Proposed Tax Bill for Chicago Bears Stadium in Arlington Heights: Is it a Case of Too Little, Too Late?
In 2022, the Chicago Bears secured a bid to enter a purchase agreement for what was formerly known as the Arlington International Racecourse, commonly referred to as Arlington Park. However, the closure on the property did not occur until late January 2023. Despite not owning the property yet, the Cook County Assessor preemptively pursued the sale price of $197 million, which is generally considered a questionable practice. Subsequently, the previous owners contested the property tax assessment and reached a settlement with the Arlington Heights school districts at the Cook County Board of Review.
This initial dispute was only the beginning. For the 2024 assessment, the Cook County Assessor reinstated the property value to $197 million but shifted the valuation from the improvement (building) value to the land value. While this adjustment may complicate property tax appeals, the significant increase in land value, from $2.18 per square foot to $14.00 per square foot, raises notable concerns.
Viewed logically, the property's value surged from $33 million to $197 million upon the announcement of the 2022 sale, without any tangible alterations to the property at that time. Subsequently, after an appeal, the value was settled at $95 million. However, the following year, the Chicago Bears initiated the demolition process, removing the grandstand and other improvements. Despite these changes, the property value remained substantially high.
The ensuing property tax battle led to the Chicago Bears exploring alternative stadium options, including a $2 billion proposal for a publicly-owned stadium on the lakefront by Kevin Warren and the Bears. Nonetheless, during a recent village board meeting, officials proposed a tax bill aimed at fostering fairness and potentially enticing the Bears back to the negotiation table.
The proposed tax bill suggests a valuation of 25% for the first half of 2024 and 10% for the second half, thereby reducing the property taxes owed for 2024 to approximately $6.3 million, comparable to the amount owed in 2023. Additionally, the bill proposes assessing the property as vacant land in 2025, further decreasing taxes owed to $3.6 million.
Despite the appearance of fairness in this proposal, questions remain regarding its efficacy in luring the Chicago Bears back to Arlington Heights. It is uncertain whether this move is sufficient or if it was made too late. While the proposal signals a potential resolution, skepticism persists regarding the school districts' agreement and the overall fairness of the taxation. Ultimately, the outcome of this ongoing saga will determine the fate of the Arlington Heights property and its implications for the Chicago Bears.
| POLL | ||
19 MARS | 156 ANSWERS Proposed Tax Bill for Chicago Bears Stadium in Arlington Heights: Is it a Case of Too Little, Too Late? Will the Bears have a new stadium? | ||
| yes | 109 | 69.9 % |
| No | 47 | 30.1 % |
| List of polls | ||
