C
ook County Assessor Fritz Kaegi and Board of Review Commissioner George Cardenas are at odds over the rising property tax burdens affecting residents and business owners in Chicago. As the city considers a $345 million increase to address its nearly $1 billion budget deficit, Cardenas argues that Kaegi's office has failed to provide transparency on the impacts of the 2024 triennial reassessment.

    Cardenas believes accountability is key, citing the over-reliance on property taxes as a "moral crisis." He advocates for adopting practices from cities like New York and Los Angeles, which use transparent tracking platforms and regular audits. Cardenas also calls for an Office of Risk Management to oversee city spending and implement fiscal accountability measures.

    The proposed increase in the property tax levy would raise collections from $1.774 billion to $2.119 billion, with reassessments likely pushing the burden even higher. Small business owners fear they will be forced to pass costs onto customers or close their doors entirely due to razor-thin margins. The Civic Federation has repeatedly criticized Chicago's over-reliance on property taxes.

    Kaegi agrees that transparency is essential but emphasizes context, stating that data showing tax burdens shifting across neighborhoods cannot be finalized until appeals are decided and assessments are certified. He argues that his office shares detailed methodology worksheets with property owners to understand and contest assessments, while the Cook County Board of Review has not provided similar transparency in its decision-making processes.

    Kaegi points out that the board's pattern of reducing commercial property values during appeals shifts the tax burden onto homeowners, citing a 20 percent tax increase faced by median south suburban homeowners in 2023. He calls for shared, clear standards for assessing commercial properties to maintain public trust.