Former President Donald Trump's property tax was slashed for his Chicago office tower because the building's commercial space was mostly vacant, The Chicago Sun-Times reported.
John Walton/PA Images via Getty ImagesThe assessed value of the building's retail space dropped about 37%,With a lower valuation, Trump's 2020 tax bill reportedly dropped to $698,399 from about $1 million.Former President Donald Trump's property tax was slashed for his Chicago office tower because the building's commercial space was mostly vacant,The building's retail space had its assessed value cut to $12.5 million, down from $19.9 million, the report said.
"We provided a reduction based on vacancy," a spokesperson from the assessor's office told The Sun-Times. With the lower valuation, Trump's property taxes for the commercial space fell to $698,399 for 2020, down from $1 million the year prior, the report said. The glass-faced Trump International Hotel & Tower Chicago has a prominent spot in the city's skyline. It sits along the north side of the Chicago River, straddling the line between the Loop and the River North neighborhoods.describes it as "a showcase of bold style and engaging design situated along the Chicago river."But it's had difficultly attracting commercial tenants for the bottom three floors, including its ground-floor retail space, reports have said.
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