Arlington Heights

Arlington Park tax deal reached after Bears purchase property

After reaching a settlement the 2022 tax bill for Arlington Park was cut in half


Churchill Downs is going to save a big chunk of change after they sold Arlington Park to the Bears. Cook County Board of Review Commissioner Samantha Steele announced on Thursday that a tax agreement has been reached between the organization and the local taxing bodies.

“Thanks to careful analysis and collaboration, this settlement ensures that the property value is assessed appropriately to secure tax funds that support local school districts throughout the community,” Steele said in a statement.

After initially being assessed a nearly $16.2 million tax bill, Churchill Downs now will pay just under $7.8 million. It comes to about $8.4 million in savings.

The tax agreement is for the 2022 tax bill only, which Churchill Downsー the previous owners of the racetrackー owes. The Bears will be responsible for paying the 2023 taxes.

Cook County Assessor Fritz Kaegi’s office set the value of Arlington Park at $197 million dollars, which was just shy of the $197.2 million price the Bears paid to buy the property. That was a massive increase from its $33 million assessment in 2021. Churchill Downs requested a market value of just over $37.3 million, “using a cost approach which incorporated the depreciation of the buildings on the site,” per Steele’s statement. After settling, the value of the property was set at $95 million.

It’s been widely reported that the Bears will look for a property tax reduction for 2023, since it will take some time for them to demolish the old buildings and begin developing the land for their own purposes. They will need to reach a new settlement for their tax bill.

Click here to follow the Under Center Podcast.

Contact Us