Mall owner Washington Prime Group is suing Cook County over tax assessments on two properties in the Chicago area, alleging that the assessor’s office “improperly and unequally assessed” the property over several years. doing.
The Texas bankruptcy court filing concerns Washington Prime’s bankruptcy and restructuring. The REIT filed for his Chapter 11 in June 2021, cutting his original $3.5 billion debt by almost $1 billion, and he emerged from bankruptcy in October of that year.
In a hostile lawsuit filed last week, the Cook County Assessor’s Office found the value of Lakeview Plaza Mall in Orland Park and Countryside Plaza in Countryside based on years of recognized valuation methods. It far exceeds the value permitted by Illinois law.” Let’s go back to the 2016 tax year. A lawyer for Washington Prime did not respond to a request for comment. The Cook County Assessor’s Office declined to comment.
The Orland Park property was valued between $30 million and $38 million during the period 2016-2021, according to figures provided in the lawsuit. Valued between dollars.
According to the complaint, Washington Prime believes it is entitled to a refund of approximately $2.1 million in taxes for Lakeview Plaza and approximately $2.4 million for Countryside Plaza. The company is also asking the court to determine the market value of the two shopping centers in light of widespread disputes in the mall sector and deteriorating real estate performance, according to the lawsuit.
The mall’s owner filed a similar adversarial lawsuit against Rockaway, New Jersey, alleging that the township had unfairly valued two malls it owns, Rockaway Commons and Rockaway Town Plaza. In that lawsuit, Washington Prime claims he owes a tax refund of $1.2 million on two properties valued at about $30 million from about $16 million.