The Chicago Bears have hit a snag in their quest to soften the property tax hit on their potential new den: the former Arlington International Racecourse. According to the Cook County Board of Review, the behemoth NFL franchise won't be scoring any reductions on their property tax rate, as per a recent ruling. The Bears had hoped to tackle the $15 million tax bill downfield, but the panel's decision left them to grapple with the existing valuation, the Daily Herald reported.
The bone of contention lies with the property's valuation, sliced and diced by the board to $138 million from a heftier $192 million market assessment laid out by the Cook County assessor. However, this seemingly advantageous re-evaluation may not easily translate to a tax touchdown for the Bears, as the board opted to not classify the site as vacant just yet, citing a fully standing grandstand as of December. This move effectively blocks the team from a coveted lower rate pegged for vacant land, a maneuver that seems to firmly keep the tax assessment in its commercial property lane.
A resolution of this financial scrimmage is anticipated by month's end, as stated by board Commissioner Samantha Steele, cited in the Chicago Tribune, who mentioned the preliminary agreement of the ruling by the board's trifecta of commissioners. Should the Bears balk at the final call, they could launch an appeal to the Illinois Property Tax Appeal Board or hit the Cook County courts with a lawsuit, although either pathway promises to be a protracted game with uncertain outcomes.
Despite the Bears' strong play to negotiate lower appraisals with surrounding school districts, significant yardage remains between their valuation and that of the local school authorities, who are banking on property taxes from the racetrack site to fund educational initiatives. This standoff has the Bears considering alternative strategies for their future stadium plays in Chicago or at other suburban locales. The team and school districts got locked in talks last year, but no game plan has yet emerged from the locker room discussions, leaving everyone in a somewhat tense state of limbo.
