Vicki Granacki

Vicki Granacki

Click here for Granacki’s Your Story from earlier in the pandemic.

“It’s a difficult time for mom-and-pop commercial buildings. My taxes are going up about 20% for a non-reassessment year. Last year they increased the assessed value of my building over 300%. If that assessment sticks, I don’t know what I will do.”

“This year I’m looking at property taxes of over 30% on our building’s rental income. My income decreased substantially due to the pandemic because I have a couple vacancies, and I readjusted rent for some of my tenants. Even though I have less income than before the pandemic, my taxes keep increasing.”

“Between this latest tax increase and my recent assessment, they are out of control. I am appealing. If the new assessed value goes through, then my taxes would be 100% of my building income. I can’t imagine that would go through, but I don’t know what I’d do. I’m basically at a break-even because of my other expenses.”

“I’m renovating and remodeling a bit in a push to rent my vacant space. I’m also working with my tenants to renegotiate leases. With the tax loss due to COVID, they readjusted their rates on commercial, and smaller landlords such as myself are getting squeezed. I don’t know what the future is for small office buildings, small retail tenants.”

“I have a theater in the back and they’re still struggling on whether they’ll have production again. They have in-person classes, yet they aren’t doing those at the moment due to COVID-19 either. They are restructuring their operation, so I want to help as best I can as they go through that process.”

“We have one vacant office, and another office where the tenant is paying rent but his staff hasn’t worked there in two years. I am just in denial. I keep thinking the economy, assessments, taxes will improve or even out and I’m going to get new tenants. I keep hoping for the best.”

“I’ve toyed with the idea of work-lives on the second floor, and I’m zoned to have residential above the first floor. But it would still be a big investment in the building which would be disruptive to other tenants.”

“Prior to the pandemic, I was managing the building and going into our office. But now my staff is working remote. What’s the fun of going in when no one else is there? Everything is just in flux.”

“I think we just have to hold on tight, do the best we can and hope for best.”

Vicki Granacki
Commercial building owner
Chicago, Illinois

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