split choice on their real estate tax appeal for the previous Arlington International Racecourse Wednesday when the Cook County Board of Review proposed cutting the residential or commercial property’s appraisal, however keeping its tax rate the same.
The tax appeal board valued the racecourse residential or commercial property at about $125 million– below a formerly proposed appraisal of $138 million– and considerably listed below the $192 million market assessment by the Cook County assessor.
The board likewise ruled that the land ought to not be categorized as uninhabited for 2023, since its grandstand was not totally destroyed till December. That implies the home would be examined as a business home at 25% of market price, instead of the 10% for uninhabited land that the Bears desired.
The outcome would be an assessment nearly one-third greater than the $95 million that regional schools worked out in 2015 for the residential or commercial property with previous owner Churchill Downs Inc. That settlement led to a tax of practically $8 million, so the brand-new evaluation would recommend a 1 year tax of more than $10 million.
The choice is not yet main, however board Commissioner Samantha Steele stated Commissioners Larry Rogers and George Cardenas preferred the lower appraisal. Rogers decreased to comment. Cardenas might not be grabbed remark. A last judgment is due by the end of February.
While it was commonly reported recently that the board had actually chosen versus providing the Bears a break on the appraisal, that was an early statement, in hopes of motivating a settlement.
The proposed judgment increases the possibilities of the Bears developing a $5 billion enclosed arena and home entertainment and real estate complex on the website in Arlington Heights. The group stays in talks with Chicago for a brand-new arena there, has actually heard deals about other rural websites, and might purchase out of its lease at 100-year-old Soldier Field.
The Bears and school authorities did not comment, however if group authorities do not like it, they can attract the Illinois Property Tax Appeal Board, or file fit in Cook County courts– however either procedure might take a long period of time.
The Board of Review echoed the group’s issue that the assessor was “sales chasing,” indicating basing its appraisal on the $197 million the Bears spent for the website in 2023. Sales chasing after is restricted by the Illinois Constitution, however court judgments in other cases have actually stated that list prices can be thought about as the very best indication of reasonable market price.
The group had actually attempted to work out a settlement with Arlington Heights-based Township High School District 214, Palatine-based Township High School District 211 and Palatine Community Consolidated School District 15, which get the bulk of the real estate tax profits from the racetrack website. Given that the group and the schools were $100 million apart on their appraisals of the home, those talks have actually stopped working to reach a resolution.
Much is riding on the result that the Bears have actually recommended it required them to look to Chicago or in other places for a brand-new arena.