Industrial/Commercial Appeals

Appeals may only be filed during certain periods of time. Please read the general information about appeals for important information about rules for filing and deadlines for your area. You do not need to hire an attorney to file an appeal and filing is free at our office.

My property was recently reassessed. How did the Cook County Assessor's Office calculate its fair market value?

Our analysts use market data to produce fair market values of properties. To calculate a commercial property’s fair market value, our analysts use multiple data sources to find market ranges of information like rents, vacancy rates, expense rates, and cap rates of similar income-producing properties, in and around its neighborhood. Read more on our commercial valuations page. 

What is the difference between fair market value and assessed value?

Property owners receive two updated values from the Assessor's Office every three years: their property's assigned fair market value and its corresponding assessed value

Fair Market Value: The Assessor's Office has a statutory duty to assign a fair market value to all taxable properties in Cook County. A property's fair market value is our determination of the amount for which the property could be sold in the due course of business, not under duress, between a willing buyer and willing seller. Our office uses real estate market data, information submitted by property owners, and computer modeling to make that determination.

Assessed Value: Only a percentage of a property’s fair market value is used in calculating its tax bill. Per Cook County ordinance, a property's percentage (its level of assessment) depends on its major class type. For residential properties like single-family homes, 10% of fair market value is assessed for taxation, and for most commercial properties, 25% of fair market value is assessed for taxation. A commercial property with a fair market value of $300,000 and a level of assessment of 25% of fair market value has an Assessed Value of $75,000. 

 

Appeal Online:

You may submit your appeal and supporting documents entirely online when the property's township is open for appeals

 

Forms