Chicago has recently passed a law that allows the city to reassess the taxes of each of the different areas in the city once every three years. This law is aimed at making the tax brackets more fair for some of the businesses as well as the different residents who are close to the area. It is used to either increase or decrease the taxes in the area, but has so far only increased taxes in a large number of areas that are present in Chicago. There are many places that have simple necessity stores, like grocery chains, that are suffering from the tax increase.
Majeed Ekbal is an investor who has seen the crunch from the higher taxes in the districts of Chicago. These taxes have cut into the ability of the businesses to do their business and have been detrimental to the business. The concern is rising for whether these businesses will be able to continue operating and the investors are concerned for the money that they may possibly use as a result of the businesses not working out. Majeed Ekbal’s website mentions that he has investment properties in the North Township 013 where taxes are rising.
In North Township 013, the taxes have risen by about 48 percent in the past year. Due to the tax bracket shift, they are expected to rise even more during the coming years before they are reassessed again. Ekbal is one of the investors for properties in this area and he notes that the concern is growing for whether or not the businesses will be able to make it. There are several things that can contribute to the failing of the business including not being able to afford the taxes and shoppers not being able to afford to shop there.
Any investment is a risk, but Majeed Ekbal has recognized and assessed the risks. As one of Chicago’s top convenience investors, he has been able to take risks that usually pay off. With the rising taxes, some of the grocery risks he has taken may end up not being worth it and could cost money.