Residential Real Estate
Chicago

Cubs co-owner Todd Ricketts has been paying taxes for the wrong (and much smaller) house

Todd Ricketts was paying a property tax bill based on home he demolished, not the larger one he recently built

Todd Ricketts’ property tax appeals are now under investigation.

Todd Ricketts’ property tax appeals are now under investigation.

The man in charge of raising money for the Republic National Committee and President Donald Trump’s re-election campaign has been paying taxes on the wrong North Shore home.

In 2010, Chicago Cubs co-owner and Republican National Committee finance chair Todd Ricketts built a 5,000-square mansion in Wilmette, after assembling two properties and razing the previous homes.

Since then, Ricketts and his wife have been paying taxes based on the home his mansion replaced, a demolished 100-year-old home that’s half the size of his current residence, according to the Chicago Tribune.

Ricketts does not appear to have followed state law in notifying the county assessor when a new home is built, the Tribune reports. Instead, in 2013, his tax attorney, Chicago lawyer James FortCamp of Seyfarth Shaw, sought property tax appeals using information pertaining to the demolished house.

Included in a property tax appeal was a photo of the demolished home, seeking a reduction based on the age and size of the old home, according to the Tribune.

Rickett’s 2019 tax bill on his new home is $22,800, while his neighbor’s small and much older house has a bill of $31,200. The assessment, and Rickett’s appeals, are now under investigation.

Issues with property tax bills are not new or uncommon. Lake County this year sent out hundreds of incorrect tax bills due to a software error.

The Ricketts’ case comes as Cook County Assessor Fritz Kaegi is working to overhaul the assessment system, which has already resulted in higher tax bills for some North Side home owners and Evanston apartment landlords. [Chicago Tribune]Joe Ward

COMPANIES AND PEOPLE

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Residential Real Estate
Chicago

Cubs co-owner Todd Ricketts has been paying taxes for the wrong (and much smaller) house

Todd Ricketts was paying a property tax bill based on home he demolished, not the larger one he recently built

Todd Ricketts’ property tax appeals are now under investigation.

Todd Ricketts’ property tax appeals are now under investigation.

The man in charge of raising money for the Republic National Committee and President Donald Trump’s re-election campaign has been paying taxes on the wrong North Shore home.

In 2010, Chicago Cubs co-owner and Republican National Committee finance chair Todd Ricketts built a 5,000-square mansion in Wilmette, after assembling two properties and razing the previous homes.

Since then, Ricketts and his wife have been paying taxes based on the home his mansion replaced, a demolished 100-year-old home that’s half the size of his current residence, according to the Chicago Tribune.

Ricketts does not appear to have followed state law in notifying the county assessor when a new home is built, the Tribune reports. Instead, in 2013, his tax attorney, Chicago lawyer James FortCamp of Seyfarth Shaw, sought property tax appeals using information pertaining to the demolished house.

Included in a property tax appeal was a photo of the demolished home, seeking a reduction based on the age and size of the old home, according to the Tribune.

Rickett’s 2019 tax bill on his new home is $22,800, while his neighbor’s small and much older house has a bill of $31,200. The assessment, and Rickett’s appeals, are now under investigation.

Issues with property tax bills are not new or uncommon. Lake County this year sent out hundreds of incorrect tax bills due to a software error.

The Ricketts’ case comes as Cook County Assessor Fritz Kaegi is working to overhaul the assessment system, which has already resulted in higher tax bills for some North Side home owners and Evanston apartment landlords. [Chicago Tribune]Joe Ward

COMPANIES AND PEOPLE

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