Geneva Schools Will Fight Tax Appeals of Geneva Commons, Best Buy
"Successful reduction petitions by these two corporations would result in a nearly $550,000 refund from the School District."
At its Tuesday-night meeting, the Board of Education authorized district attorneys to intervene in the Property Tax Appeal Board proceedings of Invesco Realty Advisors and Best Buy.
Investco Realty was the owner of the Geneva Commons shopping center when assessed valuations for 2012 were set. LaSalle Investment Management bought the Geneva shopping center in default for $120 million in September of this year.
According to School Board resolutions passed Tuesday night, owners of the Investco property located at 602 and 1102 Commons Drive and the Best Buy property at 1876 S. Randall Road have "appealed the decision of the Kane County Board of Review to the Property Tax Appeal Board of the State of Illinois."
The resolutions call for the School District's legal counsel, Whitt Law LLC, to file a "Request to Intervene" in the proceedings and to represent the School District before the Property Tax Appeal Board.
In its "For the Record" report of Tuesday's School Board meeting, the district said "successful reduction petitions by these two corporations would result in a nearly $550,000 refund from the School District."
On Tuesday night, School Board member Bill Wilson said he was in favor of the appeals because some of the burden for the lost revenue would be placed on the shoulders of residential property owners.
"I feel it’s important that we do our best to appeal these and try to reduce those reductions so that our homeowners are not hit with the costs," he said.