The Bears filed the necessary paperwork to begin demolition on the property at Arlington Park, according to the Chicago Tribune.
The tax raise is expected to be around $16 million, up from $3 million, according to the story.
The Bears are asking the Board of Review to reassess the tax value of the property. A hearing is expected to take place on the matter in June. The Bears are asking for the tax value to be decreased by over $37 million. Tearing down the property would not only cut maintenance costs but hopefully knock down tax costs for the Bears, too. Here's a statement from team officials published by the Tribune.
"Paying property taxes is part of being a member of the community. We want to pay our fair share. But the proposed assessment of the unoccupied property we purchased, and the taxes associated with it, would be more than five times what the property generated when it had an income-producing racetrack operating on it. Arlington Park would not be redeveloped by anyone at such an excessive property tax rate.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Bears file paperwork to begin demolition of Arlington Park grandstand and other structuresThe teardown could begin in just days or weeks, as soon as the village's building and life safety department approves the permit.
Weiterlesen »
Facing huge tax increase, Bears challenge $197 million assessment of Arlington ParkA recent reassessment of Arlington Park will raise its property taxes more than five times the previous amount, a move that has new owners the Chicago Bears seeking relief through an appeal.
Weiterlesen »
Chicago Bears seek to start demolition work on Arlington International RacecourseThe Chicago Bears have filed paperwork to begin demolition of Arlington International Racecourse, marking a significant step in the team's proposed move to Arlington Heights.
Weiterlesen »
Bears' Arlington Heights Move Complicated by Potential Property Tax HikeThe Chicago Bears’ potential move to Arlington Heights got a little more complicated after the Cook County Assessor hiked the assessed value of the team’s newly acquired land, meaning their property tax bill could be headed for a major increase.
Weiterlesen »
‘Touchdown’ group looking to help local businesses and community have win-win with Bears proposed move to Arlington HeightsA new grassroots business group called Touchdown Arlington Heights has emerged in support of the Chicago Bears' redevelopment of Arlington International Racecourse in Arlington Heights.
Weiterlesen »