- Trump’s Chicago tower got a $300,000 tax break because of its vacant retail space.
- The assessed value of the building’s retail space dropped about 37%, The Chicago Sun-Times reported.
- 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 Chicago Sun-Times reported.
The building’s retail space had its assessed value cut to $12.5 million, down from $19.9 million, the report said. The assessed value was cut by about 37% because about 95% of the square footage was vacant, 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.
The building’s official website 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.
The building was “losing money hand over fist,” Vanity Fair said. The tower’s profit fell 89% in the four years…