For the first time in seven years, the trend line for assessed value in Cook County is pointing up. Beginning with the 2008 assessment year when we began tracking this data, assessed values have steadily, sometimes precipitously, declined. However, with the reassessment of the City of Chicago in 2015, countywide assessed values have increased. The assessed value of all locally assessed property (excluding farmland) increased from $53.5 billion to $56.7 billion.
The increase was driven by the reassessment of the City of Chicago in 2015. However, the upturn was driven by increases in the value of residential property as well as commercial and industrial property. Residential property values countywide increased by $1.7 billion, while commercial and industrial property values increased $1.0 billion.
Click here to view graph.
Suburban townships, on the other hand, largely saw steady or slightly declining assessed values. Only Barrington, Niles, and Stickney Townships saw small increases in assessed values between 2014 and 2015. The assessments for every township, broken down by major classification of property, are available here.
This is consistent with a recent report issued by the Civic Federation on the estimated full value of property in Cook County. According to the August 18, 2016 report, the estimated market value of all property in Cook County climbed to $499.1 billion in tax year 2014. The 2014 tax year was the second consecutive year the estimated market value increased, while 2015 was the first year that assessed values actually increased.
As districts prepare their 2016 property tax levies, the Cook County Assessor will be reassessing the northern suburbs. Given the results of the 2015 reassessment and the Civic Federation study, as well as recent trends in both the overall economy and the real estate market, districts can expect modest growth in their tax base.