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District 95 contesting property value reductions

Lake Zurich Unit District 95 will contest an effort to reduce the values of two commercial properties that could lead to a loss of about $231,000 in taxes paid this year.

District 95 board members Thursday night voted 5-0 in favor of challenging the property value reductions sought by the owners of a building primarily occupied by Continental Automotive Systems at 21440 W. Lake-Cook Road in Deer Park and a shopping center at 345 S. Rand Road in Lake Zurich.

Board member Scott McConnell said the potential property tax refunds are not the lone concern.

He said the district's overall tax base could shrink, leading to reduced annual revenue.

“We are also losing the compounding on that forever,” McConnell said.

An investment group purchased the seven-story structure on Lake-Cook Road for $40.5 million in 2014, but an appeal before a Lake County assessor's office panel places the value at roughly $35 million.

Should the office building wind up at the lower value, District 95 would have to refund at least $192,023 to the owner based on property taxes paid this year, officials said.

District 95's assistant superintendent of business and operations, Vicky Cullinan, said the shopping center at 345 S. Rand Road in Lake Zurich could wind up getting a $39,000 refund based on taxes paid this year if owners prevail in an appeal before the same Lake County assessor's office panel.

If both appeals are successful, the district could end up refunding roughly $231,000. Any refunds would not immediately occur.

Officials agreed the chance of having positive financial results outweigh a projected $15,000 to $20,000 in legal fees, and possibly $4,000 in property appraisal fees, to intervene in the two cases as part of a challenge.

How much the district would spend depends on whether the cases are settled in Lake County or go to a hearing before the Illinois Property Tax Appeal Board, Cullinan said.

Dist. 95 wants to prevent reduction in Deer Park office building value

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