Cook County Assessor’s Office Mails Hanover Township Reassessment Notices and Releases Detailed Methodology Reports
Thursday, September 26, 2019
CHICAGO – Cook County Assessor Fritz Kaegi announced that reassessment notices were mailed to more than 24,000 single-family, 6,000 condominium and 600 industrial/commercial property owners in Hanover 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 now released reports for all thirteen north suburban townships reassessed this 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 Hanover Township is the thirteenth and final township to be reassessed. The deadline to file an appeal for Hanover Township is October 24th and all appeal documentation must be submitted by November 4th.
A detailed narrative regarding the reassessment of residential properties in Hanover Township can be found on the Assessor’s website at the following link:
Among the findings from the residential Hanover Township reassessment:
- The median assessed value of homes increased to 20,971 in 2019, from 19,582 in 2016 -- a median percentage increase of 7.09%.
- The median sale price for single-family homes and other non-condo residential properties increased to $215,500 in 2019, from $179,950 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.
- The CCAO met the standards for uniformity.
A detailed narrative regarding the reassessment of commercial/industrial properties in Hanover Township can be found on the Assessor’s website at the following link:
Among the findings from the commercial/industrial Hanover Township reassessment:
- Assessed values of commercial properties have risen in Hanover Township, from a previous total assessed value in 2018 of $955,352,657 to a total 2019 assessed value of $1,266,530,750 – a percentage increase of 32.57%.
- 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 taxpayers to take the time to visit our web site and review the detailed methodology for all of our reassessed north suburban townships,” Assessor Kaegi said. “I remain committed to increasing transparency and making the assessment process easier to understand and navigate.”