If you own one or more pieces of industrial or commercial property in Chicago or other areas of Cook County, you may want to pay close attention to how the county’s new assessor is approaching the subject of property taxes.
New approach could mean higher taxes
As explained by Crain’s Chicago Business, the region’s previous county assessor had received significant criticism for not sharing the methods via which property valuations were determined. In addition, many believed that the valuations of commercial and industrial properties were much lower than what they should have been. This impacted not only property tax assessments but also investment opportunities. The new county assessor has already taken steps to make changes and some believe that may result in higher property tax bills. After last year’s reassessment, commercial and industrial properties in the northern suburbs jumped by more than 74%.
Technology and transparency part of the process
One step taken by the new county assessor was the creation of a spreadsheet-based estimator tool that investors and property owners may download from the county’s website. The tool allows people to enter values for the amount of money to be received by their local government from their property taxes, the tax base and the estimated value of the property. This can be used to forecast not only property taxes but overall value for investment purposes.
If you would like to learn more about how Cook County’s new method of determining commercial and industrial property values may impact your property or investment opportunities, please feel free to visit the assessment and valuation page of our Illinois property tax website.