CHICAGO (WBBM NEWSRADIO) — Chicago's Trump International Hotel and Tower managed to cut its property tax bill but that could be temporary.
Former President Donald Trump's company cut its property tax bill by $300,000 after the Cook County Assessor's Office changed the assessment on Trump Tower downtown.
The Chicago Sun-Times reported the lower tax bill stems from a lower assessed value of the three levels of retail space at the base of the skyscraper.
Trump Tower paid over a million dollars in property taxes on the space last year while this year's bill was just under $700,000.
That space has remained largely vacant or unfinished since the building opened over a decade ago.
A spokesman for the assessor’s office said the lower tax bill is based on last year's assessment and that the property will be reassessed this year.
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