The Chicago Bears lost the latest round in the team’s fight to lower the property tax bill for the proposed site in Arlington Heights.
If the Chicago Bears are going to get any property tax relief on the Arlington Heights land to build a proposed new stadium, it appears they’ll have to bargain with school districts.
On Wednesday, reports the Daily Herald, the Cook County Board of Review refused to lower the valuation placed on the now-vacant 326-acre Arlington Park property — formerly home to the Arlington International Racecourse — by the County Assessor’s office.
The three-member elected Board of Review unanimously endorsed County Assessor Fritz Kaegi’s valuation of $192 million for the undeveloped land, according to the report. That valuation carries a yearly tax bill of about $15 million, the reports says, which is much higher than the Bears believe the land is now worth.
However, according to the report, the Board of Review’s decision to endorse the assessor’s valuation isn’t final. The board is giving the Bears until Saturday to reach an agreement with three local school districts on a lower figure.
If the parties can’t arrive on a settlement by Saturday, the Daily Herald reports, the Board of Review will review the case by the middle of next week. The report also says the Bears could go to the state’s property tax appeal board within 30 days, or file a complaint in Cook County Circuit Court.
