ARLINGTON HEIGHTS (WBBM NEWSRADIO) - The Bears are about to start demolition at Arlington Park.
The team said the demolition is not about the property taxes.
The plans come after Crain’s reported that the assessor raised the value of the 326-acre property from $33.5 million to $197 million, slightly less than the team paid.
When the track was operating, the tax bill was $3 million. The reassessment would raise the taxes to about $16 million. That’s being appealed.
Part of the assessor’s reasoning is the property could be a race track again.
“We want to pay our fair share…Arlington Park would not be redeveloped by anyone at such an excessive property tax rate,” the Bears said in a statement.
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