The 2023 property tax assessment hikes have increased for a number of different property types in Cicero Township. Industrial, institutional & special buildings, retail, service, food/beverages, and commercial are the top six categories that have risen. More than $795.5 million worth of property taxes were assessed for 2023, including $219 million for industrial structures, $52 million for institutional and special buildings, $11.7 million for retail, $6 million for services, $5 million for food and beverages, and $67 million for commercial real estate. $1.67 billion to $2.46 billion, or a 47.59% increase, was the overall increase from 2022.
O’Connor, among one of several significant property tax consulting firms in the country, created this research.
The value of residential homes in Cicero is impacted by the 2023 tax assessment
In Cicero Township’s reassessment in 2023, numerous houses were revalued; the total value of residential properties increased by 40.3%, or more than $409 million, as opposed to the $385 million rise for commercial structures.
Contrasting Taxable and Exempt Property
There are a total of 2,528 businesses in Cicero Township. Comprising these are the 1,663 taxable structures with an additional 865 tax-exempt buildings. Examples of tax-exempt entities include churches, nonprofits, schools, public structures, nonprofits, and senior citizen organizations.
The 2023 Cicero Reassessment’s High Increases Are The Result of 4 Properties
The four properties shown below saw the biggest increases in 2023, totaling $98 million. Leading with the highest at $36 million for property owner Civf V Il1B03 Il1B04, followed by Wirtz Beverage Illinois with $29.3 million, Citgo Petroleum Corporation in third place with an increase of $18 million, and Exxon Mobil Corporation in fourth place with an increase of more than $13 million. The enormous spike in the tax assessments for industrial structures likely comes as a result of the four businesses.
Which Property Types Have Declined
The Commercial properties with the smallest increases in 2023 are automotive at 15.3%, apartment at 16.8%, and office buildings at 18.5%.
Analyzing the market value to the taxable value for 2023
In 2023, the market value of residential properties is $142 billion, although the taxable value is around $142 million. In contrast to the $260 million taxable value, the commercial market value is approximately $1 billion. For commercial property in Illinois, the taxable value is computed as 25% of market value, while it is 10% for residential buildings.
Finalized Corrections to Tax Estimates
Owners of commercial property routinely dispute property tax assessments, in contrast to owners of residential properties. Before the tax roll for 2023 is finalized, many of the commercial values that were increased are probably going to be drastically reduced.
Right of Property Owners to Refute Property Taxes
Residential and commercial property owners are legally allowed to protest their property tax assessment on a number of different levels. Even if their tax assessment is increased or decreased, owners are allowed to appeal. Assessor negotiations, board of review, and the property tax appeal board are the primary stages of property tax assessment in Illinois.
What Your Property Tax Valuation Is and How to Find Out?
Do you question the fairness or accuracy of your property tax assessment? Receive a free estimate by clicking the link to find out if your prices are too expensive in comparison to others in your area.