The Cook County Assessor's Office has announced the publication of a report of the reassessment of north suburban Cook County. Its release marks the first time in more than a decade that the office has issued such a report.
The Findings
In 12 of 13 north suburban townships, the Assessor's Office met the standards for accuracy, uniformity, and equity using metrics set forth by the International Association of Assessing Officers (IAAO).
The Assessor's Office granted 291 more commercial property incentives compared to the previous year. Many of these incentives supported affordable housing, and aid economic development in neighborhoods throughout Cook County.
The report also details an increase in assessed properties by 9.5%, or about $6.3 billion. This was largely drawn from reassessed townships in the northern suburbs. After appeals were processed by the Board of Review, however, the growth in the tax base was reduced to $2.7 billion. This means that the tax burden was effectively shifted by the Board of Review from apartment developers, shopping mall operators, and other commercial enterprises to homeowners.
In each of the 13 north suburban townships, the Assessor's Office proposed an average of a 6 to 7 percent assessment increase for commercial properties to better share the tax burden. In every township, most of those assessment changes were reversed by the Board of Review.
So, what does this mean for homeowners? Due to the Board of Review changes in property valuation, the Assessor's Office has shared they believe that residential property owners may see an increase in their actual property bill.
The full report can be viewed here.
Learn more about appealing your property tax bill here: https://www.commissionerscottbritton.com/propertytaxes