If a Democrat-sponsored bill passes in Springfield, owners of countless rental properties in Cook County and potentially elsewhere in Illinois will have to turn over the property’s financial records every year to their county assessor’s office for tax calculation.
Cook County Assessor Fritz Kaegi said the measure would streamline the assessment process, but business groups are worried sensitive financial data could get into the wrong hands.
“Enacting this legislation will allow for richer data, unprecedented transparency, and more predictability for everyone. Developers could require less of a margin of error when deciding whether to invest. Lenders could lend more against a property’s value. Potential buyers could have more confidence in the future path of assessments, and current owners could generate more resale value for their buildings,” Kaegi contended…Please click here to read Dan Chumey’s story in the Cook County Record.