Suffredin- Changing County Government  
 

Accountability
Forest Preserves
Public Safety
Cook County Budget
Forest Pres. Budget
Property Tax Appeal
Health & Hospitals
Land Bank Authority
Policy Resolutions
Unsung Heroine

 

   
 
   
   
 
   
     
  Office phone numbers:  
   
 
 

The Cook County Code of Ordinances are the current laws of Cook County.

   
 

Search current and proposed Cook County Legislation in Larry's exclusive legislative library.

   
  Cook County is the second most populous county in the nation. It is the 19th largest government in the U.S.
   
     
     
     



ASSESSOR’S OFFICE RELEASES REASSESSMENT RESULTS OF CITY OF CHICAGO

Monday, May 16, 2022
Special to suffredin.org

Official Letterhead


PRESS RELEASE

FOR IMMEDIATE RELEASE
May 16, 2022
Scott Smith, Chief Communications Officer
312.919.3213, scott.smith@cookcountyil.gov

ASSESSOR’S OFFICE RELEASES REASSESSMENT RESULTS OF CITY OF CHICAGO

Total Assessed Value grows 31% since 2018; Non-residential value grows 56%

Chicago Data Dashboard

Figure 1: The above map shows which Chicago community area's share changed in 2021. Increases appear in green, decreases in blue.

Cook County – Cook County Assessor Fritz Kaegi released a data dashboard that displays where property assessments rose and fell in every Chicago neighborhood following the city’s 2021 reassessment.

Chicago’s total Assessed Value (AV) grew 31% since its last reassessment, from $35.87b in 2018 to $47.02b in 2021.

Residential AV growth (10%) was outpaced by AV growth in all other property classes (56%), which reduces homeowners’ share of total AV and will have an effect on property tax bills released in 2022.

“My office’s 2021 reassessment of nearly nine hundred thousand homes, apartments, grocery stores, and high-rise office buildings is like a property tax reset for Chicagoans,” said Cook County Assessor Fritz Kaegi. “Better data, more staff, and improved transparency are producing better, fairer assessments that people can understand and trust.”

A 31% increase in AV does not mean property taxes will increase 31%. Assessments shift who pays what share of the total tax levy. When the share of one property owner or neighborhood grows, another owner or neighborhood’s share shrinks. The total amount of the property tax levy to be collected is set by taxing bodies like the City of Chicago, Chicago Public Schools, and others.

Three years of assessed value growth reflected in the 2021 reassessment is good news for most Chicago property owners.

  • Homeowners: Residential AV growth (10%) was outpaced by AV growth in all other property classes (56%). This reduces homeowners’ share of total AV.
  • Neighborhoods: Most of Chicago’s share of AV growth is concentrated in the Loop, River North, and West Loop areas. This causes reductions in the property tax share throughout neighborhoods in the north and south sides of the City.
  • Retail property owners: The reassessment captured conditions for property types in each neighborhood. For example, total AVs for large commercial buildings grew 67% in the Loop, but shrank -13% in Englewood.

On the Assessor’s Office’s 2021 Property Tax Reassessment dashboard, taxpayers can view the assessment report for the City, review assessment changes and the top 5 highest-dollar properties in every neighborhood, and compare assessments between neighborhoods and property types.

See the dashboard at cookcountyassessor.com/ChicagoDashboard.

Due to more accurate assessments, appeals in Chicago declined 28% compared to 2018, with nearly 35,000 fewer appeals filed.

“A drastic reduction in appeals shows we are creating more accurate assessments for most property owners – homeowners and commercial property owners alike,” Kaegi said. “The biggest reductions in appeals are in Hyde Park and West Chicago townships. For property owners who felt they were overassessed in the past, the 2021 assessments appear to have corrected those concerns.”

Although the Assessor’s Office completed its assessment work and finalized the 31% growth in Chicago’s AV in April, Chicago’s tax rate and bills for 2021 have not yet been calculated.

