HCBE Faculty Articles

Title

Are Property Taxes Capitalized in the Selling Price of Industrial Real Estate?

Document Type

Article

Date

Summer 2006

Publication Title

Appraisal Journal

ISSN or ISBN

0003-7087

Volume

74

Issue

3

First Page

250

Last Page

256

Description

This article presents an empirical study of the selling prices of 419 industrial properties near O'Hare Airport in Cook and DuPage Counties in metropolitan Chicago that were sold during 2001-2004. The results show that selling price per square foot is a function of property characteristics and location in Cook County. The property tax rate was higher in Cook County by 2.63% of market value, and comparable properties sold for 16.2% less in Cook County than in adjacent DuPage County.

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