What is Property Tax Reassessment?
What Owners Need To Understand
Sweeping changes are underway in the Cook County’s Assessor’s Office (CCAO). Cook County’s new assessor Fritz Kaegi has laid out a strategic reform plan for the office, which aims to rebalance the distribution of property taxes.
This rebalancing has many property owners nervous and with good reason. Evanston, IL was one of the first townships to be reassessed and many owners saw their property taxes double – in some cases – even triple. As reported by Crain’s,
“Central Station, an 80-unit apartment building near Ryan Field in Evanston that was recently reassessed at $31.6 million, more than double its prior value of $14.9 million. It could have been worse: The assessor’s office valued Amli Evanston, a 214-unit building in southeast Evanston, at $74.5 million, nearly triple its 2018 value of $25.7 million.”
What does a tax reassessment mean for property owners?
Increased property taxes can put a pinch on already tight operating margins dramatically decreasing your cash flow and negatively impacting your property’s resale value.
When will my property be reassessed?
CCAO’s has laid out a schedule of townships to be reassessed. To view the schedule, visit the Cook County Assessor’s website.
As an owner, what should I do?
Many property tax law firms are organizing community informational sessions about how to appeal the new assessments. While this may provide some relief (a slightly lowered assessment value), it will not delay the inevitable and you will still incur costly legal and court fees.
The most important step any owner can take right now is to understand the true market value of the building. Often owners believe that they understand the value of their properties; however, items such as property tax reassessment and rent control can have a drastic effect on value. Request a free valuation for the value of your property from one of our experienced investment brokers so that you can understand fluctuations in the market and know when to sell.