The Cook County Assessor’s Office released a new database that shows a greater level of detail than in the past for each property located in Cook County.
A property owner can visit the assessor’s website, enter their property index number (PIN) or address, and obtain information such as the estimated market value, assessed value and property characteristics.
New noteworthy features include information pertaining to permits, divisions and consolidations, and the Homeowner Improvement Exemption.
Another new feature is the “Neighborhood Sales” function, which provides current real estate information that can be reviewed and printed. This function generates a list of real estate transactions within the neighborhood code of a property within the last 36 months. This information is useful for property owners that are considering filing an appeal or would like to understand the market value of properties in their neighborhood.
According to the Assessor’s Office, it is important to understand the current real estate market in your neighborhood. Under Illinois law, assessments should fairly reflect market values. The Assessor’s Office estimates market values by using a mass appraisal model that analyzes sales trends.
If a property owner believes their property is worth less than the Assessor’s Office’s estimate of its value, the owner is entitled to file an appeal. Appeals can be filed once a year during a specific timeframe which can be found on the Assessment and Appeals Calendar.
There is a difference between market value and assessed value. The estimated market value is what the Assessor’s Office believes a property is worth in the current real estate market. The assessed value is the amount used to calculate the property taxes. For residential property, this is usually 10% of the estimated market value. For commercial property, this is typically 25% of estimated market value.
For details on the new database visit cookcountyassessor.com.