The Chicago Bears and local schools are $100 million apart on the property tax valuations of the former Arlington International Racecourse, where the team hopes to construct a covered stadium. The team aims to construct a stadium at the former Arlington International Racecourse.
The significant difference in valuation makes it hard for them to find a middle ground and adds complexity to the team's plan to relocate to Arlington Heights.
The matter was discussed at a meeting of the Cook County Board of (Tax) Review on Tuesday.
The Bears provided two appraisals of the 326-acre property, valuing it at $60 million and $71 million, as per board of review officials. A crucial aspect of the Bears’ appraisal was considering the property as empty residential land, which is taxed at 10% of its market value.
Local school districts valued the land at $160 million.
The Palatine Community Consolidated School District 15 classified the land for commercial use, resulting in a 25% tax bracket.
During a tri-yearly assessment in 2023, Cook County Assessor Fritz Kaegi boosted the assessed value from $33 million to nearly $197 million, close to what 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, had struck a deal with the former owner, Churchill Downs Inc., to value the site at $8 million.
Churchill Downs wanted to offload the property and had only negotiated one year's valuation, having closed the racetrack to focus on casinos.
To decrease the site's value, the Bears demolished the racetrack last year to turn it into vacant land. However, Kaegi significantly raised the land's value, which typically remains relatively stable. The Chairwoman of the Cook County Board of (Tax) Review, Samantha Steele, expressed concern over the substantial increase in value, emphasizing the importance of fair treatment for all taxpayers. Steele commented that both parties have strong cases and it's in their best interest to come to an agreement, likening it to resolving a dispute before involving a higher authority.
Board Commissioner Larry Rogers, Jr. also criticized the assessor’s valuation, potentially leaning towards supporting the Bears.
If an agreement cannot be reached, the three-member board of review will make a decision by the end of February.
The Chicago Bears and local schools are $100 million apart on the property tax valuations of the former Arlington International Racecourse, where the team wants to build an enclosed stadium. The significant difference makes it challenging to reach a compromise and complicates the team's plan to move to Arlington Heights.
If the two sides can’t agree, the three-member board of review will make its own determination by the end of February.
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