Quote from @David Kieta:
"A “doom loop” therefore looms for Chicago and many other cities: Commercial leases don’t get renewed, leading to slashed commercial property tax valuations, forcing a higher tax burden on homes, reducing the value of nearby commercial property and so on."
The above is the most important part of this article. Every taxpayer I speak to cannot understand why they are paying more in property taxes. The "Doom Loop" explains why residents in the City of Chicago will have higher assessments in 2024. However, increases in the suburbs and outer counties are due to local government overspending.
https://wirepoints.org/new-report-chicago-by-far-the-worst-a...
Here is an article that estimates how lowering office building value will impact homeowners in Chicago in 2024. https://therealdeal.com/chicago/2023/10/05/how-loop-office-s...
"If the tax value of downtown office buildings drops by 20 percent, which some experts believe is a conservative estimate, the average Chicago home’s property tax bill could rise from $5,244 to $5,424. In the event of a 40 percent decline, homeowners could see a nearly 10 percent increase, with the average residential bill reaching $5,723, assuming taxing authorities maintain their current levy rates." - Homeowners on track for property tax bumps thanks to office struggles
