Many changes have happened at the Cook County Assessor’s office in the wake of the controversies over assessments that arose last year. This includes the recent leadership change at the office. It also includes reforms to residential assessments in the county.
Among the things these reforms have led to is significant residential property tax assessment hikes in some Chicago neighborhoods. Generally, affluent and gentrifying neighborhoods in the North Side and West Side have been seeing the biggest hikes.
Another thing the county has been seeing in the wake of the reforms is an increase in the filing of property tax assessment appeals. It is estimated that such appeals are up by at least 45 percent from the previous assessment period.
Thus far, the reforms at the Cook County Assessor’s office have mainly focused on residential property. One wonders what sorts of changes might happen in the realm of commercial property assessment in Cook County in the future and what impacts such changes would have on businesses in the Chicago area.
Property tax assessments can have major financial ramifications for homeowners and owners of commercial property. So, a property owner can have many concerns when his or her property tax assessment goes up. When property owners believe that a property tax assessment hike they have received is unfair and doesn’t accurately reflect their property’s value, they may want to promptly look into their options for appealing the assessment. Skilled property tax appeal lawyers can guide property owners here in the Chicago area through the appeals process.