Two closing South Side Target stores' combined property tax bill: $750K per year
Two Target stores in Morgan Park and Chatham that are closing pay a combined $750,000 in annual property taxes, according to a review of Cook County property records by Chicago City Wire.
The stores at 8560 S. Cottage Grove Ave. in Chatham and 11840 S. Marshfield Ave. in Morgan Park pay $445,512 and $308,000, respectively, according to the Cook County Treasurer. They are among six Target stores in the U.S. scheduled to close in 2019, the company announced earlier this month.
All told, Target owns properties for eleven of its Chicago stores, paying a total $9.45 million in property taxes per year. The properties are worth $174 million, according to the Cook County Assessor, making Target's effective tax rate 5.4 percent.
In contrast, Target stores in other states pay considerably lower property taxes.
For its store at 10451 Indianapolis Blvd. in Highland, Indiana, less than ten miles from the Illinois border, Target pays $23,892 in property taxes, according to the Lake County, Indiana Treasurer. Its store on Calumet Boulevard in nearby Munster, Indiana has a bill of $30,748.
For its Homewood, Illinois store in Chicago's south suburbs, seven miles east of Munster, Target pays $713,093 in property taxes, according to the Cook County Treasurer.
Kenosha County, Wisconsin records show the Target store in Pleasant Prairie, Wisconsin, has a bill of $215,158. Their store in Racine, Wisconsin has a bill of $178,097.
The company will open nineteen new stores next year, including a "small format" store in Chicago's Rogers Park neighborhood on the far north side, on property it doesn't own. The store will resemble similar Target stores in Hyde Park, the West Loop and Lincoln Park.
Target's property taxes-- which Chicago stores cost it the most?
Target is closing two Chicago stores in 2019, citing a lack of profitability. Did Chicago's highest-in-the-country property taxes play a contributing factor?
|Neighborhood||Address||Property Tax||Property Value||ETR|
|Old Town||600 W Division St||$1,707,185||$31,721,784||5.4%|
|Logan Square||2656 N Elston Ave||$1,430,350||$26,577,796||5.4%|
|Avondale||2959 W Addison St||$1,278,238||$23,751,376||5.4%|
|South Loop||1154 S Clark St||$953,645||$17,720,000||5.4%|
|Uptown||4438 N Broadway St||$896,807||$16,109,588||5.6%|
|West Ridge||2112 W Peterson Ave||$673,409||$12,512,848||5.4%|
|Montclare||6525 W Diversey Ave||$672,718||$12,500,000||5.4%|
|McKinley Park||1940 W 33rd St||$622,808||$11,572,608||5.4%|
|Archer Heights||4433 S Pulaski Rd||$459,168||$8,531,960||5.4%|
|Chatham||8560 S Cottage Grove Ave||$445,512||$6,955,308||6.4%|
|Morgan Park||11840 S Marshfield Ave||$308,000||$5,710,480||5.4%|
Sources: Target Corp., Cook County Assessor, Cook County Treasurer.