May 13, 2020
The Cook County Assessor’s Office is expected to implement an ambitious initiative to address all Cook County properties’ 2020 fair market values amid the Covid-19 pandemic. The Cook County property tax system is divided into three assessment groups: (1) Chicago properties, (2) North/ Northwest Suburbs, and (3) South/ Southwest Suburbs. The Assessor reassesses each group once every three years.
In 2020, the Cook County Assessor’s Office was originally set to only reassess all South Suburban properties. Instead, the Assessor’s Office has announced it be reassessing all properties throughout all of Cook County, including all Chicago properties and North/Northwest properties, totaling nearly 1.8 million parcels.
The Cook County Assessor, Fritz Kaegi, has indicated that he will apply a “COVID-19 factor” in some cases, towards properties to account for the decline in property value due to the pandemic. Once the Assessor completes its analysis, reductions to values based on a “COVID-19 factor” will be reflected on homeowners’ 2020 property tax bills payable in 2021.
The guidance of exactly how the “COVID-19 factor” will be applied is still unclear but the Assessor’s Office has mentioned that it is looking into real estate trade valuations and data from areas that have underwent natural disasters in hopes to better understand the severity and to find possible solutions.
It is essential that all property owners in Cook County file a Property Tax Appeal to ensure they are not paying more than their fair share in property taxes.
Saranow Law Group, LLC is here to address all of your property tax concerns. Please click on the following link to learn more on how you can start saving money on your upcoming property tax bills. FREE PROPERTY TAX CONSULTATION FORM
Phone: (312) 373-0015
Email: info@saranow.com
