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

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

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

Based on the published valuation statistics, the Assessor believes that the median sale price of residential properties in Hanover township are as follows: $169,000 in 2013; $192,500 in 2015; $179,950 in 2016; and, $215,500 in 2019. The Assessor used these changes in market value to support a median percentage change in the township’s overall residential assessment of 13.43% in 2016 and 15.0% in 2019.

Even though the Assessor posted the 2019 residential assessment neighborhood map (https://www.cookcountyassessor.com/assets/forms/HanoverMap.html), he focused on limited or cherry-picked data from 2017 to 2019 for Hanover’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 10
$173,500 (2016) vs. $174,500 (2019). 14.74% (2016) vs. 33.0% (2019)

Neighborhood 11
$152,000 (2016) vs. $185,000 (2019). 12.05% (2016) vs. 14.0% (2019)

Neighborhood 12
$258,500 (2016) vs. $267,500 (2019). 14.14% (2016) vs. 10.0% (2019)

Neighborhood 13
$223,500 (2016) vs. $270,000 (2019). 14.23% (2016) vs. 11.0% (2019)

Neighborhood 14
$201,000 (2016) vs. $224,000 (2019). 12.65% (2016) vs. 3.0% (2019)

Neighborhood 15
$241,000 (2016) vs. $254,750 (2019). 12.72% (2016) vs. 7.0% (2019)

Neighborhood 18
$412,000 (2016) vs. $452,500 (2019). 14.28% (2016) vs. 9.0% (2019)

Neighborhood 19
$297,500 (2016) vs. $264,000 (2019). 14.78% (2016) vs. 39.0% (2019)

Neighborhood 20
$157,500 (2016) vs. $189,500 (2019). 14.58% (2016) vs. 12.0% (2019)

Neighborhood 30
$382,000 (2016) vs. $400,000 (2019). 13.11% (2016) vs. -3.0% (2019)

Neighborhood 35
$373,500 (2016) vs. $407,250 (2019). 13.16% (2016) vs. 2.0% (2019)

Neighborhood 40
$128,500 (2016) vs. $151,000 (2019). 12.33% (2016) vs. 6.0% (2019)

Neighborhood 50
$195,000 (2016) vs. $218,000 (2019). 14.29% (2016) vs. 16.0% (2019)

Neighborhood 60
$123,500 (2016) vs. $125,251 (2019). 14.17% (2016) vs. -10.0% (2019)

Neighborhood 70
$165,500 (2016) vs. $207,000 (2019). 13.14% (2016) vs. 16.0% (2019)

Neighborhood 75
$223,000 (2016) vs. $242,500 (2019). 13.73% (2016) vs. 9.0% (2019)

Neighborhood 80
$168,000 (2016) vs. $165,000 (2019). 12.03% (2016) vs. -3.0% (2019)

Neighborhood 82
$252,500 (2016) vs. $286,000 (2019). 14.24% (2016) vs. 11.0% (2019)

Neighborhood 90
$328,500 (2016) vs. $354,500 (2019). 13.45% (2016) vs. 4.0% (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 N Sub

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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