Property Tax Implications of a condo de-conversion

[Julian Coltea]

I have a 23 unit condo building in Chicago, and I currently own 22 out of the 23 units with the intention of buying out the last unit. I have heard from some people, but have not gotten a definitive answer, that going through a deconversion process can substantially lower the yearly property taxes for the property. Compared to other apartment buildings I have in the area, indeed my taxes, which are assessed at the individual condo level, seem extraordinarily high. Looking to see if anyone with experience in this area has any opinions on the matter?