Donald Trump’s Chicago property tax has been reduced by 30% as the city’s Trump Tower retail space was almost empty, the report said.

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The glass fa├žade of Chicago's Trump Tower next to an old brick building

Trump International Hotel & Tower Chicago. John Walton / PA Images via Getty Images

  • Trump’s Chicago Tower received a tax cut of approximately $ 300,000 for its vacant retail space.

  • The valuation of the building’s retail space fell by about 37%, Chicago sun times report.

  • Lower valuations reportedly lowered Trump’s 2020 tax bill from about $ 1 million to $ 698,399.

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Former President Donald Trump’s property tax has been significantly reduced for Chicago’s office towers due to the almost empty commercial space in the building. Chicago sun times report.

The building’s retail space valuation has dropped from $ 1990 million to $ 12.5 million, according to the report. According to the report, about 95% of the square foot is free, reducing the valuation by about 37%.

“We provided reductions based on vacancies,” a spokesman for the assessor’s office told the Sun Times.

According to the report, Trump’s property tax on commercial spaces fell to $ 698,399 in 2020, down from $ 1 million in the previous year, due to lower valuations.

The glass-enclosed Trump International Hotel & Tower Chicago has a prominent spot in the city skyline. Located along the north side of the Chicago River, it straddles the line between the Loop and the River North district.

Of the building Official site “A showcase of bold style and attractive design along the Chicago River,” he describes.

A group of people celebrating Joe Biden's victory in the 2020 presidential election in front of Chicago's Trump Tower.

People celebrate the victory of President Joe Biden in front of Trump Tower. Scott Olson / Getty Images

However, it has been reported that it was difficult to attract commercial tenants on the lower three floors, including the retail space on the first floor.

The building “lost money and handed over his fist.” Vanity Fair Said. Tower profits fell 89% in the four years ended in 2018. Washington post report. A real estate blog, GenuineIn 2019, the building was said to be the “biggest failure” of Chicago retailers.

The revaluation of the building took place a few months after Illinois officials stated it was more valuable than 2011. In July, the Cook County Council ruled that Trump was in debt. $ 1 million refund About taxes for the year.

According to the building’s official website, the Chicago Tower was the fourth tallest building in the United States.Wikipedia List now It’s seventh, with three new New York City towers at the top of the list.

Read the original article Business insider

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