Assessor’s Office Releases Report on Board of Review’s Changes To Chicago Tax Base
Monday, November 14, 2022
The Cook County Assessor’s Office released a report on the impact of the Board of Review’s appeal decisions on the property tax bills that Chicagoans will be receiving in the coming weeks. The report reflects changes due to appeals filed at the Board of Review, which will affect tax bills that property owners will receive in November 2022.
Assessments released by the Assessor’s Office lowered Chicago residents’ share of assessed value, which is the basis of their share of property taxes, by 5.9%.
But the Board of Review’s appeal decisions reduced the value of non-residential property assessments, which increased Chicago homeowners’ share of assessed value.
When compared to 2020, the Board’s 2021 changes mean Chicago homeowners are bearing more of the tax burden this year than last year. Because the final assessed values set by the Board of Review increased the share of assessed value for homeowners (due, in part, to reductions of large commercial properties downtown), tax bills for many homeowners appear likely to increase or stay flat.
“This report will bring more transparency to the entire property tax system,” said Assessor Fritz Kaegi. “Most property owners don’t realize appeals are filed at both our office and the Board of Review. These appeals significantly reduced the value of large commercial property, which will mean many homeowners and small businesses pay more in property taxes.”
Read the full report at the link below.