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Monday, August 2, 2021

Illinois Property Tax Board Votes 5-0 To Give Trump $1 Million Refund Due To Overvaluation Of Chicago Skyscraper; Democratic Attorney General Sues To Block It

Chicago Solar-Occasions, State Orders $1 Million Tax Refund For Trump, County Moves to Block It:

Trump ChicagoThe Illinois Property Tax Attraction Board has determined former President Donald Trump is due a $1 million refund on his skyscraper’s 2011 tax invoice, ruling final month that the Prepare dinner County Board of Evaluation overestimated the worth of the constructing’s lodge rooms and retail area.

However the Prepare dinner County State’s Lawyer has filed go well with with the Illinois Appellate Court docket, searching for to dam the tax refund, which has but to be issued. … It’s the newest twist within the case initially filed by Ald. Edward M. Burke, whose legislation agency argued Prepare dinner County officers had over-assessed Trump’s skyscraper. Burke’s former legislation agency Klafter & Burke had received greater than $14 million in tax breaks for Trump over a dozen years, however the alderman ended the connection in 2018, citing “irreconcilable variations” between the Chicago Democrat who represents a predominantly Hispanic 14th Ward, the place residents objected to lots of the Republican president’s insurance policies.

Burke has since been indicted by a federal grand jury on prices that he blocked companies from getting metropolis permits until they employed his legislation agency. He has left the agency, however stays on the Metropolis Council whereas awaiting trial. …

[T]he state company’s board voted 5-0 on June 2 to scale back the assessments on the constructing’s industrial property, which might set off a refund of $1.03 million for Trump. …

On July 9, the county state’s lawyer appealed to the Illinois Appellate Court docket. The Illinois Lawyer Basic’s workplace intervened within the case on Monday on behalf of the attraction board. … Any choice by the appellate court docket may be appealed to the Illinois Supreme Court docket, headed by Burke’s spouse, Chief Justice Anne M. Burke.

https://taxprof.typepad.com/taxprof_blog/2021/08/illinois-property-tax-board-votes-5-0-to-give-trump-1-million-tax-refund-due-to-overvaluation-of-chi.html

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