Property Values for Thornton Township Released
Tuesday, August 15, 2023
Cook County – Cook County Assessor Fritz Kaegi released the initial assessments of residential and commercial properties in Thornton Township.
“I strongly encourage property owners to review their reassessment notice to ensure their property characteristics and market value reflect their home,” said Assessor Fritz Kaegi. “It is important to understand that assessments in Cook County reflect market value over the last three years. My office will be partnering with Cassandra Elston, Thornton Township Assessor, to assist property owners and explain reassessments in their community.”
“We are here to help property owners. Residents are encouraged to attend a workshop to address their concerns regarding their reassessment notices. The Cook County Assessor’s Office will present information about how to understand their reassessment notice and explain how values are determined,” said Thornton Township Assessor Cassandra Elston. “The workshops will provide an opportunity to determine if an appeal should be filed, an overview of the online application, and teach homeowners about available property tax savings.”
Appeals for Thornton Township can be filed until Tuesday, September 5, 2023.
To learn more about property assessments and appeals, watch our virtual workshop on Wednesday, August 16 on Facebook or YouTube in English, and Thursday, August 17 on Facebook and YouTube in Spanish. In-person appeal workshops will be held on Monday, August 21 in English and Thursday, August 24 in Spanish from 6:00 p.m. – 8:00 p.m. at Harvey City Hall, 15320 Broadway Ave, Harvey, IL 60426. More information can be found here: www.cookcountyassessor.com/event-list.
The Assessor’s Office reassesses one-third of the county every year. In 2023, the south and west suburbs of Cook County are undergoing reassessment. The municipalities that are part of Thornton Township are Burnham, Calumet City, Dixmoor, Dolton, East Hazel Crest, Phoenix, South Holland, Thornton, Blue Island, Glenwood, Harvey, Hazel Crest, Homewood, Lansing, Markham, Posen, and Riverdale.
When a property is reassessed, the property owner is mailed a reassessment notice. The reassessment notice reflects the estimated fair market value based on sales of similar properties over the past three years. The notice also contains important information such as the property’s characteristics, neighborhood code, and past assessments. An increase in a property’s assessment does not cause the same increase in the property owner’s taxes.
After a township undergoes reassessment, a valuation report is released that provides details on residential, commercial, and multi-family reassessments. Property owners can use these reports to gain insight on how property assessments work, learn about the real estate market in their specific neighborhood, and compare the median to their property value. The Valuation Reports for Thornton Township can be found at: cookcountyassessor.com/valuation-reports.
How do assessment appeals work? Property owners are given an opportunity to appeal their assessment if the property characteristics listed on an assessment notice are incorrect, or if the estimated market value of a property is significantly more than what it could sell for in the current real estate market.
Residential assessments are based on recent sale prices of similar properties. To get a better picture of the real estate market in Thornton Township, the chart above demonstrates median sale prices over the last five years.
The median sale price in 2022 for single-family homes was $152K, $77K for condos, and $199K for small apartment buildings.The Assessor’s median market value estimate for single-family homes is $124K, for condos $73K, and $164K for small apartment buildings.
Commercial property assessments are calculated by determining a property’s use, estimated income, market-level vacancy, collections loss, and expenses. Applicable real estate operating expenses include property taxes, insurance, repair and maintenance costs, and property management fees. The varying property tax rates throughout the south and west suburbs were accounted for in operating expense ratios.
To learn more about how commercial reassessments work, read the full Commercial Valuation Report. Commercial and multifamily property owners can go a step further and locate their property on a methodology worksheet that contains the data used to assess their property.
The chart below shows a high-level overview of the commercial properties in Thornton Township.
THORNTON TOWNSHIP COMMERCIAL PROPERTIES
|Property Type||Properties||Total Market Value|
|Comm Condo||81||$ 8,919,233|
|Multifamily - Affordable||29||$ 43,451,363|
|Multifamily - Market||222||$ 278,241,204|
|Auto Dealership||12||$ 24,940,506|
|Auto Repair||158||$ 47,343,151|
|Bowling Alley||3||$ 2,205,934|
|Car Wash||17||$ 7,894,916|
|Department Store||1||$ 4,431,095|
|Movie Theatre||1||$ 4,407,987|
|Self Storage||13||$ 37,826,330|
|Used Car Lot||16||$ 3,296,331|
|Gas Stations / Convenience||60||$ 69,683,858|
|Gas station/Cstorewgas||2||$ 1,973,245|
|Nursing Home||8||$ 88,916,205|