Commercial property owners in Forsyth were shocked to receive 2023 property tax assessments 35.8% higher than in 2021. Owners of hotels and warehouses received the largest increases; both over 130% in 2023. Property tax assessments for hotels rose 164% in one year; from $13.8 million in 2022 to $36.5 million in 2023. Property tax assessments for warehouses in Forsyth County increased by 135.8%; from $70 million in 2022 to $165.6 million in 2023. The value of all commercial property in Forsyth County increased from $1.83 billion in 2021 to $2.49 billion in 2023. This includes apartment, office, retail, warehouse, hotel, and land. This data has been compiled by O’Connor, the nations largest property tax consultant. While the commercial owners no doubt feel stunned by these increases, they are modest compared to the increases for homeowners in Forsyth County. The Forsyth County Tax Assessor’s value for houses rose 75%, from $26.8... Read More

A review of Chatham County 2023 property tax assessments reveals an average increase of 87% per house. Houses valued between $500,000 and $750,000 had the largest increases in property tax assessments; an unbelievable 147.7% increase in one year! This analysis was conducted by O’Connor. Homes valued between $250,000 to $500,000 were also increased over 100%; the average property tax assessment increase in this value range in Chatham County was 128.3%. Homes with more modest increases were those valued at $1.0 to 1.5 million (8.6% increase in property tax assessment). Homes valued over $1.5 million incurred increases in property tax assessment of 17.5%. The following graph illustrates the property tax assessment increase by value strata: The typical home in Chatham County is over-valued by 4.9% based on a ratio study by O’Connor. The ratio study compares the time adjusted sales price and the 2023 value assessed by the county tax assessor.... Read More

Chicago property tax assessments are skyrocketing for homeowners, with some seeing increases over 100%.  For the fourteen Cook County townships reviewed, residential property tax assessments increased most in Calumet, a whopping 54.5%.  The townships reviewed include Barrington, Berwyn, Calumet, Hanover, Oak Park, River Forest, Riverside, Rogers Park, Lemont, New Trier, Orland, and Schaumburg.  Six of the fourteen did not have a major reassessment in 2023, including Barrington, Hanover, Norwood Park, Rogers Park, New Trier, and Schaumburg. Townships reassessed in 2023 had value increases of at least 23%, despite a flat housing market in 2022.  However, the 2023 reassessment includes property appreciation that occurred in 2020 and 2021.  The 2023 assessment increases by township include: Calumet (54%), Cicero (41%), Orland (39%), Lemont (37%), Berwyn (37%), Riverside (29%), River Forest (29%), and Oak Park (24%) The total estimated market value of homes in these townships has increased from $20.1 billion in 2020... Read More

Can you assume that the Cook County Assessor’s estimate of market value for your home is accurate and reflects the actual market value?  In many cases, the answer is no.  Some homes are substantially overvalued based on recent sales transactions.  Other homes are substantially undervalued. Please see the tables below.  We provide the address for homes over-valued.  If you know these homeowners, we encourage you to  alert them of the problem Homes Valued Too High or Quite Low? The homes in the first table are overvalued by 32-85% in comparison to sales transactions that occurred within 3 months of the valuation date (January 1, 2023). Unless these homeowners appeal their tax assessment, their property taxes will exceed a reasonable level of taxation. On the other hand, the undervalued homes have market values estimated at 57-68% of market value, based on sales which occurred close to the January 1, 2023, effective... Read More

Cook County’s 2023 reassessment places over 60% of the increases in market value on homeowners with 38% on commercial property. The total assessment for 15 townships reviewed increased from $30.6 billion to $35.9 billion, a 17.3% increase. Home values were increased $3.3 billion (13.8%) while commercial property values were increased by $2.0 billion (30.6%). The townships included Barrington, Berwyn, Calumet, Hanover, Oak Park, River Forest, Riverside, Rogers Park, Lemont, New Trier, Orland and Schaumburg. Following is a summary of total market value by property type for 2020 to 2023: Homes account for 76% of the total market value of taxable property in the 15 noted townships in Cook County, with apartments, office, retail, and hotel accounting for 24%. (Note: these values do not include land.) Property Taxes for Homes Exceed Taxes for Apartments, Office, Retail and Hotel Home property taxes account for 55% of the total property taxes for the... Read More