patrick.net

I can't get any article text to load at that link, just side-bar junk.

As for "fair" that depends on PoV and what that tax is based on.

One PoV would be that I'd LOVE to have such a tax bill if it was because I was living in the posh roof-top penthouse with a pool and breeze on top of my own office building full of tenants paying my expenses every month. :-)

BTW, I want such a building/penthouse arrangement in SF, NY, Paris, Honolulu, and Sydney so I can be a "snowbird" whenever weather or boredom causes a desire for a change. If that was my life, a 1/4M property tax bill would surely be inconsequential.

Try this:
http://www.chicagorealestatedaily.com/article/20120906/CRED0701/120909910/-246-780-thats-not-the-price-its-the-property-tax

Though she says she contests taxes on all her properties, Ms. Birov said she and her clients understand a big tax bill comes with the territory of top real estate.

“This is what you have to pay to be on the lake and have a big house,” she said.