Cook County Tax Reassessment of Norwood Park
Comparison of Median Assessed Value Changes between 2016 and 2019
Don’t overlook your property tax re-assessment notice and the deadline to appeal. The Assessor has released Norwood Park’s commercial and residential assessment reports for the 2019 tax triennial which can be found here:
Based on the published valuation statistics, the Assessor believes that the median sale price of residential properties in Norwood Park have increased as follows: $228,000 in 2013; $267,000 in 2015; and, $311,000 in 2018. The Assessor used these increases in market value to support a median percentage change in the township’s overall residential assessment of 17.06% in 2016 and 23.0% in 2019.
Focusing on Norwood Park’s Neighborhoods, here is a comparison of the Overall Median Sales (“OMS”) and Median Percentage Change (“M%C”) regarding residential assessed values in 2016 and 2019:
Neighborhood 10 – $238,000 (2016) vs. $279,900 (2019). 16.52% (2016) vs. 22.0% (2019)
Neighborhood 30 – $276,000 (2016) vs. $285,000 (2019). 16.28% (2016) vs. 29.0% (2019)
Neighborhood 40 – $324,000 (2016) vs. $370,000 (2019). 19.65% (2016) vs. 27.0% (2019)
Neighborhood 50 – $299,000 (2016) vs. $345,000 (2019). 16.64% (2016) vs. 28.0% (2019)
As an example, if you own a 1,400 square foot, one story residence in Neighborhood 50 and never appeal, your tax assessment would have cumulatively increased by 44.64% resulting in substantial increases in your property tax liability.
Given the challenge of revaluing all properties in the North Suburbs and Cook County, it can be difficult for the Assessor to fully understand specific challenges facing your property since his office has limited ability to make special considerations for your property’s unique aspects. Therefore, property owners and tenants should start by contacting our firm for a prompt review of the 2019 assessed value for the property taxes payable in 2020.
Dimitrios P. Trivizas, Ltd., has successfully filed tax appeals, negotiated settlements and litigated tax complaints on a variety of properties ensuring real property tax savings and tax refunds for property owners and tenants across all Counties in Illinois.
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