Trump Wins Big Tax Case Over His Chicago Skyscraper

After years of legal wrangling, former president, investors to recoup $1M in property tax refunds
By Jenn Gidman,  Newser Staff
Posted Apr 26, 2023 11:29 AM CDT
Trump Wins Big Tax Case Over His Chicago Skyscraper
The Trump International Hotel and Tower is seen in Chicago's famed Loop on Sept. 17, 2014.   (AP Photo/Charles Rex Arbogast, File)

For more than a decade, former President Trump and other owners of the Trump International Hotel & Tower in Chicago have sought to recoup a hefty property tax refund on the building. Now, it looks like Trump can claim success in this longtime battle: On Monday, the Illinois Appellate Court concurred with Team Trump that the skyscraper had been overvalued by Cook County assessors in 2011, and that Trump and the other investors are due nearly 340 refunds for the building's hotel rooms and retail space, totaling around $1 million, report the Chicago Sun-Times and Crain's Chicago Business. The tower's residential condos aren't affected by the ruling by the three-member appeals court.

The money will come out of the coffers of the property taxes due to the city this year, with Chicago Public Schools looking to lose more than half a million dollars. The court deemed that the state's Property Tax Appeal Board was in the right when, in 2021, it slashed the original estimated market value of the building of $62.4 million, placed on the property by Cook County Board of Review assessors 12 years ago, down to just $37 million. Unless the board, which brought the appeal before the court, pursues the case with the Illinois Supreme Court, this could wrap up years of legal wrangling over the contested taxes at 401 N. Wabash Ave. (More Donald Trump stories.)

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