Cook County Assessor Fritz Kaegi
Kaegi unveils new tool to view property assessments
From staff reports
Cook County Assessor Fritz Kaegi recently released a data dashboard that displays where property assessments rose and fell in every Chicago neighborhood following the city’s 2021 reassessment.
The dashboard may be found at cookcountyassessor.com/ChicagoDashboard.
Chicago’s total Assessed Value (AV) grew 31% since its last reassessment, from $35.87b in 2018 to $47.02b in 2021.
Residential AV growth (10%) was outpaced by AV growth in all other property classes (56%), which reduces homeowners’ share of total AV and will have an effect on property tax bills released in 2022.
“My office’s 2021 reassessment of nearly nine hundred thousand homes, apartments, grocery stores, and high-rise office buildings is like a property tax reset for Chicagoans,” Kaegi said. “Better data, more staff, and improved transparency are producing better, fairer assessments that people can understand and trust.”
A 31% increase in AV does not mean property taxes will increase 31%. Assessments shift who pays what share of the total tax levy. When the share of one property owner or neighborhood grows, another owner or neighborhood’s share shrinks. The total amount of the property tax levy to be collected is set by taxing bodies like the City of Chicago, Chicago Public Schools and others.
Three years of assessed value growth reflected in the 2021 reassessment is good news for most Chicago property owners.
- Homeowners: Residential AV growth (10%) was outpaced by AV growth in all other property classes (56%). This reduces homeowners’ share of total AV.
- Neighborhoods: Most of Chicago’s share of AV growth is concentrated in the Loop, River North, and West Loop areas. This causes reductions in the property tax share throughout neighborhoods in the north and south sides of the City.
- Retail property owners: The reassessment captured conditions for property types in each neighborhood. For example, total AVs for large commercial buildings grew 67% in the Loop, but shrank -13% in Englewood.
On the Assessor’s Office’s 2021 Property Tax Reassessment dashboard, taxpayers can view the assessment report for the City, review assessment changes and the top five highest-dollar properties in every neighborhood, and compare assessments between neighborhoods and property types.
Due to more accurate assessments, appeals in Chicago declined 28% compared to 2018, with nearly 35,000 fewer appeals filed.
“A drastic reduction in appeals shows we are creating more accurate assessments for most property owners – homeowners and commercial property owners alike,” Kaegi said. “The biggest reductions in appeals are in Hyde Park and West Chicago townships. For property owners who felt they were overassessed in the past, the 2021 assessments appear to have corrected those concerns.”
Although the Assessor’s Office completed its assessment work and finalized the 31% growth in Chicago’s AV in April, Chicago’s tax rate and bills for 2021 have not yet been calculated.
When the tax base grows, tax rates shrink. When Chicago was last reassessed in 2018, its AV grew 16.4%, and its tax rate shrank 6.6%. Chicago’s property tax rate in 2021 will be affected by other components of the property tax system that can shrink this tax base growth (increasing the tax rate).
Three factors will shrink the tax base:
- Assessment reductions made by the Cook County Board of Review, which has not yet completed its work for 2021.
- TIF districts enacted by municipalities that freeze growth in the tax base in certain areas.
- Exemptions that provide property tax savings for homeowners, seniors, veterans, and persons with disabilities. Many exemptions will automatically renew. Newly eligible homeowners will soon receive mail from the Assessor’s Office with options to apply online or by mail for free.
Local News
City wants to buy armory at MDW
Spread the love. Has been vacant since 2017 . By Tim Hadac For decades, it served military purposes, as well as Chicago’s gateway for Presidents stopping off in the city. But the Army National Guard Midway Armory, 5400 W. 63rd St., has been mostly vacant since 2017, when the Illinois Army National Guard ceased operations…
Casten secures $11M for district; invites Bridge Teen founder to State of Union
Spread the loveBy Jeff Vorva Congressman Sean Casten is bringing some big bucks home. Casten (D-6th) announced that he helped secure more than $11 million in federal funding for local community projects. Included in that bounty is: $1.28 million to Evergreen Park for water main replacement. $500,000 to La Grange for storm and sanitary sewer…
Trinity, MVCC nursing schools schools receive state grants
Spread the loveBy Bob Bong The Illinois Board of Higher Education has awarded nursing school grants to 12 institutions of higher education across the state, including two in the south suburbs, totaling $1.4 million. Moraine Valley Community College in Palos Hills received a grant of $38,316 to focus on improved math proficiency and preparedness of…
Rashid rolls in 21st House, but Vasquez plans rematch
Spread the loveBy Steve Metsch State Rep. Abdelnasser Rashid may have rolled to victory over challenger Vidal Vasquez in the 21st House District Democratic primary, but he took nothing for granted. “I am humbled and honored that the voters chose to send me back and I look forward to continuing the work ahead of us,”…
Brookfield Zoo Anniversary Ferris Wheel now open
