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Woodfield Mall Jolted with 23% Tax Increase -- Up to $23 Million

Now that Woodfield Mall is hit with a 23 percent tax hike, to $23 million, this year, how will that impact the customer? Certainly Simon Property Group will be looking for new ways to recover those costs. The 2.2 million-square-foot shopping center in Schaumburg got jolted by the biggest increase in property among the top 10 properties in Illinois, and was the only property on the list with a double-digit increase.

The increase is probably due to the new sale price from last year's property sales transaction, which gives assessors a new market valuation. The Woodfield Mall property was valued at more than $1 billion last year when Simon Property Group Inc. acquired a 50 percent stake in the mall for $505 million.

Woodfield Mall has been given a valuation price of $363.5 million based on factors, including potential income generated by the property, property management, property history, property location, and value of other large shopping malls in the United States.

Chicago has the second-highest commercial property tax rate in the United States among the nation's largest cities. According to a report from the Urban Institute, Illinois has the second highest property taxes in the nation -- second to New Jersey.

A recent commercial from gubernatorial candidate Bruce Rauner criticizes Governor Pat Quinn for a 67 percent increase in property taxes.

Bruce Rauner: It's Time.

The Village of Schaumburg implemented its first property tax in 2009 and since then has reduced the levy each year. For decades, the Village of Schaumburg paid for government services such as police protection, fire protection, snow plowing and roadwork with money from sales taxes collected at Woodfield Mall and other retailers.

See a list of all stores at Woodfield Mall at Woodfieldshops.com Woodfield Mall Shopping Directory.
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