Cook County Assessor’s Office Mails Schaumburg Township Reassessment Notices and Releases Detailed Methodology Reports
Tuesday, August 20, 2019
CHICAGO – Cook County Assessor Fritz Kaegi announced that reassessment notices were mailed to more than 30,000 single-family, 13,000 condominium and 2,000 industrial/commercial property owners in Schaumburg 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 Schaumburg Township is the eleventh of thirteen townships to be reassessed. The deadline to file an appeal for Schaumburg Township is September 16th and all appeal documentation must be submitted by September 26th.
A detailed narrative regarding the reassessment of residential properties in Schaumburg Township can be found on the Assessor’s website at the following link:
Among the findings from the residential Schaumburg Township reassessment:
The median assessed value of homes increased to 27,444 in 2019, from 25,103 in 2016 -- a median percentage increase of 9.33%.
The median sale price for single-family homes and other non-condo residential properties increased to $276,500 in 2019, from $241,500 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 Schaumburg Township can be found on the Assessor’s website at the following link:
Among the findings from the commercial/industrial Schaumburg Township reassessment:
Assessed values of commercial properties have risen significantly in Schaumburg Township, from a previous total assessed value in 2018 of $799,065,850 to a total 2019 assessed value of $1,301,584,750 – a percentage increase of 67.07%.
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.”