From the Washington Free Beacon

Valerie Jarrett currently owns an 11-percent equity interest in Kingsbury Plaza, a 46-story luxury apartment complex developed by Habitat between 2005 and 2007 at a cost of more than $100 million.

 

She valued the investment at between $1 million and $5 million on her 2011 financial disclosure form, up from $250,001 in 2010. A Jarrett spokesmantold the Washington Times that the investment was “a direct result of her 13 years working for Habitat.”

Cook County records show the Kingsbury property is worth around $27.2 million, but thanks to a series of legal appeals beginning in 2003, the land and building are assessed at a much lower value for tax purposes. Since 2008, the property has been designated a “special commercial structure” and is taxed at a value of just $6.8 million, or 25 percent of the actual value.

Asked how such a property could enjoy such a low taxable value, an official with the Cook County Assessor’s Office told the Free Beacon that the property’s owners “must have good attorneys.”