Allstate Insurance has put its 186-acre corporate campus in Northbrook up for sale. The impact of that sale might be felt in two suburban school districts.
How Much Does Allstate Pay in Taxes?
Allstate, like many other companies during this pandemic, has embraced the work-from-home trend, which is why they are selling the Northbrook campus. Since property taxes are used to fund numerous county activities, there is concern on how this will impact homeowners in Dist. 31 and Dist. 225. According to the Cook County Treasurer’s Office, Allstate paid $4.7 million in property taxes this year. Approximately $1.9 million went to West Northfield School District 31. Allstate’s property taxes also go into District 225, which is a local high school district.
Although it could take some time for Allstate to sell the property, these school districts are keeping an eye on whether Allstate uses the vacancy of the property to appeal to have the property taxes reduced. Homeowners in the area are also keeping an eye on that situation, as an appeal to lower the property taxes could shift the tax burden to residential property taxpayers. However, that would only be a one-year claim per vacancy.
Why This Might Impact Residential Property Taxes
There are a variety of factors involved in the calculation of property taxes. One of these factors is that various taxing districts, which are local governmental units like a school district, submit to the clerk how much revenue, or levy, they are seeking from property taxes in the coming year. In Cook County, there are many government units submitting levies. The tax rate is based on the amount of money that these local taxing districts ask for to operate in the coming year, plus the equalized assessed value of the property. When there are fewer properties paying property taxes, the burden rests on those properties that are still paying.
The best way for property owners to ensure they’re paying their fair share of property taxes is to ensure that all the correct exemptions are in place and to double-check the property’s assessment and appeal it if there is faulty information or if it seems higher than other comparable properties in the area—meaning same age, same square footage, same condition. Property owners can only appeal during specific times of the year, which are outlined on the Cook County Assessor’s website.