* Mark Brown takes a look at Chris Kennedy’s own Cook county property tax assessment study, which Brown says “wasn’t thorough enough for me to draw definite conclusions,” but was still eye-opening…
Kennedy’s results closely mirrored the findings of a more extensive investigation published recently by the Chicago Tribune, which concluded the property-tax assessment system is fundamentally flawed, to the detriment of those owning the least expensive homes. […]
Unlike the Tribune, Kennedy also looked at the assessments on major downtown commercial properties, which, to my mind, does a better job of making his case that the “system is rigged.”
Kennedy’s study shows it’s not uncommon for major Loop skyscrapers to sell for more than double the market value pegged by the assessor’s office.
“As bad as the residential inaccuracies are, the commercial inaccuracies are greater,” Kennedy told me. “The magnitude of the problem is much larger and the effect on everyone else much worse. These are big dollars.”