Bears disputing massive tax hike of Arlington Park |
The Chicago Bears are planning a major move to build a $5 billion campus, which will include a new domed stadium worth $2.2 billion.
However, the team is facing a significant tax issue, with the county assessing the land value of the future stadium site at six times the price the team paid for it. This has resulted in the team facing a huge tax bill that it is disputing. Earlier this year, Cook County assessor Fritz Kaegi reset the value of Arlington Park's land at $197 million, almost six times the $33.5 million value it held when it was a horse track. The new assessment would cost the Bears an additional $15 million per year in property taxes. "Paying property taxes is part of being a member of the community," Bears said in a statement. "We want to pay our fair share. But the proposed assessment of the unoccupied property we purchased, and the taxes associated with it, would be more than five times what the property generated when it had an income-producing racetrack operating on it. Arlington Park would not be redeveloped by anyone at such an excessive property tax rate." The team has filed an appeal with the Cook County Board of Review, which will hear the case in June. This could potentially reduce the team's tax bill and make the construction of the new stadium more financially viable. The Bears are hoping to build a state-of-the-art stadium that will rival the best in the NFL. If successful, the project will transform the team's future and solidify its position as a major player in the league.
