About 144,000 single-family and 4,000 condo homeowners in Lake Township received reassessment notices from the Cook County Assessor’s office in August. These reassessments are based on a new assessment model created through a collaboration with the Cook County Assessor’s Office, Tyler Technologies and valuation and modeling experts at the Civic Consulting Alliance.
Homeowners Should Not Wait to Appeal Property Taxes
The reassessments are the proposed values for Property Tax Year 2018, which will be used on the second-installment tax bills sent in the summer of 2019. In addition to the new assessment model, these new valuations are based on 2015 through 2017 home sales, a time in which home values were beginning to climb back from the recession lows.
The Cook County Assessor Joseph Berrios urges homeowners who are planning to appeal the property value to do so now rather than wait until the summer of 2019 when the tax bill is received. Homes are assessed at 10 percent of market value while businesses are assessed at 25 percent market value.
There are about 1.8 million property parcels in Cook County, broken into three groupings, with one group being assessed each year. Lake Township is the sixth city in Chicago to receive reassessment notices.
The median assessed value of single-family homes, townhomes and apartment buildings of six units or less increased by 6.25 percent.
The assessor’s website provides a way for taxpayers to find assessment information on reassessed properties. Before deciding to appeal the reassessment, single-family homeowners can compare assessments of similar homes. The Cook County Assessor’s website also provides homeowners the ability to search for comparables and then add those to the online appeals.
There is no fee to appeal the reassessment. If an initial appeal does not reduce the assessment as much as property owners expect, they still have the ability to plead their case to the Cook County Board of Appeals.
Homeowners should remember that they still must pay, by law, 55 percent of the previous year’s total bill by March 1 even if an appeal is filed with either the Cook County Assessor’s Office or the Cook County Board of Appeals. It is the second installment that will reflect the decision of the Board of Review.