The Chicago Bears and local schools have differing views on the property tax valuations of the former Arlington International Racecourse, where the team plans to build a covered stadium. The team wants to construct a stadium at the former Arlington Park, but there's a $100 million gap in their opinions about its value.
The significant difference in valuation makes it hard for the two sides to reach an agreement, complicating the team's plan to relocate to Arlington Heights.
During a meeting of the Cook County Board of (Tax) Review on Tuesday, the issue was raised.
The Bears provided two appraisals for the 326-acre property, valuing it at $60 million and $71 million, according to board of review officials.
The local school districts valued the land at $160 million.
The Palatine Community Consolidated School District 15 valued the land for commercial use, which puts it in a 25% tax bracket.
In a tri-yearly assessment in 2023, Cook County Assessor Fritz Kaegi raised the appraised value from $33 million to nearly the $197 million the Bears paid for the land last year.
District 15, Arlington Heights-based Township High School District 214, and Palatine-based Township High School District 211, reached an agreement last year with the former owner, Churchill Downs Inc., to value the site at $8 million.
Churchill Downs Inc., the former owner that closed the racetrack to focus on casinos, agreed to the site's $8 million valuation. This could set a base for future property tax values.
To decrease the site's value, the Bears razed the racetrack last year to transform it into vacant land. However, Kaegi significantly increased the land's value, which usually remains fairly stable. The Bears removed the racetrack last year to convert it into empty land, contributing to the valuation issue. The bears destroyed the racetrack and turned it into vacant land, but Kaegi drastically increased the land's value, which usually remains steady.
The Chairwoman of Cook County Board of (Tax) Review, Samantha Steele, expressed concern about the substantial increase in value and emphasized the importance of fair treatment for all taxpayers.
Chairwoman Steele mentioned that both sides have valid arguments and urged them to come to an agreement, likening it to resolving a dispute between two children before a parent intervenes.
Board Commissioner Larry Rogers, Jr. also criticized the assessor’s valuation, indicating a potential vote in favor of the Bears.
If the two sides can't reach an agreement, the three-member board of review will make a decision by the end of February. The Chicago Bears and local schools have differing views on the property tax valuations of the former Arlington International Racecourse, where the team plans to build an enclosed stadium. The significant gap in valuations will make it hard for the two sides to reach a compromise and complicates the team's plan to relocate to Arlington Heights.
()
