BOMA/Chicago Continues to Oppose Data Modernization Bill
At the urging of BOMA/Chicago members and their building tenants, BOMA/Chicago successfully opposed Senate Bill (SB) 1379 during last year's legislative session. The legislation, sponsored by Cook County Assessor Fritz Kaegi, would have required commercial properties to submit income and expense data annually.
BOMA/Chicago teamed with a coalition of business groups, including the Chicagoland Chamber of Commerce, Illinois Chamber of Commerce, Taxpayer Federation of Illinois, Illinois Manufacturers Association, National Federation of Independent Business and Illinois Retail Merchants Association, to oppose the legislation. The group has cautioned legislators that they should recognize the risks of sudden changes in assessment practices likely to cause significant increases and shifts in tax burdens.
Once again, Assessor Kaegi has introduced similar legislation this year, House Bill 4947, and BOMA/Chicago will continue to actively engage with legislators and stakeholders to oppose the legislation. Additionally, BOMA/Chicago will continue to educate our members, elected officials and other stakeholders about Cook County's unique property tax system that assesses commercial properties at 250 percent the rate of residential properties, while articulating and promoting BOMA/Chicago's positions on related actions the Assessor wants to take and has already taken that we believe will drive up commercial assessments and increase commercial property's share of the property tax burden.