GENEVA – The Geneva school board has decided to fight two property tax appeals that could cost the district nearly $550,000.
School board members voted Tuesday to intervene in two property-tax assessment appeals filed with the Illinois Property Tax Appeal Board. The appeals were filed by the former owners of Geneva Commons shopping center and Best Buy.
In a memo to the school district, school attorney Joshua Whitt said that Invesco Ltd., which recently sold the 438,000-square-foot shopping center at 602 Commons Drive in Geneva, is seeking an $8.5 million reduction in its 2012 assessed value, which could cost the district $523,000.
“The assessed value placed on the Geneva Commons shopping center by the Kane County Board of Review reflects a fair market value of $90.3 million, and Invesco is advocating a fair market value of only $72.2 million,” Whitt said in the memo.
However, he noted the property was sold last month for $124.5 million, and both the buyer and seller indicated that the price paid was reflective of market value.
LaSalle Investment Management, the investment unit of Chicago-based Jones Lang LaSalle Inc., purchased the shopping center.
Best Buy, located at 1876 S. Randall Road in Geneva, also has filed an appeal with the Illinois Property Tax Appeal Board.
Best Buy is requesting a $413,435 assessment reduction for 2012.
“If Best Buy were successful in this appeal, it would result in a $25,233 refund from the school district,” Whitt said.