THE BIOGRAPHY OF CHICAGO’S MARINA CITY
Written by Steven Dahlman

Property taxes in 1964 and 2007

The property tax for Marina City in 1964 was $280,000 – the equivalent of $1.8 million in 2007. By 2007, property tax for the residential towers would of course be paid by individual owners of condominium units.

Using the following estimates...

Configuration Number of units Estimated average property tax Estimated total property tax
Studio 256 (4 per floor x 32 floors x 2 towers) $1,300 $332,800
One bedroom 576 ((8 per floor x 32 floors) + (4 per floor x 8 floors)) x 2 towers $1,800 $1,036,800
Two bedroom 64 (4 per floor x 8 floors x 2 towers) $3,000 $192,000

...total property taxes paid in 2007 for the residential property at Marina City was approximately $1,561,600.

Last updated 22-May-11