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 to $26.6 billion in 2023, based on data from the Cook County Assessor’s office
Huge Tax Increase? What Can You Do?
Many, if not most homeowners believe there is no remedy except to pay the higher tax bill. However, that is simply not true. Commercial owners have deep knowledge of the nuances of protesting property taxes assessment increases. Appealing property taxes is an annual duty for most commercial property owners because they know it works.
Massive Increases in Proposed Commercial Values but Modest Increases in Net Taxable Value
Commercial values were increased by 32.1% in 2021 and by 28.5% in 2022, for a total increase of 60.6%. However, the net increase from 2020 to the final 2022 values was 15.0%, just 25% of the increase proposed by the Cook County Assessor. Stated differently, commercial owners in these townships received notices of increase of $3.63 billion. However, after completing the appeals process, the net increase in assessed value was $0.86 billion. Alternatively, the value increases would have increased the commercial property values from $5.75 billion to $9.38 billion. However, instead of a final value for 2022 of $9.38 billion, property tax protests reduced the value to $6.61 billion.
Commercial Property Owners Appeal Consistently and Win
The above table shows the efficacy of property tax appeals by commercial property owners. They understand the process for property tax appeals and utilize it effectively, eliminating 75% of the proposed tax assessment increases.
If you have any questions, visit us at Cutmytaxes or call our Chicago office at 708-630-0944.