With the recent passing of a law that now allows Chicago to reassess taxes on the properties in each of the districts, businesses are seeing the hardships that can come with rising taxes. While the law allows the taxes to either increase or decrease, the majority of the businesses in Chicago have seen an increase in taxes. These businesses, who were functioning normally and profiting, may now be struggling because of the higher taxes in their district. This is something that can be seen as somewhat detrimental for the areas of Chicago and can harm the business in each of these districts.
It is also something that is weighing on the minds of investors as they are concerned about the risks that they initially took. Majeed Ekbal, one of Chicago’s biggest grocery investors, is concerned that the grocery stores he has invested in will not be able to survive the tax crunch that has been seen as a result of the law being passed. Ekbal’s website shows that he is an investor who previously knew how to properly assess the events that could happen if he were to invest in a property. This all has been changed with the spike in taxes in the areas where he has grocery stores.
North Township 013 is one of the areas that has seen an immense increase in taxes. The area, which is filled with new and progressive businesses like delivery grocery chains, has seen taxes rise by 48 percent in the past year. The taxes are expected to rise even further, which can be highly detrimental to the businesses in the area. The area, along with the businesses that are a part of it, may not be able to survive the next extremely high tax increase like the one that was seen in the last year.
Majeed Ekbal has been investing in many grocery opportunities and chooses to take on ideas that are progressive, like delivery services. He wants these small time businesses to succeed and helps them by investing his money into them. Tax increases could cause the risk of the investment to become not worth it.