Fritz Kaegi, elected Cook County Assessor in 2018 and self-proclaimed “outsider”, took office vowing to reform the County’s property tax assessment system, particularly with regard to commercial properties. In February, Kaegi backed new legislation that would require taxpayers for income generating property to annually submit income and expense data to the Assessor’s Office. The Assessor could then use that data (or not) to set assessments for those commercial properties. The legislation passed in the Illinois Senate, but was stalled in the House and died when the legislative session ended. Kaegi proclaims, however, that this is not the last we have seen or heard from him on this legislation. Here is why Kaegi’s proposed mandatory disclosure bills could have significant implications on business owners and tax payers.