Report: Uneven and Incomplete Recovery for Cook County Property Values
While property values in Cook County rose in 2015 and 2016, neither commercial nor residential values on average countywide have recovered to 2009 levels, data from the Cook County Assessor’s Office shows.
Residential property values have been particularly slow to recover, with growth of 5% in 2015 and 4% in 2016 leaving those assessed values still 14% short of 2009 levels.
The data, compiled in a trend report published by the Chicago law firm Franczek Radelet using property tax assessment data for 2009 through 2016, show that the aggregate assessed value of Cook County commercial, industrial and residential property remained 10% below its 2009 assessed value. The trends reflect lingering effects of the Great Recession.
Chicago Property Values Closer to Recovery
The report shows that the city has fared better in its recovery than the suburbs, with commercial and industrial property values driving the trend. Those properties reached a value 6% higher than 2009, pushing overall assessed values to a level only 2% below 2009. Chicago residential property value was 6% below 2009 levels.
Cook County’s northern suburbs, which were reassessed in 2016, had overall property values 13% lower than 2009, while the southern suburbs were 23% below 2009 levels. A separate breakdown of trends by township shows that none of the county’s 30 suburban townships had fully rebounded. Despite noting some “signs of recovery” in the northern suburbs, the report characterizes the overall trend toward recovery as “uneven” and “largely incomplete.”
While individual tax bills are affected by a property’s value in relation to neighboring properties, the trends have led to higher tax rates, the report notes.
Property Tax Relief
Since so many homeowners are paying higher property taxes now than they did in 2009, yet haven’t seen their homes’ assessed value higher than 2009 levels, it’s never been more important to appeal your property taxes. This is the only way you can obtain property tax relief.
We can’t assist you with appealing your property taxes if you don’t contact us, so request our free property tax reduction estimate today to see what we can do for you – perhaps starting with the Board of Review if you’ve missed your window to appeal with the Cook County Assessor.