Facing huge tax increase, ChicagoBears challenging $197 million assessment by AssessorCook of ArlingtonPark
A recent reassessment of Arlington Park raises its property value more than five times the previous amount, a move that would lead to a massive tax hike for its new owners, the Chicago Bears.
Scott Smith, Kaegi's chief of staff, said the price of a recent sale is a valid way to determine the market value of a commercial property that, like Arlington Park, is not currently generating revenue."In assessing the former Arlington racetrack property, which was recently purchased by the Bears for $197 million, our office looked at various estimates of the property's value," Smith said in a statement.
While the horse-racing facility is not in use, the Bears have not applied for vacancy status on the property, Smith said. The Arlington Park grandstand, rebuilt after a devastating fire in 1985, is 33 years old but has an expected useful life of 50 years, Smith said.
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