When the tax base grows, tax rates shrink. When Chicago was last reassessed in 2018, its AV grew 16.4%, and its tax rate shrank 6.6%[1]. Chicago’s property tax rate in 2021 will be affected by other components of the property tax system that can shrink this tax base growth (increasing the tax rate).

Below are three factors that will shrink the tax base.

  • Assessment reductions made by the Cook County Board of Review, which has not yet completed its work for 2021.
  • TIF districts enacted by municipalities that freeze growth in the tax base in certain areas.
  • Exemptions that provide property tax savings for homeowners, seniors, veterans, and persons with disabilities. Many exemptions will automatically renew. Newly eligible homeowners will soon receive mail from the Assessor’s Office with options to apply online or by mail for free.

Visit cookcountyassessor.com to see the Chicago dashboard, apply for exemptions, and see reassessment reports for homes and for commercial properties.


[1] See the Cook County Clerk’s 2018 Tax Rate Report at https://www.cookcountyclerkil.gov/news/2018-cook-county-tax-rates-release

Cook County Assessor's Office

118 North Clark Street, Third Floor, Room #320, Chicago, IL 60602

www.cookcountyassessor.com

social media icons

Facebook | Twitter | Instagram | Linkedin | YouTube



Recent Headlines

Working together to ensure that land, water, and life will always thrive in the forest preserves in Cook County.
Wednesday, July 06, 2022
Special to suffredin.org

For the Love Of Water (FLOW) is a summary of news from the Metropolitan Water Reclamation District of Greater Chicago.
Tuesday, July 05, 2022
Special to suffredin.org

First mosquitoes carrying West Nile virus reported in Cook County
Sunday, July 03, 2022
Chicago Tribune

Forest Preserves of Cook County presents family fun at Kids’ Fest in Thornton
Thursday, June 30, 2022
Chicago Tribune

‘Check your check’: Minimum wage increases Friday in Chicago and Cook County
Thursday, June 30, 2022
Chicago Sun-Times

First Graduates of Cook County Restorative Justice Program Recognized
Thursday, June 30, 2022
WTTW News

Illinois getting nearly 4,500 doses of monkeypox vaccine from national stockpile
Thursday, June 30, 2022
Chicago Tribune

Cook County restorative justice program offers 2nd chance for young, non-violent offenders
Wednesday, June 29, 2022
ABC Local

Protect endangered species from overuse of deadly ‘neonic’ pesticides
Sunday, June 26, 2022
Chicago Sun-Times

Cook County Public Health Officials Announce First Presumptive Case of Monkeypox
Saturday, June 25, 2022
Special to suffredin.org

Illinois child welfare officials defend leaving kids in jail after release
Friday, June 24, 2022
WBEZ News

Cook County rescued popular restaurant from tax sale, then hosted an event there
Friday, June 24, 2022

Cook County Officials Unveil Rosy 2023 Budget Outlook
Friday, June 24, 2022
WTTW News

Trailblazers Program Empowers Volunteers
Thursday, June 23, 2022
Special to suffredin.org

Preckwinkle forecasts county’s smallest budget gap in a decade, no new taxes or fees planned
Wednesday, June 22, 2022
Chicago Tribune

Cook County's nonexistent residency policy
Wednesday, June 22, 2022
Crain's Chicago Business

Cook County invests $925,000 in COVID-19 stimulus money to bolster south suburban metals, machinery and equipment manufacturers
Sunday, June 19, 2022
Daily Southtown

COVID-19 risk in Chicago, Cook County improves to ‘medium’
Friday, June 17, 2022
Chicago Sun-Times

Man found beaten to death inside Cook County Jail cell: autopsy
Wednesday, June 15, 2022
Chicago Sun-Times

Cook County unveils new flag designed by high school student and inspired by 1893 World’s Fair goddess statue
Tuesday, June 14, 2022
Chicago Tribune

all news items

Paid for by Larry Suffredin and not at taxpayer expense. A Haymarket Production.
^ TOP