Pritzker, Kaegi, Pappas re-elected and voters raise property tax

Cook County Assessor Fritz Kaegi, Governor JB Pritzker and Cook County Treasurer Maria Pappas (Getty, Facebook)

Voters in Illinois have indicated they are happy with the status quo, locking in three incumbents with influence over real estate policies on new terms on wins by wide margins.

Specifically for real estate players, Cook County Assessor Fritz Kaegi beat Libertarian challenger Nico Tsatsoulis with 82% of the vote, while Governor JB Pritzker won re-election against Republican Darren Bailey, the Chicago Sun-Times and Chicago Grandstand reported.

Pritzker’s first-term policies with real estate impacts have earned praise in some circles while angering some landlords, with mixed views over his handling of a moratorium on evictions and the payment of rent assistance during previous phases of the pandemic.

“I’m so excited to spend four more years as governor,” Pritzker said shortly after The Associated Press called the race with him leading Bailey 55% to 42%. Bailey, who was endorsed by former President Trump but avoided discussing him during his campaign, conceded about 90 minutes later.

Kaegi cruised to victory even easier last night as his Republican nominee, Todd Thielmann, was disqualified from voting in the June Democratic primary.

Kaegi took office in 2018 when he pledged to reform the office after eight years under former evaluator Joe Berrios, who was ousted, in part, because he failed to release data. Evaluation. Kaegi sought to undo what he saw as the Berrios administration’s overstatement of single-family homes in low-income neighborhoods by shifting more of the county property tax burden onto commercial actors.

The changes have led commercial property owners to rely more on winning calls for lower ratings from the review board, and frustrated multi-family and retail buyers who have locked in their transaction prices and mortgages at ratings that were previously lower.

Cook County Treasurer Maria Papas also won her re-election bid last night, securing a seat she has held since 1998. More recently, Pappas pointed to problems with the county’s property tax system, including loopholes that allowed some investors in delinquent taxes to walk out of deals through a system that cost some local governments millions of dollars.

Voters also approved a property tax hike to provide more funding to the Cook County Forest Preserve, which maintains open spaces and supports funding for cultural assets such as the Chicago Botanical Gardens and the Chicago Zoo. Brookfield. With the approved tax increase, the maximum tax extension the reserve can issue has increased from $85 million to approximately $127 million. He jacked up the Forest Reserve’s annual line item on homeowners’ tax bills to about $7.29 for every $100,000 of value.

—Victoria Pruitt

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