Former President Donald Trump and the co-owners of his namesake Chicago hotel and tower are set to receive a $1 million tax rebate after a lengthy appeals process.

Illinois appeals court rules Trump Tower was overvalued more than a decade ago by Cook County Assessor’s Office and Cook County Board of Examiners, thus raising property taxes on a skewed scale, Chicago Sun-Times Report.

The state agency ultimately found that the assessor’s office had placed too much weight on the property’s retail space, which was vacant at the time. The Cook County Treasurer’s Office will begin preparing refunds totaling $1 million for the building’s hotel rooms and apartment space after a three-member appeals court panel rejected an appeal by the Cook County Board of Review.

Refunds will come from various government agencies, with the bulk — $540,000 — coming from the Chicago Public School System. The ruling will not have an impact on apartments at the site.

Alderman Edward M. Burke, the longest-serving City Council member representing the 14th District, filed an initial appeal against Trump’s tax bill while representing Trump at Burke’s law firm . Burke won Trump more than $14 million in tax breaks over 12 years, but their relationship soured in 2018 when the Chicago Democrat cited “irreconcilable differences” with the then-president , the latter policy angered Hispanic residents in Burke’s 14th district, the outlet reported.

According to reports, last year Trump made Less than $200,000 In relation to the lease of the retail portion of the property. The two tenants include a hair salon and a cruise line that leases a small pier on the Chicago River.

The review board has the power to lower the assessor’s valuation through its own appeals process, but is working to restore the higher tax value of the Trump property after it won the cut through a separate appeals system, a state agency called the Illinois Property Tax Appeal Board. In June 2021, the state agency found that assessors had overestimated the commercial portion of the skyscraper in 2011.

The review committee wants to keep the tax value high. The Trump discount will be handed out unless the Cook County agency appeals its case to the Illinois Supreme Court.

— Quinn Donoghue

read more

Leave a Reply

Your email address will not be published. Required fields are marked *