As reported in Wednesday Journal, Aug. 25, commercial property taxes in Oak Park are expected to rise by approximately 12% for tax year 2020 (payable in 2021). According to Cook County Assessor Fritz Kaegi, this increase is intended to shift a greater portion of property tax payments away from residential property owners to the owners of commercial enterprises.
According to Wednesday Journal, the median residential property tax bill in Oak Park is expected to rise by 2.4% for 2020. What neither Wednesday Journal nor Assessor Kaegi states is that this rate of increase is not applicable to owners of condominium units. Tax payments for condominium units have increased more substantially.
I am president of a 78-unit condominium association located near downtown Oak Park. In 2020 our association received notice of a 31% assessment increase. Our association appealed this increase to the Assessor’s Office, but our appeal was rejected.
According to the County Treasurer’s Office, the owners in our association, most of whom are middle-income seniors, have received a 24% property tax increase, even after the application of the homeowners and senior exemptions. Why are they being treated so unequally? Shouldn’t the owner of a $300,000 condo be treated the same as the owner of a $300,000 free-standing house?
Assessor Kaegi has recently announced his intention to run for a second term and his campaign is promoting his efforts on behalf of residential property owners. Mr. Kaegi should be running on his full record and not just some cherry-picked highlights that cast him in a good light. The residents of Oak Park’s condominium associations, many of whom supported his initial candidacy, expect as much.
Edward Solan
President, Kenilworth Terrace Condominium Association