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:

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.

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

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

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

Based on the published valuation statistics, the Assessor believes that the median sale price of residential properties in Wheeling are as follows: $270,000 in 2013; $315,000 in 2015; $308,000 in 2016; and, $335,000 in 2019. The Assessor used these changes in market value to support a median percentage change in the township’s overall residential assessment of 16.78% in 2016 and 13.0% in 2019.

Even though the Assessor included the 2019 residential assessment neighborhood map on Pages 8 and 9 of his report, he focused on limited or cherry-picked data from 2017 to 2019 for Wheeling’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
$285,000 (2016) vs. $335,000 (2019). 16.15% (2016) vs. 14.0% (2019)

Neighborhood 11
$257,500 (2016) vs. $329,000 (2019). 17.44% (2016) vs. 17.0% (2019)

Neighborhood 12
$221,500 (2016) vs. $266,500 (2019). 17.56% (2016) vs. 9.0% (2019)

Neighborhood 13
$212,500 (2016) vs. $252,750 (2019). 17.65% (2016) vs. 5.0% (2019)

Neighborhood 14
$451,000 (2016) vs. $483,750 (2019). 17.06% (2016) vs. 7.0% (2019)

Neighborhood 15
$444,000 (2016) vs. $585,000 (2019). 20.00% (2016) vs. 5.0% (2019)

Neighborhood 22
$152,000 (2016) vs. $190,000 (2019). 15.55% (2016) vs. 14.0% (2019)

Neighborhood 23
$174,500 (2016) vs. $226,875 (2019). 15.20% (2016) vs. 4.0% (2019)

Neighborhood 26
$292,000 (2016) vs. $283,500 (2019). 14.99% (2016) vs. 16.0% (2019)

Neighborhood 27
$396,000 (2016) vs. $420,000 (2019). 16.27% (2016) vs. 15.0% (2019)

Neighborhood 31
$286,500 (2016) vs. $325,000 (2019). 20.45% (2016) vs. 6.0% (2019)

Neighborhood 32
$352,000 (2016) vs. $420,000 (2019). 20.44% (2016) vs. 25.0% (2019)

Neighborhood 40
$365,000 (2016) vs. $389,450 (2019). 20.90% (2016) vs. 8.0% (2019)

Neighborhood 41
$476,500 (2016) vs. $465,000 (2019). 16.25% (2016) vs. 21.0% (2019)

Neighborhood 45
$470,000 (2016) vs. $504,000 (2019). 16.51% (2016) vs. -6.0% (2019)

Neighborhood 48
$459,000 (2016) vs. $485,000 (2019). 17.61% (2016) vs. 7.0% (2019)

Neighborhood 50
$246,000 (2016) vs. $350,000 (2019). 20.59% (2016) vs. 14.0% (2019)

Neighborhood 51
$297,500 (2016) vs. $340,000 (2019). 16.97% (2016) vs. 13.0% (2019)

Neighborhood 52
$430,000 (2016) vs. $505,000 (2019). 20.45% (2016) vs. 10.0% (2019)

Neighborhood 53
$164,000 (2016) vs. $206,000 (2019). 17.79% (2016) vs. 8.0% (2019)

Neighborhood 55
$280,500 (2016) vs. $215,000 (2019). 16.30% (2016) vs. 9.0% (2019)

Neighborhood 56
$344,000 (2016) vs. $390,000 (2019). 16.99% (2016) vs. 5.0% (2019)

Neighborhood 70
$283,000 (2016) vs. $350,400 (2019). 19.92% (2016) vs. 8.0% (2019)

Neighborhood 71
$205,000 (2016) vs. $315,000 (2019). 20.97% (2016) vs. 5.0% (2019)

Neighborhood 72
$327,500 (2016) vs. $386,000 (2019). 20.94% (2016) vs. 15.0% (2019)

Neighborhood 80
$239,500 (2016) vs. $288,500 (2019). 16.39% (2016) vs. 12.0% (2019)

Neighborhood 81
$287,000 (2016) vs. $319,500 (2019). 16.85% (2016) vs. 9.0% (2019)

Neighborhood 82
$283,500 (2016) vs. $329,250 (2019). 16.58% (2016) vs. 2.0% (2019)

Neighborhood 90
$305,000 (2016) vs. $212,000 (2019). 15.12% (2016) vs. 1.0% (2019)

Neighborhood 100
$375,500 (2016) vs. $418,500 (2019). 15.28% (2016) vs. 35.0% (2019)

Neighborhood 110
$366,500 (2016) vs. $380,000 (2019). 16.50% (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 Page 11 the Assessor’s commercial report:

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 on Page 13) to materially lower the Cap Rates for all property types (Appendix B – Cap Rate Tables on Page 14) 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.

