When you buy your family home, you make an investment in property that you hope increases in value. While the market rate for you home depends partly on the amount others will pay for it, it also depends on how the county assessor values it for property taxes.
For more than 1,100 homeowners around Chicago’s North Shore, the Cook County assessor decreased their home value. While the effect remains to be seen, these homeowners could see significant changes to their property taxes.
Adding floodplain information decreased assessments
In a reassessment of home values in the North Shore area, the Cook County assessor found that the valuation of homes did not include floodplain information. After adding that information, homes in the area dropped anywhere from 1% to 63.4% in value. The average drop in value for all the homes was around 30% with the total assessed value dropping by around $31.6 million.
The Board of Review in Cook County still has to review the new assessments for each individual property. Until then, the assessments are not official.
Reassessment will hit south suburbs and Chicago over next two years
The new county assessor took office in 2018 and changed certain models in the assessor’s office. This could mean that assessments throughout Chicago could change, leading to changes in property taxes and home valuations.
The assessor’s office reassesses three areas of Cook County in a rotating schedule every year. This year is the north suburbs, next year is the south suburbs and then the city of Chicago the year after that. Residents throughout Cook County could see differences in home values if the new models detect any changes.
If you live in Cook County, the next few years could mean a change in your home assessment.