Residential Assessment Surges Property owners in Cook County are all too familiar with the ascent of their home values. In 2024, residential property in West Chicago Township has collectively jumped from just over $38 billion to $45.9 billion, an increase of 21%. The climb in assessments is the most pronounced for homes in the highest and lowest value ranges. Property under $250K saw an average increase of 32%. Homes over the $1.5 million price point saw an equal escalation of 32%. It is a poor consolation to residential owners of homes in the $500K to $750K range to know that their values averaged the least gain in assessment with only a 14% rise in assessed value. Commercial Values Gain Even More Pronounced In contrast to homes, commercial property increases appear to have hit the highest valued accounts the hardest. Commercial property worth over $1.5 million in West Chicago Township of... Read More

Now that the second installment of the Cook County tax bills are out, all Residential property owners should check their bills for exemptions. Cook County is notorious for making exemption errors and not applying those to bills. The three most common errors are the Homeowners, Senior, and Senior Freeze exemptions. If you find you are missing an exemption from the 2023 tax bill or years prior, you can fill out an application to have that money refunded to you. Due to the number of exemption errors year after year, we recommend checking your tax bills for the last four years to verify you are receiving the proper exemptions. Homeowners in Cook County can apply for what’s called a “Certificate of Error” for missing exemptions and go back up to four years to recoup the money you previously paid. The qualifications for exemptions are simple:   (1) Homeowners Exemption – Must own... Read More

As a homeowner, property taxes are unavoidable. Unfortunately, recent assessments in Cook County have left many Chicago residents and landlords grappling with unprecedented increases and errors. It is important to keep track of your assessment notices and challenge them when it is appropriate. The I-Team at ABC 7 has uncovered many instances of dramatic assessment increases and Assessor’s Office errors. A Shocking 440% Tax Hike in Lincoln Park The I-Team reported on a striking case where a taxpayer and his family, who own a modest 10-unit apartment complex in Lincoln Park, experienced a jaw-dropping 440% increase in their property tax bill. The total tax for the complex soared from $23,674 in 2023 to a staggering $128,282 in 2024. This translates to a one-bedroom apartment’s annual tax jumping to $17,494. The taxpayer expressed his frustration, explaining that such a dramatic increase puts their building at risk of bankruptcy. One option that... Read More

2023 Property tax assessments for New Trier Township apartment complexes have increased significantly and now total $62.4 million. Retail buildings saw a gain of $6 million, commercial real estate increased by $9 million, and institutional and special properties saw an increase of $979,000. In comparison, the cumulative rise in commercial and single-family property tax assessments was 2.07%, or $85.6 million, exceeding the market value in 2022. O’Connor, one of the largest national property tax specialists, developed the data analysis. The market value of single-family residences in New Trier remained level at $3 million in 2023. In New Trier Township, there has been a noticeable fall in home purchases, despite values holding at a modest 0.20% increase in property value. The biggest revaluation rises for 2023 was $4 million over the 2022 market value for homes valued at more than $1.5 million. The market value of single-family residences in New Trier... Read More

Hanover Township of Cook County, Illinois saw property values rise from $3.6 billion in 2022 to $3.8 billion in 2023, with an overall gain of 3.7%. The Hanover Township 2023 property tax assessment predominantly increased the value of industrial buildings, with a secondary concentration on service facilities. Hanover’s overall increase in the 2023 property tax assessment was $135 million, which includes increases of $77 million for industrial structures and $6.1 million for service facilities. The report that follows was created by O’Connor, among the top property tax consulting organizations in the nation Most significantly, the 2023 Hanover Township reassessment does not appear to revalue homes, with the cumulative hike in single-family property values only amounting to a relatively low amount at $3 million or 0.12%. Hanover Township includes a total of 991 tax-exempt properties, as opposed to 1,010 commercial lots that are subject to tax. The properties listed below experienced... Read More