The Chicago Bears and native faculties are $100 million aside on the property tax valuations of the previous Arlington International Racecourse, the place the workforce desires to construct an enclosed stadium.
The big hole signifies that the 2 sides are more likely to have problem reaching a compromise on the worth and additional complicates the workforce’s plan to maneuver to Arlington Heights.
The ongoing concern got here up Tuesday throughout a gathering of the Cook County Board of (Tax) Review.
The Bears introduced two value determinations of the 326-acre property, for $60 million and $71 million, board of assessment officers mentioned. The key to the Bears’ appraisal was categorizing the property as vacant residential land, which will get taxed at 10% of market worth.
The native faculty districts have had the land valued at $160 million.
The Palatine Community Consolidated School District 15 appraisal categorised the land for business use, which places it right into a 25% tax bracket.
In a tri-yearly evaluation in 2023, Cook County Assessor Fritz Kaegi raised the appraised worth from $33 million to virtually equal to the $197 million the Bears paid for the land final 12 months.
District 15, Arlington Heights-based Township High School District 214, and Palatine-based Township High School District 211, reached an settlement final 12 months with the previous proprietor, Churchill Downs Inc., to worth the location at $8 million.
But Churchill Downs, which closed the racetrack to pay attention extra on casinos, was desirous to be rid of the property, and needed to negotiate only one 12 months’s valuation. The Bears are taking a look at a course of that would set a baseline for the tax worth for the property for years to return.
To decrease the worth of the location, the Bears demolished the racetrack final 12 months to show it into vacant land. But Kaegi then considerably elevated the worth of the land, which generally stays pretty secure.
“There’s no documentation or justification for such a substantial increase,” Cook County Board of (Tax) Review Chairwoman Samantha Steele mentioned. “My concern just isn’t that it’s the Bears or Arlington Park, it’s that every taxpayer must be handled pretty and make a prediction of what the tax invoice will appear like.
“They both have compelling arguments,” Steele mentioned. “It’s in both parties best interests to come together. It’s like two children arguing, you want to figure it out before you go to Mom and she takes (the decision) away.”
Board Commissioner Larry Rogers, Jr. additionally was vital of the assessor’s valuation, forming a possible vote within the Bears’ favor.
If the 2 sides can’t agree, the three-member board of assessment will make its personal dedication by the top of February.
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Source: www.bostonherald.com