|FOR IMMEDIATE RELEASE
Monday, January 22, 2018
Chicago, IL – Today, candidate Chris Kennedy announced a press conference to present ideas about how to reform the property tax system. But for years as a real estate developer and businessman, the same Chris Kennedy has taken advantage and made millions off the very system he now decries as part of his campaign.
Chris Kennedy Has Profited For Years From the Same Property Tax System He Now Has Problems With
Once Again, What Chris Kennedy Says as a Candidate Doesn't Match Up with His Record
Here’s a reality check for Chris Kennedy:
- Kennedy rails against buildings like the Sears Tower for being assessed for half of what it was sold for, but Kennedy’s Merchandise Mart was assessed at less than half of what banks said it was worth in 2007. As a result of a lower assessment, for years, Kennedy avoided paying millions in property taxes.
- Kennedy regularly criticizes “connected” property tax lawyers, but Kennedy used those very same property tax attorneys to get himself and his business partners millions in tax breaks at Wolf Point — $1.5 million in 2012 and 2013, and $1.5 million in 2016.
“Chris Kennedy’s rhetoric doesn’t match his record on property taxes,” said Pritzker communications director Galia Slayen. “While he must be desperate to distract from his recent praise for Bruce Rauner, Kennedy’s past is rife with examples of him trying to benefit from the same ‘racket’ he now criticizes.”
- Kennedy now calls the property tax system rigged, but Kennedy sought a 20% property tax reduction on his own home, and quietly withdrew the appeal only after making the “rigged property tax system” central to his campaign.