The City Council’s Finance Committee on Tuesday authorized a Class L property tax break for 99-year-old Wrigley Field that could save the team $8.5 million over 12 years if and when the landmark stadium is finally renovated.
Wrigley is now valued at $19.2 million and $32 million including the land beneath the stadium, according to team attorneys.
The Class L property tax break, expected to be approved by the full City Council on Wednesday, would allow Wrigley to be taxed at a rate of 10 percent of assessed valuation for the first 10 years, at 15 percent for the 11th year and at 20 percent for the 12th.
Wrigley’s annual property tax bill now stands at $1.49 million. The stadium is taxed at a rate of 25 percent of assessed valuation.
The Cubs would get the break, only after the five-year renovation project is completed. At that time, the building will be reassessed. Former Cook County Assessor Tom Tully, an attorney representing the Cubs, has maintained that, even with the break, the new tax bill will be “considerably greater” than what it is today.