Comparison of Median Assessed Value Changes between 2015 and 2018

As a property owner in the City of Chicago, you have already received the Cook County Assessor’s reassessment notice informing you that your property’s taxable value is changing. After the sticker shock for most of us, those responsible for paying property taxes are left wondering, “Again?”

The Assessor is responsible for the valuation of all real estate in Cook County and completes a revaluation or reassessment of each township once every three years. Based on the published valuation statistics, the Assessor believes that many residential properties in Chicago are worth substantially more in 2018 than in 2015 (recent triennial updates). In addition to the 2018 infographic, here is a summary of the median percentage increases of residential assessed values in 2015 from 2012 for the Chicago townships:

Hyde Park – 12.59% Jefferson – 9.17% Lake – 8.95%
Lake View – 20.14% North Chicago – 32.04% Rogers Park – 12.75%
South Chicago – 14.07% West Chicago – 12.41%

 

The initial question everyone should be asking is whether comparable property rentals or sales in their neighborhood support the Assessor’s proposed increase of their property’s taxable value. Looking at North Chicago, the cumulative increase is 55.36% from 2015 to 2018, did your property’s fair market value experience the same amount of growth in this short timeframe?

In addition to the potential increase in your property tax bill, the increase in the assessed value may impact your income taxes as well. In light of recent tax reforms, the deduction for all state and local taxes combined cannot exceed $10,000 and, as a result of this cap, real estate taxes that were formerly deductible could now be limited.

Simply, your assessed value is the primary component of the real estate tax bill and reduction thereof is instrumental in reducing both your property tax and income tax liabilities.

If you need assistance analyzing your assessment or filing a formal appeal, feel free to contact us.

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As we specialize in property tax relieftax incentives and zoning, contact us for a free consultation about your property.

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