Assessor Kaegi Mails Palatine Township Reaassement Notices and Release Detailed Methodology Reports
Tuesday, August 6, 2019
CHICAGO – Cook County Assessor Fritz Kaegi announced that reassessment notices were mailed to more than 27,000 single-family, 12,000 condominium and 2,000 industrial/commercial property owners in Palatine Township. Detailed narrative reports explaining the Assessor’s methodology are available on the Assessor’s website at: www.cookcountyassessor.com.
“The reports are part of our office’s commitment to increase transparency and provide greater predictability within our assessment system,” Assessor Kaegi said. “We have released reports for the first nine north suburban reassessment townships and will continue to post reports for the remaining three townships as notices are mailed throughout the year.”
Each year, the Cook County Assessor’s Office (CCAO) reassesses one-third of the nearly 1.8 million parcels of property located in Cook County. The Assessor’s Office is reassessing properties located in north suburban Cook County this year and Palatine Township is the tenth of thirteen townships to be reassessed. The deadline to file an appeal for Palatine Township is September 3rd and all appeal documentation must be submitted by September 13th.
A detailed narrative regarding the reassessment of residential properties in Palatine Township can be found on the Assessor’s website at the following link:
Among the findings from the residential Palatine Township reassessment:
- The median assessed value of homes decreased to 30,242 in 2019, from 31,466 in 2016 -- a median percentage decrease of 3.89%.
- The median sale price for single-family homes and other non-condo residential properties increased to $312,450 in 2019, from $290,000 in 2016.
- The CCAO met the International Association of Assessing Officers’ standard for compliance - the legal requirement to assess residential properties at a 10% assessment ratio – as well as the standard for uniformity.
A detailed narrative regarding the reassessment of commercial/industrial properties in Palatine Township can be found on the Assessor’s website at the following link:
Among the findings from the commercial/industrial Palatine Township reassessment:
- Assessed values of commercial properties have risen significantly in Palatine Township, from a previous total assessed value in 2018 of $266,395,720 to a total 2019 assessed value of $478,767,195 – a percentage increase of 79.72%.
- The most powerful driver of the increased values is a reduction of cap rates used in the 2019 north triennial reassessment. For example, the median capitalization rate used for apartments was 10.75% in 2016, and 6.0% in 2019.
- Rents are generally higher in 2019 than rents used in the assessment process in 2016, which generates additional increases in market value resulting in comparable increases in assessed value.
“I encourage all taxpayers to take the time to visit our website and review the detailed methodology reports as we continue to post them online,” Assessor Kaegi said. “I remain committed to increasing transparency and making the assessment process easier to understand and navigate.”