The Cook County Assessor’s Office will hold a workshop on Tuesday, July 11, explaining the latest property assessment numbers for Bloom Township.
The session will be from 6 to 7 p.m. at 1020 Dixie Highway in Chicago Heights.
Property owners are given an opportunity to appeal their assessment if the property characteristics listed on an assessment notice are incorrect, or if the estimated market value of a property is significantly more than what it could sell for in the current real estate market.
Tax appeals will be accepted until Wednesday, July 26. Information is at www.cookcountyassessor.com/event-list.
The assessor’s office reassesses one-third of the county every year. In 2023, the south and west suburbs of Cook County are undergoing reassessment.
When a property is reassessed, the property owner is mailed a reassessment notice. According to the assessor’s office, the reassessment notice reflects the estimated fair market value based on sales of similar properties over the past three years.
The notice also contains important information such as the property’s characteristics, neighborhood code and past assessments. An increase in a property’s assessment does not cause the same increase in the property owner’s taxes.
After a township undergoes reassessment, the assessor’s office releases a report on property valuation that provides details on residential, commercial and multi-family reassessments.
Property owners can use these reports to gain insight on how property assessments work; learn about the real estate market in their specific neighborhood; and compare the median to their property value. The Valuation Reports for Bloom Township can be found at cookcountyassessor.com/valuation-reports.
“I strongly encourage property owners to review their reassessment notice to ensure their property characteristics and market value reflect their home,” Cook County Assessor Fritz Kaegi said. “It is important to understand that assessments in Cook County reflect market value over the last three years. My office will be partnering with the Bloom Township assessor to assist property owners and explain reassessments in their community.”
Bloom Township Assessor Nora Gomez said, “We are here to help property owners. Residents are encouraged to attend the workshop to address their concerns regarding their reassessment notice. The Cook County Assessor’s Office will present information about how to understand their reassessment notice and explain how values are determined. The workshop will provide an opportunity to determine if an appeal should be filed, an overview of the online application, and teach homeowners about available property tax savings.”
The assessor’s office based residential assessments on recent sale prices of similar properties. To get a better picture of the real estate market in Bloom Township, the median sale price in 2022 for single-family homes was $178,000; $88,000 for condos; and $143,000 for small apartment buildings.
The assessor’s median market value estimate for single-family homes is $146,000, for condos $76,000 and $107,000 for small apartment buildings.
Commercial property assessments are calculated by determining a property’s use, estimated income, market-level vacancy, collections loss and expenses. Applicable real estate operating expenses include property taxes, insurance, repair and maintenance costs and property management fees. The varying property tax rates throughout the south and west suburbs were accounted for in operating expense ratios.