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Cook County Assessor Wants to Add Retirement Home to Property Tax Roll

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Cook County’s assessor says a planned retirement home run by Catholic nuns should start paying property taxes. Loyola University has held classes in the building on Chicago’s Gold Coast. Now a non-profit Franciscan group is developing high-end senior housing on the site.

Cook County Assessor James Houlihan defends the decision to withdraw the property’s tax-exempt status.

HOULIHAN: If, for example, a tax-exempt hospital decided to have a fitness center and the fitness center was for all intensive purposes a for-profit entity, then there would be a taxable consequence to the use of that property.

Entry fees to the retirement home start at half-a-million dollars. The president of the non-profit development company says the fees will cover high-quality care and services for Chicago seniors. He says he’s appealing the assessor’s decision.

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