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Tuesday, February 27, 2024
HomeCommunityCook County Assessor sending 2023 Valuations to Property Owners this Spring

Cook County Assessor sending 2023 Valuations to Property Owners this Spring

Property owners in Cook County can expect to receive their 2023 Valuation Notices stating the value and classification of their property by early April. They may expect rather large increases again in assessed valuation.

According to a report prepared by Cook County Assessor Robert Thompson, the 2022 valuation notices were 32% higher than 2021. Valuations are calculated in several ways, but most significantly they are based on actual property sales in the previous year adjusted for market trends that may have impacted transactions.

While valuations may increase, effective tax rates on homesteaded property in Cook County were lower than only two other counties. Property taxes are used by local governments to pay for services and schools. The county board and city councils set budgets for the coming year in open meetings. The budget’s final figures are totaled and a calculation is made based on total property values in the jurisdiction to arrive at the effective tax rate percentage. That percentage is assessed on an individual property, with variations for classification and special conditions. There is nothing simple about the assessment or calculation of taxes.

The effective tax rate in Cook County is lower than only two others because the value of property in Cook County is significantly higher. Government spending is increasing, but its rate of increase is less than the rate of increase in property values.

Thompson reports finding that the average sales price for property transactions affecting the 2023 valuations is up almost 60% from the 2021 assessment. The median sales price is up more than 25% from the 2021 assessment.

Thompson also reports finding that demand for real estate is still strong in Cook County. He found at the end of January there were 15 homes listed for sale in Cook County and several of those are already under contract. The available listings range in price from $399,900 to $1,500,000.

The assessor looks closely at properties that have sold multiple times in a relatively short period of time. The cheapest house on the market now at $399,900 sold in May of 2021 for $250,000 marking a 60% value increase in less than two years.

Thompson observed that in early 2020 there were over 160 available properties, both improved and buildable land, listed for sale. Today that number is 48. And the number of residential/recreational property transactions over $1 million is growing fast. In the last two years, there were 14 transactions that exceeded one million dollars in value. In the prior decade, there was a total of just eight such transactions.

Thompson urges property owners to carefully review the 2023 Valuation Notice they will receive this Spring for valuation and classification. He encourages people to contact the assessor’s office immediately if they feel that something is incorrect. If the property owner and assessor cannot come to an agreement on the proposed valuation, taxpayers can appeal to the County Board of Appeals and Equalization Meeting in June. Dates, times, and locations of the meeting will be on the Valuation Notice and the county website.

Steve Fernlund
Steve Fernlund
Typically these “about me” pages include a list of academic achievements (I have none) and positions held (I have had many, but who really cares about those?) So, in the words of the late Admiral James Stockwell, “Who am I? Why am I here?” I’m well into my seventh decade on this blue planet we call home. I’m a pretty successful husband, father, and grandfather, at least in my humble opinion. My progeny may disagree. We have four children and five grandchildren. I spent most of my professional life in the freight business. At the tender age of 40, early retirement beckoned and we moved to Grand Marais. A year after we got here, we bought and operated the Cook County News Herald, a weekly newspaper in Grand Marais. A sharp learning curve for a dumb freight broker to become a newspaper editor and publisher. By 1999 the News Herald was an acquisition target for a rapidly consolidating media market. We sold our businesses and “retired” again, buying a winter retreat in Nevada. In the fall of 2016, we returned to Grand Marais and bought a house from old friends of ours on the ridge overlooking Lake Superior. They were able to move closer to family and their Mexico winter home. And we came home to what we say is our last house. I’m a strong believer in the value of local newspapers--both online and those you can wrap a fish in. I write a weekly column and a couple of feature stories for the Northshore Journal. I’m most interested in writing about the everyday lives of local people and reporting on issues of importance to them.
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