Residential Assessment Practically Unchanged
The residential property values of property owners in Maine Township, Cook County, experienced a negligible increase between 2023 and 2024. The value of the residential property market in Maine Township increased by 0.5% in 2024, from $15.6 billion in 2023 to $15.7 billion. Higher market value properties had the highest increase percentage. The properties with the highest value increase of 5.6% had a value range between $1 million and $1.5 million. The second highest percentage increase with 4.5% belongs to houses with a market value exceeding $1.5 million.
Commercial Values Gain Even More Pronounced
The value of commercial properties in Maine Township has grown drastically in comparison to residential homes. The commercial values increased by 6.3% by 2024. The residences with greater market values saw the largest rises. For commercial properties valued more over $1.5 million in Maine Township in 2024, the maximum value increase was 7.6%. The owners of commercial properties with a $1 million to $1.5 million valuation had the second-largest rise, at 3.7%.
What Can Property Owners Do?
According to the data, whereas commercial assessments in Maine Township, Cook County, Illinois, climbed significantly, residential assessments only marginally increased. Before contesting the assessment value, property owners should be aware of any exemptions. Those who are granted exemptions from property taxes in Cook County may see annual savings. The appeals procedure may seem complicated to property owners, but O’Connor can assist. O’Connor collaborates with reputable property tax experts to provide the strongest evidence in support of tax reduction and unequal appraisal claims. In order to reduce their clients’ property taxes, O’Connor and his property tax attorneys look into every possibility.