Residential Assessment Surges
The residential property values of property owners in Cook County, Bremen Township experienced a decrease by the end of 2024. The residential property market in Bremen Township experienced a decrease of -0.2% in 2024, the value fell from $7.42 billion in 2023 to $7.4 billion. The houses with the most significant value increase of 57% had a value range of $1 million to $1.5 million. Higher value homes had the highest increases, while lower value homes had the lowest increases. Homes ranging in value from $250k to $500k had a slight increase of 0.3%.
Commercial Values Gain Even More Pronounced
In contrast to residential properties, Bremen Township’s commercial properties have experienced a substantial increase in value. Commercial values encountered an extraordinary 5.7% increase by 2024. Homes with a higher market value exhibited the most substantial increases. Properties that values exceeded $1.5 million, had the maximum assessment of commercial property in Bremen Township of 8.8% in 2024. The second largest increase of 8.3% was experienced by owners of commercial properties valued between $750k and $1 million.
What Can Property Owners Do?
The data suggests that the assessment for Bremen Township in Cook County, Illinois, decreased for residential but increased greatly for commercial. Property owners must initially determine whether they are eligible for any exemptions prior to protesting the assessment value. Residents of Cook County may conserve funds annually by applying for property tax exemptions, provided that they are granted approval. Property owners may find the appeals procedure to be confusing; however, O’Connor is available to provide assistance. O’Connor collaborates with esteemed property tax specialists to ensure that the most dependable evidence is utilized to support requests for tax reductions and unequal appraisals. O’Connor and his team of property tax attorneys strive to reduce their clients’ property tax expenses by examining all viable alternatives.