Tax Increase on Illinois Apartment Building Was Unauthorized

A Chicago suburb illegally increased the assessed values of an apartment complex during a non-assessment year after the property sold, a state appeals court affirmed.

Assessments only take place every four years in Lake County and property values can’t be changed in the middle of the cycle without substantial cause. “An assessor cannot revalue a property solely due to a sale,” Illinois Appellate Court, Second District Justice Ann B. Jorgensen wrote in a Thursday opinion.

In 2019, Libertyville Township’s assessor valued the 260-unit complex at $51.6 million for the 2019-2022 tax years. Passco Mellody Farm DST Trust bought the ...