Don’t overlook your property tax re-assessment notice and the deadline to appeal. The Assessor has released Leyden’s commercial and residential assessment reports for the 2019 tax triennial which can be found here:

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

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

Based on the published valuation statistics, the Assessor believes that the median sale price of residential properties in Leyden are as follows: $175,000 in 2013; $203,000 in 2015; $177,500 in 2016; and, $222,000 in 2019. The Assessor used these changes in market value to support a median percentage change in the township’s overall residential assessment of 16.69% in 2016, 18.0% in 2018 and 9.0% in 2019.

Even though the Assessor included the 2019 residential assessment neighborhood map on Pages 8 and 9 of his report, he focused on limited or cherry-picked data from 2017 to 2019 for Leyden’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
$326,500 (2016) vs. $370,000 (2019). 21.93% (2016) vs. 20.0% (2019)

Neighborhood 11
$256,000 (2016) vs. $314,950 (2019). 17.07% (2016) vs. 16.0% (2019)

Neighborhood 20
$189,500 (2016) vs. $219,000 (2019). 13.10% (2016) vs. 22.0% (2019)

Neighborhood 30
$183,000 (2016) vs. $209,900 (2019). 15.18% (2016) vs. 6.0% (2019)

Neighborhood 40
$324,500 (2016) vs. $400,000 (2019). 22.96% (2016) vs. 12.0% (2019)

Neighborhood 50
$166,500 (2016) vs. $180,000 (2019). 15.38% (2016) vs. 2.0% (2019)

Neighborhood 60
$169,500 (2016) vs. $192,500 (2019). 15.58% (2016) vs. 9.0% (2019)

Neighborhood 70
$273,500 (2016) vs. $320,000 (2019). 17.39% (2016) vs. 18.0% (2019)

Neighborhood 80
$218,500 (2016) vs. $264,700 (2019). 17.07% (2016) vs. 13.0% (2019)

Neighborhood 81
$196,500 (2016) vs. $228,000 (2019). 15.04% (2016) vs. 7.0% (2019)

Neighborhood 90
$202,500 (2016) vs. $160,000 (2019). 15.28% (2016) vs. -17.0% (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 Page 11 the Assessor’s commercial report:

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

http://www.cookcountyassessor.com/assets/forms/EvanstonCommercialIndustrial.pdf

http://www.cookcountyassessor.com/assets/forms/EvanstonResidential.pdf

Based on the published valuation statistics, the Assessor believes that the median sale price of residential properties in Evanston have increased as follows: $350,000 in 2013; $440,100 in 2015; $468,500 in 2016; and, $485,000 in 2019. The Assessor used these increases in market value to support a median percentage change in the township’s overall residential assessment of 25.04% in 2016 and 9.0% in 2019.

Even though the Assessor focused on limited data from 2017 to 2019 for Evanston’s numbers, here is a comparison of the Overall Median Sales and Median Percentage Change regarding residential assessed values in 2016 and 2019 reassessment periods by neighborhood:

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 on Page 13) to materially lower the Cap Rates for all property types (Appendix B – Cap Rate Tables on Page 14) 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.

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

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:

NorwoodParkResidential.pdf

NorwoodParkCommercial.pdf

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.

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

Although property taxes are a sticking point in any transaction, not being aware how tax prorations can vary in a reassessment year may cause your deal to collapse, the property’s listing to become stagnant and/or unhappy clients. 2019 is the reassessment year for the North Suburbs of Cook County and start of the new quadrennial assessment cycle for the Collar Counties such as DuPage, Lake and Will.

Most attorneys and brokers have a habit of prorating property taxes at 105% or 110% of the prior tax year at contract submission or during attorney review. Unfortunately, these percentages are not reasonable when a property is being reassessed because the resulting property tax liability may be substantially higher than in prior years. Referring to my post titled Cook County Tax Reassessment of Chicago, as an example, median percentage increase for Lake View township was 31.24% and the proration percentage will need to be greater than 110% to allow for the fair treatment of the property’s anticipated real estate tax liability and inherent timeframe.

Since every property and transaction is unique, our subject matter expertise ensures that property taxes will not negatively impact any of the parties to the deal, from listing to negotiation to closing.

Contact Dimitrios P. Trivizas, Ltd. for straightforward solutions to tax prorations.

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

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

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.

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