Owners of commercial real estate in Illinois are experiencing one of the largest tax spikes in decades. Recent reassessments, particularly in Cook, DuPage, and Kane Counties, have sent commercial property values soaring – sometimes as much as 30 to 100 percent higher than in prior years. Landlords, developers, and investors are experiencing cash flow strain, escalating common-area maintenance (CAM) charges, and tenant disputes over tax pass-throughs.
Many of these assessment increases are based on aggressive income assumptions and outdated market comparables. Barring a strategic appeal, these numbers can become locked in for years, raising both operating expenses and legal exposure with tenants. A highly skilled DuPage County, IL commercial real estate attorney can help you understand your rights and guide you through the appeal process.