Cook County Tax Reassessment of Schaumburg

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 Schaumburg’s commercial and residential assessment reports for the 2019 tax triennial which can be found here:

https://www.cookcountyassessor.com/assets/forms/SchaumburgCommercial.pdf

https://www.cookcountyassessor.com/assets/forms/SchaumburgResidential.pdf

Based on the published valuation statistics, the Assessor believes that the median sale price of residential properties in Schaumburg’s are as follows: $254,000 in 2015; $241,500 in 2016; and, $276,500 in 2019. The Assessor used these changes in market value to support a median percentage change in the township’s overall residential assessment of 22.0% in 2016 and 16.0% in 2019.

Even though the Assessor posted the 2019 residential assessment neighborhood map, he focused on limited or cherry-picked data from 2017 to 2019 for Schaumburg’s sales trends. The following is a comparison of the Overall Median Sales and Median Percentage Change regarding residential assessed values between the 2016 and 2019 reassessment periods by neighborhood:

Neighborhood 11
$224,000 (2016) vs. $299,000 (2019). 17.11% (2016) vs. 15.0% (2019)

Neighborhood 12
$296,750 (2016) vs. $345,000 (2019). 16.41% (2016) vs. 14.0% (2019)

Neighborhood 20
$197,500 (2016) vs. $250,000 (2019). 17.26% (2016) vs. 17.0% (2019)

Neighborhood 30
$240,000 (2016) vs. $499,250 (2019). 15.07% (2016) vs. 22.0% (2019)

Neighborhood 31
$219,500 (2016) vs. $240,000 (2019). 14.28% (2016) vs. 20.0% (2019)

Neighborhood 32
$181,500 (2016) vs. $230,950 (2019). 15.91% (2016) vs. 11.0% (2019)

Neighborhood 35
$391,500 (2016) vs. $426,000 (2019). 17.46% (2016) vs. 9.0% (2019)

Neighborhood 40
$229,000 (2016) vs. $282,500 (2019). 16.03% (2016) vs. 14.0% (2019)

Neighborhood 60
$427,000 (2016) vs. $495,000 (2019). 16.62% (2016) vs. -1.0% (2019)

Neighborhood 65
$277,000 (2016) vs. $344,900 (2019). 17.66% (2016) vs. 20.0% (2019)

Neighborhood 71
$271,000 (2016) vs. $317,500 (2019). 16.49% (2016) vs. 5.0% (2019)

Neighborhood 72
$330,500 (2016) vs. $359,950 (2019). 16.71% (2016) vs. 21.0% (2019)

Neighborhood 74
$266,500 (2016) vs. $302,500 (2019). 16.13% (2016) vs. 12.0% (2019)

Neighborhood 75
$360,000 (2016) vs. $405,000 (2019). 16.56% (2016) vs. 27.0% (2019)

Neighborhood 80
$290,000 (2016) vs. $299,000 (2019). 17.58% (2016) vs. 10.0% (2019)

Neighborhood 85
$222,000 (2016) vs. $285,000 (2019). 16.53% (2016) vs. 19.0% (2019)

 

Neighborhood 90
$283,000 (2016) vs. $313,250 (2019). 16.32% (2016) vs. 11.0% (2019)

Neighborhood 91
$319,500 (2016) vs. $375,000 (2019). 15.43% (2016) vs. 18.0% (2019)

Neighborhood 101
$283,500 (2016) vs. $326,450 (2019). 16.36% (2016) vs. 7.0% (2019)

Neighborhood 102
$193,500 (2016) vs. $250,550 (2019). 17.43% (2016) vs. 18.0% (2019)

Neighborhood 103
$181,500 (2016) vs. $194,000 (2019). 17.04% (2016) vs. -7.0% (2019)

Neighborhood 104
$177,500 (2016) vs. $200,000 (2019). 16.15% (2016) vs. 0.0% (2019)

Neighborhood 105
$135,750 (2016) vs. $152,750 (2019). 16.01% (2016) vs. -1.0% (2019)

Neighborhood 106
$252,000 (2016) vs. $317,500 (2019). 16.55% (2016) vs. 8.0% (2019)

Neighborhood 107
$184,000 (2016) vs. $205,000 (2019). 16.88% (2016) vs. 9.0% (2019)

Neighborhood 108
$239,000 (2016) vs. $148,500 (2019). 15.01% (2016) vs. 16.0% (2019)

Neighborhood 109
$148,500 (2016) vs. $170,000 (2019). 16.49% (2016) vs. 7.0% (2019)

Neighborhood 110
$378,500 (2016) vs. $413,750 (2019). 16.29% (2016) vs. 9.0% (2019)

Neighborhood 111
$275,500 (2016) vs. $390,000 (2019). 16.55% (2016) vs. 36.0% (2019)

Neighborhood 112
$364,500 (2016) vs. $391,750 (2019). 16.21% (2016) vs. 7.0% (2019)

Neighborhood 113
$291,500 (2016) vs. $345,000 (2019). 16.45% (2016) vs. 16.0% (2019)

Neighborhood 114
$320,000 (2016) vs. $370,000 (2019). 16.03% (2016) vs. 8.0% (2019)

Neighborhood 115
$308,000 (2016) vs. $352,500 (2019). 16.18% (2016) vs. 15.0% (2019)

Neighborhood 116
$325,000 (2016) vs. $389,900 (2019). 16.15% (2016) vs. 4.0% (2019)

Neighborhood 117
$591,000 (2016) vs. $550,000 (2019). 16.09% (2016) vs. -20.0% (2019)

Neighborhood 140
$206,500 (2016) vs. $167,500 (2019). 17.56% (2016) vs. -50.0% (2019)

Neighborhood 150
$497,500 (2016) vs. $512,000 (2019). 16.51% (2016) vs. 4.0% (2019)

Neighborhood 151
$511,500 (2016) vs. $555,000 (2019). 16.57% (2016) vs. 15.0% (2019)

Neighborhood 160
$280,000 (2016) vs. $268,500 (2019). 17.02% (2016) vs. -10.0% (2019)

Neighborhood 170
$217,500 (2016) vs. $259,900 (2019). 17.48% (2016) vs. 7.0% (2019)

As the primary component of your real estate tax bill, your tax assessment continues to fluctuate and its reduction is critical in reducing your tax liability.

Regarding the apartment, commercial, industrial and office properties, the proposed changes in assessed values are summarized in the following excerpt from the Assessor’s commercial report:

Cook County Tax Reassessment of Schaumburg Table

The Assessor has employed a computer assisted mass appraisal method that used data points from various opinions of value. Simply, the Assessor, from an investment perspective, focused on income and broad, unadjusted market data (Appendix A – Median Rents and Vacancy) to materially lower the Cap Rates for all property types (Appendix B – Cap Rate Tables) resulting in disparity as well as disproportionate changes in assessed values throughout the township as shown in the above excerpt.

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 does not take the time to review nor 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 and the remainder of the current triennial period.

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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