According to a recent report by Altus Group, Chicago and New York City have been ranked as the top cities with the highest effective property tax rates. This is more than double the average of ten major cities in the United States.
Altus Group, a leading provider of asset and fund intelligence for commercial real estate, has released its first U.S. Real Property Tax Benchmark Report. The report offers an expert analysis of real property tax rates for various types of commercial properties across ten major cities in America. It compares property taxes paid in 2023 for office, multi-family residential, industrial, and retail properties.
Sandi Prendergast, Director of Tax Research at Altus Group stated that this report not only identifies discrepancies between local sales data and property tax assessments but also highlights areas where commercial property owners may need to file appeals to secure lower taxes or prepare for potential increases in the future.
The article “Chicago Tops List for Commercial Real Property Tax Rates” was originally published on Connect CRE.
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