Please find the following property information as determined by the Cook County Assessor’s office.
How Residential Property Is Valued
The Cook County’s Assessor’s Office is responsible for valuing the more than 1.8 million parcels in Cook County. Each township is automatically reassessed once every three years.
Residential properties are assessed as of January 1st of the current year, using three to five years of prior sales information. By using multiple sale years, this increases the stability of market value estimates.
The Assessor’s estimate of your home’s fair market value is based on two things: your home’s characteristics, and patterns between how other homes’ characteristics affected their sale values. They use recent sales of homes similar to yours, in and around your neighborhood, to estimate your home’s value. Homes more similar to yours, or closer geographically to yours, make more of a difference in our calculation than other homes.
The Cook County Assessor’s Office uses mass appraisal to produce property values. Instead of appraising property one-by-one, mass appraisal looks to the real estate market to detect local trends in property values based on location and characteristics. Those trends are used to estimate the fair market value of each property based on its location and characteristics. Mass appraisal is a way to put fairness into the assessment system.
Why Filing Annual Appeals is Important
By appealing each year, you are asking the county to consider reducing this assessment, and therefore it makes sense to appeal each year. Your appeal can only result in a reduction in your assessed value, or no change. Appeals WILL NOT result in any increase to your property’s assessed value.