With property tax levy season in full swing, assessed values and new property values are of major importance to board members and finance officials. For the seventh year we have obtained and analyzed Cook County assessment data countywide and by township. This year we have also obtained and analyzed data on new property values by township. New property is important because of the additional revenue it generates for taxing agencies subject to the Property Tax Extension Limitation Law. The story revealed by the data shows stabilizing assessed values and an uneven recovery in new property values.
Assessed Value (2008-2014)
The total assessed value of property in Cook County has declined every year since 2008. The rate of decline was most dramatic between 2008 and 2010. Since 2010 the rate of decline has diminished as the real estate market has recovered and sales prices have remained constant or improved slightly. However, the most noticeable reductions in assessed values since 2010 occurred in the north suburban townships. South suburban townships, which were reassessed in 2014, show more stable assessments since 2010.
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The assessed value for every suburban township by class of property between 2010 and 2014 is available by clicking on the links below. This data – along with charts showing the change over time – is also available in the attached pdf.
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New Property Value (2008-2014)
While the total assessed value of property in Cook County has stabilized, the amount of new property value countywide has actually recovered after years of decline. This is a positive sign for the real estate market and taxing agencies that depend on property taxes, but the recovery is not consistent across every township. Some townships have seen no return of once significant amounts of new property. Other townships have remained stable or even seen increases in new property values since 2008. The result is that any predictions about the amount of new property must be specific to particular areas of Cook County.
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The new property values for every suburban township by class of property between 2008 and 2014 are available by clicking on the links below. This data – along with charts showing the change over time – is also available in the attached pdf.
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Assessed Value by Suburban Township
Barrington
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Berwyn
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Bloom
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Bremen
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Calumet
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Cicero
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Elk Grove
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Evanston
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Hanover
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Lemont
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Leyden
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Lyons
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Maine
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New Trier
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Niles
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Northfield
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Norwood Park
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Oak Park
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Orland
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Palatine
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Palos
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Proviso
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Rich
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River Forest
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Riverside
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Schaumburg
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Stickney
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Thornton
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Wheeling
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Worth
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New Property Value by Suburban Township
Barrington
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Berwyn
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Bloom
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Bremen
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Calumet
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Cicero
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Elk Grove
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Evanston
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Hanover
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Lemont
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Leyden
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Lyons
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Maine
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New Trier
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Niles
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Northfield
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Norwood Park
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Oak Park
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Orland
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Palatine
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Palos
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Proviso
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Rich
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River Forest
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Riverside
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Schaumburg
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Stickney
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Thornton
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Wheeling
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Worth
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