Cook County Assessor’s Office Mails Leyden Township Reassessment Notices and Releases Detailed Methodology Reports
Thursday, July 11, 2019
CHICAGO – Cook County Assessor Fritz Kaegi announced that reassessment notices were mailed to over 23,000 single family, 4,000 condominium and 2,000 industrial/commercial property owners in Leyden Township. Detailed narrative reports explaining 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 eight north suburban reassessment townships and will continue to post reports for the remaining five 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 Leyden Township is the eighth of thirteen townships to be reassessed. The deadline to file an appeal for Leyden Township is July 22th and all appeal documentation must be submitted by August 1st.
A detailed narrative regarding the reassessment of residential properties in Leyden Township can be found on the Assessor’s website at the following link:
Among the findings from the residential Leyden Township reassessment:
- The median assessed value of homes increased to 20,918 in 2019, from 20,364 in 2016 -- a median percentage increase of 2.7%.
- The median sale price for single-family homes and other non-condo residential properties increased to $222,000 in 2019, from $177,500 in 2016.
- The CCAO met the standard for compliance: the legal requirement to assess residential properties at a 10% assessment ratio.
A detailed narrative regarding the reassessment of commercial/industrial properties in Leyden Township can be found on the Assessor’s website at the following link:
Among the findings from the commercial/industrial Leyden Township reassessment:
- Assessed values of commercial properties have risen significantly in Leyden Township, from a previous total assessed value in 2018 of $617,438,972 to a total 2019 assessed value of $1,136,411,141 – a percentage increase of 84.05%.
- The most powerful driver of the increased values is a reduction of cap rates used in the 2019 north triennial reassessment. For example, the capitalization rate used in 2016 was 12.5% for apartments while the rate in 2019 is 6.5%.
- 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.”