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New Detailed Assessment Reports in Palos: Here’s What You Should Know

By Gary Smith
04/17/2020
New Detailed Assessment Reports in Palos: Here’s What You Should Know

Cook County Assessor Fritz Kaegi provided a report on the latest area to be reassessed, Palos Heights. The report provides information of the numbers of reassessment notices mailed as well as other details about the findings of the reassessment.

Detailed Report Includes Township Data

Cook County works on a triennial reassessment, meaning that the county is divided into three areas, and each area is reassessed every three years. This year, South Suburban Cook County is the area for reassessment. Palos Heights Township is the fourth township to be reassessed in this area. According to the Cook County Assessor’s office, reassessment notices were mailed to 13,563 single-family homes, 5,875 condos and 2,464 industrial/commercial property owners in Palos Township. 

Other details shared in this report include:

  • The median sale price of a home was $277,000 in 2019, up 12.6 percent from 2016.
  • The most common single-family home type in 2020 is a class 2-03, which is a one-story residence, any age, 1,000 to 1,800 square feet.
  • Fair market values of commercial properties have risen in Palos Township since 2017.
  • Market rents used in the 2020 reassessment were generally higher than rents used in the 2017 reassessment, which generates increases in market value. This results in comparable increases in assessed value.

The Cook County Assessor’s website has an interactive map regarding the reassessment of residential properties and a more detailed narrative about the reassessment of commercial/industrial properties in Palos Township.

The 2020 South Suburban reassessments will be reflected on the second installment of property taxes, which are currently due July 2021. If an appeal is granted, those dollars will be reflected on the second installment tax bill of the following year.

Kaegi’s promises of “reform” do not translate to tax relief

Kaegi ran on a platform of reform, including an overhaul of the assessment system so that the system was more accurate without property owners having to rely on filing an appeal. However, since he has taken office, in the first round of reassessments in the northern suburbs, home values rose 17 percent.