By: Joe Cahill

Source: Crain’s Chicago Business

Cook County Assessor Fritz Kaegi promised to eliminate unfairness in property tax assessments swept the political newcomer into office. The promises that have gained him supporters could be seen as hollow if his reforms touch off rent increases in a city short on affordable housing.

Kaegi’s assessments may harm more than help. Kaegi’s intention is to raise the assessments of all non-residential property to fix what he deems an under assessment problem that has lasted for years. However, Kaegi may unintentionally harm those who he has promised to help – properties owned by everyday people. These properties include low-rise apartment buildings and small storefronts leased to mom and pop retailers. It appears that all over the city these property owners are exposed to high assessment increases.

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