The Cook County Assessor’s Office announced updated information about its plans to reassess the southern and western suburbs of Cook County.
Cook County is reassessed triennially, which means one-third of the properties in the county are reassessed each year. In 2020, the south and west townships of Chicago are scheduled to be reassessed and this work will continue.
While properties in some south suburban townships have already received reassessment notices, those which have not will receive notices that reflect estimated economic effects of COVID-19 on property values.
The office also expects to adjust property values in the northern suburbs and Chicago if the economic effects of the COVID-19 pandemic have a significant impact on real estate.
“This is an unprecedented crisis and we’re taking necessary steps to address it,” said Cook County Assessor Fritz Kaegi. “In view of the state and federal governments’ declaration of Illinois and Cook County as major disaster areas, and the pandemic’s toll on markets and property values, we are adjusting assessments to reflect this reality. To do so for only one portion of the county would unfairly shift the tax burden and create an inequitable system.”
North suburban and Chicago portions of Cook County, which are not scheduled for reassessment, as well as properties located in south and west suburban townships which have already received reassessment notices, will have their property values reviewed for estimated effects of COVID-19 following the appeal process. Property owners are not required to appeal in order to receive the COVID-19 review and adjustment for eligible properties.
“We know property values were affected by the events of 9/11 and the 2008 housing crisis,” said Assessor Kaegi. “We’re already seeing the effects of this global health crisis on hiring, income, and construction — all of which dovetail with real estate values. Property owners should know we’re taking these circumstances into account. It’s the right thing to do.”
Commercial property owners are encouraged to use the online Real Property Income and Expense (RPIE) form to provide information on changes to rent or expenses at rpie.cookcountyassessor.com.
Because Cook County tax bills reflect the assessments of the previous year, any adjustments to property values this year will not be reflected until the second-installment tax bill received in the summer of 2021.
Property owners can take advantage of online services and information at CookCountyAssessor.com. Additional information about property exemptions and online filing of certificates of error will be available next week.