Tax-free condos may be breaking law

January 18, 2008 8:27:47 PM PST
Cook County Assessor James Houlihan says an order of Catholic nuns and Loyola University have broken a law with the construction of a controversial high-rise building on the Gold Coast.The Clare at Water Tower Place is selling tax-free residences starting at a half-million dollars. But now the assessor says the nuns and Loyola, which owns the property, haven't notified Cook County officials about the change in use as required by tax laws, and Houlihan says the building may no longer qualify as tax free.

A spokeswoman for The Clare says Loyola University is in the process of filing tax-exempt papers, which are due at the end of the month.