ARLINGTON HEIGHTS (WBBM NEWSRADIO) - The Cook County Board of Review has rejected the Bears' appeal of the assessment of the Arlington Heights property the team bought last year with an eye toward moving the team.
The Board of Review is sticking with the $192 million valuation of the former Arlington Park Racetrack property for which the team paid $197 million. That puts the Bears on the hook for $15 million in property taxes.
It was noted that the property wasn't vacant for most of last year. Vacant land is taxed at a lower rate.
The value could be lowered if the Bears and the three school districts that benefit from the property taxes come to an agreement. They put the value at $160 million.The Bears have suggested $60 million.
It appears the team could have better luck with an appeal of the taxes for this year since the grandstand has been demolished.
They could appeal the decision or go to court.
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