In the next seven months, the Cook County Assessor will revalue every property in the city of Chicago.  The revaluation will play a significant role in determining the real estate taxes that will be billed for the next three years.  Property owners in Rogers Park have already been notified of the new 2015 values.  Assessment notices will be sent to property owners in Lake View by the end of March.

The Assessor sends notices to every property owner not just to advise them of the new values, but also to invite a response in the form of an appeal by the property owners who actually know most about their properties.

The valuation process demonstrates the need for this interaction.  The first step is to divide each township into neighborhoods that have similar properties.  The second step is to apply mass appraisal techniques by using computer models, sales and leasing data to determine a market value for properties in each neighborhood.  That results in a value that may or may not be accurate.  The uniqueness of each property must be added to the mix to determine the property’s actual value.

The proposed values for all of Rogers Park have been published.  It seems safe to predict that these value increases will, at least, occur throughout Chicago.

The chart below shows the change in assessed value for each neighborhood in Rogers Park Township.

Neighborhood Code 2015 Assessed Value 2014 Assessed Value Year to Year     $ Change Year to Year % Change
10 $63,923,314 $52,429,826 $11,712,072 18.32%
21 $60,275,415 $53,182,316 $8,363,734 13.88%
22 $81,380,116 $71,920,049 $10,438,696 12.83%
23 $17,877,619 $15,162,657 $2,796,349 15.64%
31 $195,205,143 $165,039,091 $30,424,350 15.59%
32 $54,014,764 $43,379,964 $11,358,651 21.03%
33 $46,711,407 $39,197,746 $7,630,223 16.33%
40 $64,417,167 $60,018,668 $5,860,092 9.10%
60 $43,256,506 $35,300,924 $8,200,964 18.96%
Total $627,061,451 $535,631,241 $96,785,131 15.43%
SOURCE: Cook County Assessor’s Database

The Assessed Values of all properties in Rogers Park Township increased by 15.43%.  But the increase differed for each neighborhood.  For instance, Neighborhood 32 roughly corresponds to the area along Howard Street between Rogers Avenue and Chicago’s northern border.  Its assessed values have increased 21.03% since tax year 2014, well above the average increase for the township.

Likewise, Neighborhood 10 is approximately the area between Western Avenue, Howard Street, Kedzie Avenue, and Touhy Street.  Its assessed values increased 18.32% since tax year 2014, which is much more than the average increase for the township.

The values shown above have not been adjusted by the appeal process.  They do not take into account the unique characteristics of the individual properties.

We expect that the increases in Lake View Township will be similar or greater.  East Lake View and Wrigleyville, for example, have new development that is different from the rest of the area.  To the extent that a property’s characteristics set it apart from the neighborhood values, the property’s 2015 assessed value will not reflect its true market value.

Fortunately, taxpayers are urged to appeal their value.  The deadline for appeals to the Assessor in Rogers Park is March 20th.  In all other parts of Chicago, taxpayers will have thirty days after the assessment notices are mailed to file complaints with the Cook County Assessor.  Later this year, taxpayers will also be able to file complaints with the Cook County Board of Review to seek additional relief.

If you have any questions or concerns regarding your property value, contact the property tax attorneys at Fisk Kart Katz Regan & Levy, Ltd.