Michael Markellos and his mother own a 10-unit apartment complex in Chicago. He said his tax bill last year for all 10 units combined was $23,674. This year, the bill is $128,282 dollars, up 440 percent. "I was outraged. These are basically simple one-bedroom units for college graduates who work downtown," said Markellos. "They would have to pay $5,000-$6,000 to pay the bills. No one in their right mind will pay that." A local TV station asked the tax assessor's office why the bill had gone up. A spokesperson said the office had previously assessed multi-unit apartment buildings as commercial properties. It now considers them residential properties.
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