Property valuations and assessments are different in townships in Cook County, Illinois. The appeal and reassessment process is governed by the regulations of each county and township in Illinois. The Cook County Assessor’s Office is in charge of determining the value of more than 1.8 million single-family homes and other properties located within the county. Residential properties in Cook County are assessed as of January 1st of the current year (2024), using three to five years of prior market sales data. It is only possible to file an appeal at certain periods of the year. Every three years, the Cook County Assessor’s Office updates its evaluation of the fair market value of properties and corresponding assessed value of each property. The fair market value of properties is determined by the reassessment, which is essential for the calculation of property taxes. Illinois does not conduct annual property tax revaluations; rather, they operate... Read More

Cook County Assessor raised the market value of 103 N Laramie Avenue, Chicago by 1,642% increase in just one year! This is for a duplex in West Chicago Township. The total market value was raised to $310,000 in 2024 from $17.800 in 2023. The assessed value rose from $1,780 in 2023 to $31,000 in 2024. It is impossible to contrast the sales price to the 2024 tax assessment since this property was part of a bulk sale with a total sales price of about $1.4 MM. One might expect a major renovation. There was a sale from St. John Church of God in Christ to Fuller Springs LLC in March 2023, however, there is no indication based on online photos or from residential rental advertisements to support a massive renovation, yet the value of the improvements rose by 2,727% from 2023 to 2024. If this is not a world record,... Read More

In Illinois, every county and township has its own regulations. In Cook County, residential properties are evaluated as of January 1st of the current year, utilizing three to five years of prior market sales data. This enhances the stability of market value estimates by employing multiple years. It is important to use prior market sales data to make sure the most accurate data is provided and up to date. The taxable quantity of the property is the level of assessed value, as determined by the Cook County ordinance. The Cook County Assessor’s Office is liable for the valuation of over 1.8 million parcels in the county. When it comes to residential property, the assessed value is equivalent to 10% of the home’s fair market value, as stated by the office of the assessor for Cook County. To arrive at an assessment of the fair market value of your property, the... Read More

Residential Assessment Surges Property owners in Cook County typically anticipate an annual increase in property values. In 2024, the combined residential property value in Stickney Township, Cook County, Illinois was just over $3 billion . . A 7% increase was observed among residential property owners with residences valued between $500k and $750k, but otherwise property in lower value ranges remained fairly unchanged in value.  Stickney Township households valued in excess of $1.5 million experienced the highest increase in valuation at 28%. Commercial Values Gain Even More Pronounced Commercial property experienced a significant increase in value accounts in Stickney Township, in contrast to residential property. Residential property values experienced a modest increase in 2024, while commercial values saw marginally higher increases with an average of 4%. In 2024, the average value of commercial property over $1.5 million in Stickney Township was $1.4 million, which represents a 5% increase from the previous year. A... Read More

Residential Assessment Surges    Property owners in Cook County usually expect property values to grow annually. Residential property in Palatine Township Cook County, Illinois had a 1% increase, meaning the value in 2024 amounted to $12 million. Owners of property valued under $750K can breathe a sigh of relief with their values holding steady. Assessment increases are greatest for high- value homes. Residential property owners of homes ranging between $1 million to $1.5 million saw an increase of 24%. Homes valued over $1.5 million had a surge of 90% for homeowners in Palatine township. Commercial Values Gain Even More Pronounced  In contrast to residential property, commercial property had a soaring rise in valued accounts in Palatine Township. Commercial values rose 15%, while residential only increased by 1% in 2024.  Commercial property worth over $1.5 million in Palatine Township was on average assessed at 19% in 2024. Owners of commercial properties valued between $750K and... Read More