Cook County Assessor Fritz Kaegi announced May 28, 2020 that he would begin lowering assessed values of single-family homes and condos in south and west suburban Cook County by 8 to 12.2%, citing the negative impact of the pandemic. He is also reducing values on apartments, office buildings, shopping centers, and other commercial properties in the area as part of his broader plan to ease the burden on property owners during this crisis.
While Kaegi is starting with the south and west suburbs, he plans to adjust the values of all properties in north suburbs of Cook County and the city of Chicago over the coming months. These adjustments won’t impact Cook County property owners this year, who are set to receive the second installment of their tax bills shortly—these changes will apply to 2020 assessed values, and will be used to calculate 2021 taxes.
Read more about the new changes to assessments at ChicagoBusiness.com.