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 $1 million had a 4% increase.
What Can Property Owners Do?
The numbers show Cook County Palatine Township’s high assessment rise. Palatine Township Property owners may find the appeals process confusing, but O’Connor is here to help. O’Connor works closely with professional property tax specialists to give the strongest evidence for sales and uneven appraisal reduction claims. O’Connor works with property tax lawyers to lower our customers’ property taxes in every way possible. Property owners should verify their exemptions before appealing the assessment value for the best outcome.