Cook County Assessor’s Office Mails Wheeling 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 close to 40,000 single family, 19,000 condominium homeowners and 4,000 industrial/commercial property owners in Wheeling 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 Wheeling Township is the ninth of fourteen townships to be reassessed. The deadline to file an appeal for Wheeling Township is August 8th and all appeal documentation must be submitted by August 19th.
A detailed narrative regarding the reassessment of residential properties in Wheeling Township can be found on the Assessor’s website at the following link:
Among the findings from the residential Wheeling Township reassessment:
- The median assessed value of homes increased to 33,508 in 2019, from 32,551 in 2016 -- a median percentage increase of 2.94%.
- The median sale price for single-family homes and other non-condo residential properties increased to $335,000 in 2019, from $308,000 in 2016.
- The CCAO met the 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 Wheeling Township can be found on the Assessor’s website at the following link:
Among the findings from the commercial/industrial Wheeling Township reassessment:
- Assessed values of commercial properties have risen significantly in Wheeling Township, from a previous total assessed value in 2018 of $511,392,395 to a total 2019 assessed value of $894,127,371 – a percentage increase of 74.84%.
- 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.”