Oak Park Township: Multifamily & Commercial Valuation Report
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.
The Assessor’s Office uses unloaded capitalization rates when deriving market values for properties. The cost of real estate taxes is included in the operating expense ratio, which eliminates the need to load the capitalization rate.
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 Oak Park Township.
OAK PARK TOWNSHIP COMMERCIAL PROPERTIES
|Property Type||Properties||Total Market Value|
|Fast Food||5||$ 5,751,211|
|Medical Office||22||$ 10,380,969|
|Professional Office||13||$ 4,507,822|
|Strip Center||3||$ 2,477,974|
|Comm Condo||40||$ 9,157,808|
|Multifamily - Affordable||13||$ 39,413,524|
|Multifamily - Market||238||$ 1,192,201,357|
|Auto dealership||1||$ 3,552,559|
|Auto repair||21||$ 11,497,788|
|Department store||1||$ 3,224,554|
|Movie theatre||1||$ 3,246,875|
|Gas Stations / Convenience||14||$ 10,767,728|
|Nursing Home||2||$ 26,016,288|
How are commercial properties reassessed?
Commercial properties are calculated by first determining a property’s use (office, retail, apartments, industrial, etc.), then the property is grouped with similar or like-kind property types. Next, income generated by the property such as rent or incidental income streams like parking or advertising signage is examined. Next, market-level vacancy based on location and property type is examined. In addition, new construction that has not yet been leased is also considered. Finally, expenses such as property taxes, insurance, repair and maintenance costs, property management fees, and service expenditures for professional services are examined. Once a snapshot of a property’s income statement is captured based on market data, a standard valuation metric called a “capitalization rate” to convert income to value is applied.
Revaluation Methodology Worksheets
Below are the Cook County Assessor’s 2023 revaluation methodology worksheets for each income-producing PIN (Property Index Number), class 300 and above, in Oak Park Township. The Assessor’s goal in publishing this data is that property owners can understand the CCAO’s approach to the mass appraisal of their income-producing property.
There is a Summary tab and a separate methodology tab for each property group.
About this file:
How up-to-date is this data?
This data was used to produce initial valuations mailed to property owners. It does not incorporate any subsequent changes to a property’s class, characteristics, valuation, or assessed value from appeals. This data is provided as-is to provide a snapshot of the CCAO’s 2023 Revaluation of income-producing properties.
I think there’s an error in the data for my property. What can I do?
If you believe there is an error in the estimated value of the property, you can file an appeal with the Cook County Assessor's Office until May 15, 2023. Appeals can be filed online.
There aren’t any errors but I have questions about this data.
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