Unveiling the Property Reassessment Landscape in Cook County: A Closer Look at 2023 Data

The intricacies of property reassessment often mirror the ebb and flow of real estate markets, revealing interesting trends and insights into local economies. In Cook County, Illinois, recent data sheds light on the property reassessment status of various townships, offering a glimpse into the dynamic nature of home valuations.

Townships Without a Major Reassessment in 2023:

Of the fourteen townships in Cook County, six did not undergo a major reassessment in 2023. These townships include Barrington, Hanover, Norwood Park, Rogers Park, New Trier, and Schaumburg. While the reasons for skipping a reassessment can vary, this information provides context for understanding valuation changes in these specific areas.

Value Increases Despite a Flat Housing Market in 2022:

Surprisingly, townships that underwent reassessment in 2023 experienced significant value increases, even in the backdrop of a seemingly flat housing market in 2022. The data reveals that these assessments resulted in value increases of at least 23%, challenging assumptions about the direct correlation between reassessment and market performance.

2023 Assessment Increases by Township:

The value increases by township in the 2023 reassessment present a fascinating picture. Some of the noteworthy figures include Calumet (54%), Cicero (41%), Orland (39%), Lemont (37%), Berwyn (37%), Riverside (29%), River Forest (29%), and Oak Park (24%). These substantial increases underscore the resilience and growth potential of these local real estate markets.

Market Value Trends Over the Years:

According to data from the Cook County Assessor’s office, the total estimated market value of homes in the aforementioned townships has seen a noteworthy trajectory. From $20.1 billion in 2020, it surged to $26.6 billion in 2023. This surge implies a considerable shift in the perceived value of residential properties, hinting at robust demand or other contributing factors.

Comparing Assessments to Cook County Assessor’s Proposals:

While the 2023 assessments showcased impressive growth, it’s crucial to contextualize these figures against the Cook County Assessor’s proposals. The net increase from 2020 to the final 2022 values was 15.0%, significantly lower than the proposed 60% increase by the Cook County Assessor. This variance prompts questions about the accuracy and predictive nature of assessments.

Implications and Considerations:

Understanding these reassessment dynamics is essential for homeowners, real estate professionals, and policymakers. It underscores the need for a nuanced approach to property valuation, considering local market conditions, economic shifts, and the accuracy of assessment methodologies. Homeowners, in particular, may find these insights valuable for making informed decisions regarding their properties.

Conclusion:

The Cook County property reassessment landscape for 2023 paints a multifaceted picture, challenging assumptions and offering intriguing insights into the local real estate market. Whether it’s the surprising value increases in reassessed townships or the variance between proposed and realized assessments, these findings emphasize the importance of data-driven decision-making in the realm of real estate. As the property landscape continues to evolve, stakeholders must stay vigilant, armed with the knowledge to navigate the ever-changing terrain of property assessments and market dynamics in Cook County.

Call or contact me to if you have any Real Estate questions ~ I look forward to helping you. Tara Lubin  |  Jameson Sotheby’s International Realty REALTOR – Global Real Estate Advisor – Chicago & North Shore Suburban Chicago, Evanston, Wilmette, Winnetka, IL and beyond 630.707.3473   |    [email protected]   |   [email protected]