A key piece of the new Cook County Assessor Fritz Kaegi's plan to overhaul the way his office values properties hit a roadblock today, as lawmakers shelved a bill he is counting on as a centerpiece of the new system.
The measure, erroneously dubbed the Data Modernization Bill, was buried in an Illinois House committee today as legislators believed it was too onerous based on the new random rules it would create.
The bill proposes to force commercial property owners to disclose to the Assessor’s Office any and all potentially privileged financial information about a building's income and expenses, which is not proper under ad valorem valuation principles, and is subject to penalties of perjury.
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