Paris Schutz
@paschutz
While the Chicago Teachers Union negotiates a new contract with CPS and wants $1 billion more in state tax money, documents obtained by @fox32news show the union is trying to slash its own property tax bill by more than half, depriving CPS of roughly $250k next year. Details at 4
4:50 PM · Jul 29, 2024
Chicago Teachers Union seeks to reduce property tax bill for West Loop headquarters
Story by Paris Schutz
July 30, 2024
FOX32 via MSN
The Chicago Teachers Union Foundation is seeking to significantly reduce the property tax bill for its West Loop headquarters, according to documents from the Cook County Assessor's Office obtained by FOX 32 Chicago.
The Assessor recently reappraised the value of the CTU’s building, estimating its fair market value at $19 million. However, the CTU is appealing this assessment and has hired a private appraiser who argues that the building's value should be reduced by more than half, to $9.2 million.
Based on the county's appraisal, the CTU would owe approximately $1 million in property taxes. According to the Cook County Clerk’s office, 55% of Chicago’s property tax revenue is allocated to the Chicago Board of Education. This means about $550,000 of the CTU’s tax bill would fund Chicago Public Schools. If the CTU's appeal is successful, it would cut that contribution by more than half, depriving the school district of approximately $275,000.
This development comes as the CTU is demanding $1 billion in additional state funding amidst ongoing negotiations with Chicago Public Schools over a new labor contract. Governor J.B. Pritzker has repeatedly declined the union’s request, reiterating on Monday that the state cannot fulfill this demand. ...
