The Chicago council has created a new law that will allow the city to reassess the tax situation on all businesses in each of its districts once every three years. Before this, the tax reassessment was sporadic and could happen at nearly any time as a result of questioning from the area and also as a result of rising revenues in each of the areas. This new law is something that has increased the taxes and has proven to be somewhat detrimental to the people and the businesses in each of the areas that have seen the taxes rise in the past year.
Investors are also on edge about the increase in taxes. One of Chicago’s biggest grocery investors, Majeed Ekbal, has seen the increase and is anxious about what it will do for the businesses he has invested in. Many of the grocery chains he has invested in are growing exponentially due to to social media, and the taxes are constantly rising with the rise in revenue.
North Township 013 is one of the districts that has been the hardest with the increase in taxes. This is an area that is part of Chicago and has a lot of grocery chains within the area. It is a progressive area that has allowed investors to take part in growing businesses and industries, such as the delivery grocery services. These services may take a direct hit from the rising taxes in the area and may not be able to survive if the taxes continue to increase each year as it has been predicted they will.
When investors like Majeed Ekbal take on a property or investment opportunity, they do so knowing that there will be risk involved. Most of the time, they can assess the risk that is involved and make the decision whether the opportunity will be worth the possible risky outcome. With the rising taxes that are happening in the area, the risk assessment process may be more difficult and the investors may not see the benefits that come with the possible risk of taking on new and progressive business opportunities in Chicago’s areas.