District 227 will challenge recent state-approved reductions in the property valuation of two Matteson businesses.
The decreases will reduce the amount of property taxes the businesses pay to taxing bodies, including District 227.
Ace Hardware recently asked the Illinois Property Tax Appeal Board to reduce its 1999 property assessment to $1.97 million from $3.33 million.
MONY Life Insurance Co. requested that the state board reduce its assessed valuation from $1 million to $451,000.
“I don’t believe the assessed value of the property is that low,” said Harold Huang, assistant superintendent, about the companies’ requests.
When a business in the district requests a reduction of $100,000 or more in the assessment of its property, the school board is required by state law to vote on whether to approve the request or challenge it.
