Taxation
BOMA/Chicago Raises Voice on Mayor’s Property Tax Increase Proposal
BOMA/Chicago Raises Voice on Mayor’s Property Tax Increase Proposal March 15, 2016 Call to Action: Contact your State Legislators Today! On Monday, October 19, the City filed legislation to double the Homestead Exemption and shift nearly 70% of the burden for the proposed property tax increase to businesses and renters. The legislation has already passed…
Read MoreOpen Letter regarding Property Tax Increases to BOMA/Chicago Members from Michael Cornicelli
Open Letter regarding Property Tax Increases to BOMA/Chicago Members from Michael Cornicelli Dear BOMA/Chicago Member: I’m sure that you have seen and heard the press coverage of Mayor Emanuel’s proposed 2016 budget and real estate property tax increase totaling over $543 million for 2015-2018, including his push to shift much of that burden to commercial…
Read MoreSpecial Service Areas Subject of Illinois House Hearing
Special Service Areas Subject of Illinois House Hearing July 13, 2015 BOMA/Chicago’s Director of Government Affairs, Ron Tabaczynski, recently appeared before the Illinois General Assembly’s House Revenue Committee to testify at a subject matter hearing on Special Service Areas (SSAs). Ron spoke about some major concerns BOMA/Chicago members have with SSAs, including: Scope of Service…
Read MoreSetting the Record Straight on Rumored Property Tax Increases
Setting the Record Straight on Rumored Property Tax Increases No one should be surprised about the current fiscal crisis Chicago is facing, but the abundance of recent news articles claiming our taxes are about to explode can be unnerving. And while the increases seem to be coming at us from all levels, hitting us from…
Read MoreLawmakers must make tough decisions to address pending fiscal crises
Lawmakers must make tough decisions to address pending fiscal crises Despite a recent report ranking Illinois number two in the nation in business creation, it’s no secret there are looming fiscal issues on the city, county and state levels that will have a long-term impact our buildings, tenants and the entire business community. And while the…
Read MoreRauner’s Proposed Property Tax Freeze: The Devil’s in the Details
Rauner’s Proposed Property Tax Freeze: The Devil’s in the Details In last week’s State of the State address, Governor Bruce Rauner offered up a bold agenda to turn the state around while focusing on efforts to make Illinois competitive again. Some of his key points included increasing education funding, raising the minimum wage, reforming workers’ compensation…
Read MoreOne Voice, Your Voice: Rising to Defeat the Proposed Expansion of SSA #1
One Voice, Your Voice: Rising to Defeat the Proposed Expansion of SSA #1 By Ron Tabaczynski, BOMA/Chicago Director of Government Relations One voice in a loud, crowded room can easily be ignored. Its words and opinions can cease to be heard amongst the various other voices vying for attention. But the voice of a collective…
Read MoreWhy Expand the State Street SSA and Increase Taxes to Pay for It?
Why Expand the State Street SSA and Increase Taxes to Pay for It? By Michael Cornicelli, BOMA/Chicago Executive Vice President The Chicago Loop Alliance thinks they know better than you how to operate a commercial office building, fill vacant space and increase asset value. And they want the City of Chicago to let them show you how…
Read MoreTax Increases are Coming & Chicago’s Economic Viability Hangs in the Balance
Tax Increases are Coming & Chicago’s Economic Viability Hangs in the Balance By Ron Tabaczynski, BOMA/Chicago Director of Government Affairs Chicago is facing a predicament whose resolution will surely impact office building owners. State law mandates that Chicago make a $590 million contribution to its police and fire pension funds in 2015. If the city…
Read MoreBOMA/Chicago Opposes Proposal to Extend SSA #1 Taxation to New Parcels; First Committee Hearing April 30
BOMA/Chicago Opposes Proposal to Extend SSA #1 Taxation to New Parcels; First Committee Hearing April 30 July 13, 2015 The BOMA/Chicago Board of Directors recently adopted a position to publicly oppose any attempt to renew the State Street Special Service Area (SSA) if the proposed renewal adds any additional taxable parcels not taxed under the…
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