BOMA/Chicago Taxation Committee Issues Proposed Property Tax Reforms

Chicago leads the nation in commercial property taxes and has adopted many counter-productive tax policies. BOMA/Chicago’s Taxation Committee has developed a slate of property tax reforms endorsed by the association.

In addition to classification reform to allow for a fairer assessment of all properties and encourage investment (view our infographic to learn more about Cook County’s unique classification system), these reforms incorporate:

• Advocating for data sharing between the Cook County Assessor’s Office and Board of Review
• Requiring the Assessor’s Office to:
  • Disclose data used to determine a building’s valuation
  • Publish Annual Sales Ratio Studies for all property classes
  • Maintain the assessed valuation established by the Board of Review in the triad year for the full three years.
• Limiting property tax adjustments (such as the Covid Adjustment) to reassessment years and applying equally to all property classes.
• Reducing excessive government spending.

Review the full list to view all the proposed reforms. BOMA/Chicago will promote these reforms with elected officials, partner organizations, and the general public to raise awareness about the need to reform Cook County’s broken property tax system.