Cook County Assessor’s Office Mails Niles Township Reassessment Notices and Releases Detailed Methodology Reports
Tuesday, September 10, 2019
CHICAGO – Cook County Assessor Fritz Kaegi announced that reassessment notices were mailed to more than 31,000 single-family, 8,000 condominium and 4,000 industrial/commercial property owners in Niles 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 ten north suburban reassessment townships and will continue to post reports for the remaining two 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 Niles Township is the twelfth of thirteen townships to be reassessed. The deadline to file an appeal for Niles Township is October 10, 2019 and all appeal documentation must be submitted by October 21st.
A detailed narrative regarding the reassessment of residential properties in Niles Township can be found on the Assessor’s website at the following link:
Among the findings from the residential Niles Township reassessment:
- The median assessed value of homes increased to 32,000 in 2019, from 30,259 in 2016 -- a median percentage increase of 5.75%.
- The median sale price for single-family homes and other non-condo residential properties increased to $334,000 in 2019, from $285,000 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.
A detailed narrative regarding the reassessment of commercial/industrial properties in Niles Township can be found on the Assessor’s website at the following link:
Among the findings from the commercial/industrial Niles Township reassessment:
- Assessed values of commercial properties have risen significantly in Niles Township, from a previous total assessed value in 2018 of $608,474,278 to a total 2019 assessed value of $1,021,633,310 – a percentage increase of 67.90%.
- 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 in Niles Township have changed from 11.25% in 2016 to a median of 5.88% 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.”