Just wait; the real estate tax slump is coming, possibly during Johnson's 4 years in his first term as Mayor. The vacancy rate in downtown Chicago is already over 20%, and eventually that turns into empty buildings. if you have corporate shell protection from lawsuits, why pay taxes on an empty building with a large mortgage and no tenants?
It starts slow, and stays that way until it gets to be very fast.
Just wait; the real estate tax slump is coming...It starts slow, and stays that way until it gets to be very fast.
It starts very slow. Buildings in bankruptcy sit for years. To lower the taxes, there will have to be sales. And that could take most of a decade. The city will show the taxes on the books before they sell for the price minus the tax debt which gives them a new appraisal price.
On the housing side, property taxes have quadrupled in the past 10 years. This has severely impacted all homes between $500K and $5 million. As those reappraise lower they will try to get more out of the lower and few very high homes. Towns will feel it only after the federal money dries up. The feds have been giving municipalities and states massive grants. When those end, the music stops.