A high-end Gold Coast retirement tower developed the Franciscan Sisters religious order on land leased from Loyola University Chicago may lose its property tax exemption, Greg Hinz reports in Crain's Chicago Business.
[Cook County Assessor James] Houlihan late last week quietly issued a preliminary ruling that [the development] is subject to property tax, rather than being exempt, like most land owned by religious groups.
[H]is office confirms that, unless changed, the "preliminary notice of assessment" will stick someone involved in developing the 57-story Clare tower at 55 E. Pearson St. with a tax bill of roughly $670,000 a year.
At issue is whether the development a legitimate religious exemption or "merely a device to shelter what in other cases would be considered large, taxable corporate profits."
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