Tax Changes To Reduce Vacancy?
Last night the Marshall Bennett Institute of Real Estate hosted almost 100 CRE pros and students to talk property tax changes.(Frankly, it was more enjoyable than anything that won an Oscar this year.) Speakers: Cook County Assessor senior research analyst John McDonnell, Heller College of Business Fogelson distinguished chair in real estate John McDonald, and Tinley Park director of economic development Ivan Baker. Ivan says that the tax code amendments could help drive down vacancy while attracting more business investment and jobs.
We snapped Schwartz Solutions CEO Adair Schwartz and Heller College of Business dean Terri Friel.John McDonald says an institute study confirms the need for changes in commercial property tax incentives:Cook County industrial properties had a16% lower value than DuPage County from 2001-2004, while 45% of office property tax differences downtownshifted onto tenants. But change may be on the way: John McDonnell presented proposed amendments to the Class 8 incentive program in the county tax structure, which means more properties in economically stagnant areas will be eligible due to reduced vacancy requirements.
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