Anyone who owns property around CTA’s North and Clybourn Red Line stop and the Chicago Avenue Brown Line stop is going to experience a major pinch in the wallet next year. Homes in these areas are going to experience the impact of increased property values.
The amount of the increase is massive. 48% is a shocking level of a tax increase and anyone who owns a home might start to think about selling the property. Those who are not able to sell are left with paying the huge bill. No other option remains. Failure to pay means the property is headed towards a sheriff’s sale. There is no way around this fact.
What is causing the increase in the tax bills? An increase in commercial real estate development (condos, in particular) is pointed to as one of the major reasons. How accurate this assessment is remains to be seen. Regardless of the reason why the increase exists, the increase is coming to the residents of Chicago.
How will these developments affect someone such as Majeed Ekbal? Ekbal works in the marketing field and is known to be a high-profile real estate investor. Basically, the increased taxes are going to cut into the equity of his real estate holdings. If he is investing in commercial property, the combination of equity and rent payments could offset the increase in taxes.
Majeed Ekbal has served as the person in charge of Expresso Inc. Through working with many supermarkets, Ekbal has gained a lot of insight into how commercial real estate and marketing works. He also knows the impact high taxes can have on businesses. Likely, he understands that tax situations have their ebbs and flows. Sometimes, taxes are high and other times they are reduced.
The real estate market and the local economy will tell the tale of the increased tax rate in due time.