Illinois’ property tax assessment system dates back to the year Apollo 13 launched and the Beatles broke up.

Cook County officials say it's finally time for the 55-year-old framework to get an upgrade, launching a mission to reshape it to increase transparency and regain trust from a wary business community.

For skeptical commercial real estate players, it can't happen soon enough — and seeing will be believing.

“That is what investors quote a lot: tax unpredictability,” said Vicky Lee, senior vice president of development for developer and general contractor Focus. “[Investors] don't want to deal with it and all of a sudden have a higher tax than what everyone assumed and underwrote. It's a big impact.”

Read more about Cook County’s plan to reform the tax system as well as CRE’s trepidation that the changes won’t be enough. 

— Ryan Wangman

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