Just got the property tax bill for my Corktown warehouse and it's up 22%

I bought the place on Michigan Ave three years ago, thinking I knew what I was getting into. The new assessment came in at $185,000, which is way over what I paid. It feels like the city is banking on future growth I haven't even seen yet in my rent rolls. How are other small owners handling these jumps without pricing out local businesses?

3 comments

3 Comments

jake63819d ago

Used to think taxes were just part of owning a place. This kind of jump is something else though. Makes you wonder how any small spot stays open.

robinson.hannah19d ago

Property taxes are the real killer, @jake638.

john6509d ago

Man, that 22% is brutal. It's like they're taxing the idea of Corktown, not the actual bricks. My little spot on Bagley saw a similar jump last year, and you're right, @jake638, it's a different beast. Had to pass some of that cost to my tenant, a local baker, and I hated doing it. Feels like the city's plan just pushes out the very people who made the area worth the tax hike in the first place.