Reassessment Notices Mailed to Lake Township Taxpayers

Median Sale Price for homes is $155,000 and residential assessments increase by median of 6.25%

8/9/2018, noon | Updated on 8/9/2018, noon

Reassessment Notices Mailed to Lake Township Taxpayers

Median Sale Price for homes is $155,000 and residential assessments increase by median of 6.25%

Cook County Assessor Joseph Berrios has announced that reassessment notices have been mailed to close to 144,000 single-family and 4,000 condominium homeowners in Lake Township. Reassessment notices contain proposed values for property Tax Year 2018, which will be reflected on Second-Installment Tax Bills to be mailed and due in the summer of 2019.

Property in Cook County is reassessed every three years (triennially). For all valuations in the 2018 Tax Year City Triennial Reassessment, the Cook County Assessor’s Office (CCAO) is using an improved assessment model that has met the longstanding goal of reducing regression. This results in the more accurate assessments of homes.

The improved assessment model being used during the City of Chicago’s Triennial Reassessment reflects interactive collaboration between CCAO and newly available, renowned valuation and modeling experts and researchers at the Civic Consulting Alliance (CCA) and Tyler Technologies.

“Improving residential assessment has been a priority during my time in office. It pleases me tremendously to see we are achieving what we set out to do, and new resources now available to us from the CCA and Tyler Technologies have helped. This is a huge step forward for Cook County,” Assessor Berrios said.

"If taxpayers wish to appeal their reassessment values, they should do it now and not wait until the following year when the new Tax Year 2018 values are reflected on Second-Installment Tax Bills mailed in 2019,” Assessor Berrios said. “I encourage taxpayers to review their notices carefully and file appeals now if they feel their proposed reassessment values are not fair and accurate.”

Each year, the Cook County Assessor's Office reassesses one-third of the nearly 1.8 million parcels of property located in Cook County. For homes, “Assessed Value” is 10% of market value; businesses’ Assessed Value is 25% of Market Value. Lake Township is the sixth City of Chicago reassessment township to be mailed.

Among the findings from the Lake Township reassessment:

• The real estate market is healthier. Better market value, naturally, results in increased assessed value.

• The median assessed value of homes (single-family homes, townhomes and apartment buildings of 6 units or less) increased to 14,685 in 2018, from 13,988 in 2015 -- a median percentage increase of 6.25%. The median sale price for single-family homes and other non-condo residential properties increased from $145,000 in 2015 to $155,000 in 2017.

• The proposed assessments of condominiums in Lake Township reflect a median increase of 13.42% in assessed value. Again, a stronger market results in increased assessed value.

As always, tax years are billed and due for payment in the following calendar year. The time to file appeals on these proposed assessments is now, however, when the reassessment notices are received. The deadline for appeals for Lake Township is August 30, 2018. Assessor Berrios stressed that homeowners do not need an attorney to file an appeal. There is no fee.