Spread the loveBy Bob Bong Brookfield Zoo has been attracting visitors for 90 years. To celebrate the anniversary, the zoo has opened a new attraction that has nothing to do with animals. Last Friday, the zoo opened its Anniversary Ferris Wheel. The towering 110-foot Ferris wheel offers guests unique bird’s-eye views of the park’s gardens, animal…
Casten romps over primary foes in 6th Congressional race
Spread the loveBy Bob Bong Three-term Congressman Sean Casten easily defeated two challengers in Tuesday’s Democratic primary in the 6th Congressional District. “First and foremost, thank you,” he said. “Thank you to the voters who have entrusted me once again with their vote. Thank you to the volunteers who knocked on doors, made phone calls,…
Chuy’s expansion continues
Spread the love. ‘And we’re not done yet,’ congressman vows . By Tim Hadac Most observers in the city seemed to agree that U.S. Rep. Jesús “Chuy” García (D-4th) would handily win his primary battle with 15th Ward Ald. Raymond Lopez. They were right. With almost all precincts reporting across the city and nearby suburbs,…
Silent spring break for children these days
Spread the love. By Peggy Zabicki Your correspondent in West Lawn 3633 W. 60th Place • (773) 504-9327 . Spring break for Chicago Public Schools will take place next week. In the past, that meant we would hear the sounds of kids playing outside. We won’t hear that joyful noise next week. The issue is safety. Wouldn’t…
Things are looking bright at Lith Youth Center
Spread the love. By Kathy Headley Your correspondent in Chicago Lawn and Marquette Manor 6610 S. Francisco • (773) 776-7778 . Cleaning, restoration and remodeling continues at the Chicago Lithuanian Youth Center on Claremont Avenue. New programs have been well attended and recent classes, Like Making Your Own Bacon Buns, have sold out quickly. Thanks…
Neighbors
Appeals court skeptical of Mike Bost’s case to stop ballot counts after Election Day
By HANNAH MEISEL Capitol News Illinois hmeisel@capitolnewsillinois.com CHICAGO – A panel of federal appellate judges on Thursday seemed skeptical of legal arguments made on behalf of Republican U.S. Rep. Mike Bost, who claims Illinois’ law allowing counting of mail-in ballots for two weeks after an election is in violation of federal law. Bost’s late 2022…
DCFS hires on-the-spot at hiring events
By BETH HUNDSDORFER Capitol News Illinois bhundsdorfer@capitolnewsillinois.com Cyrenthia Threat spent Wednesday morning at a hiring event in Fairview Heights waiting for word on whether she was hired by the Illinois Department of Children and Family Services. Threat wants to move to Illinois from Georgia where she works as a social worker. She has 20 years…
Capitol Briefs: Advocates push for guaranteed income, child care assistance
By HANNAH MEISEL & DILPREET RAJU Capitol News Illinois news@capitolnewsillinois.com The Illinois Supreme Court on Wednesday agreed to hear the case of actor Jussie Smollett, who was convicted for staging a hate crime against him in 2019 in a case that drew criticism for Cook County’s top prosecutor. Smollett made what turned out to be…
Illinois teacher shortage persists, survey finds
By PETER HANCOCK Capitol News Illinois phancock@capitolnewsillinois.com SPRINGFIELD – Illinois continues to suffer from a shortage of teachers and other education professionals, although recent efforts by the state to ease the strain have made an impact. That’s according to the latest annual survey of school officials from the Illinois Association of Regional Superintendents of Schools,…
Bills in state Senate would further regulate battery storage and disposal
COLE LONGCOR Capitol News Illinois clongcor@capitolnewsillinois.com SPRINGFIELD — Two bills that would regulate battery disposal and storage are awaiting action from the full Illinois Senate after unanimous committee approval. Senate Bill 3481, sponsored by Sen. Sara Feigenholtz, D-Chicago, would require facilities that store electric vehicle batteries to register with the Illinois Environmental Protection Agency…
Prisoner Review Board chair, member resign in wake of boy’s fatal stabbing by released inmate
By HANNAH MEISEL Capitol News Illinois hmeisel@capitolnewsillinois.com The longtime chair and a relatively new member of the Illinois Prisoner Review Board have resigned, Gov. JB Pritzker’s office announced Monday. The governor’s office announced the pair’s resignations within hours of each other nearly two weeks after Crosetti Brand was released from Stateville Correctional Center. Brand is…
Highest-ranking woman in state police history reflects on experience as force looks to diversify
By ALEX ABBEDUTO Capitol News Illinois abbeduto@capitolnewsillinois.com The night before Rebecca Hooks started at the Illinois State Police Academy in 2002, she spoke on the phone with her father and her brother – both of whom worked in law enforcement. Her father encouraged her, telling her she was strong and could get through the…
After being rebuffed by regulators, utilities file slimmed-down spending plans
By ANDREW ADAMS Capitol News Illinois aadams@capitolnewsillinois.com CHICAGO — State regulators are once again considering massive electric utility spending plans that would affect the state’s climate goals – and 5.4 million electric customers’ monthly bills – after rejecting previous versions late last year. The Illinois Commerce Commission forced the state’s two major electric utilities, Commonwealth…
After being rebuffed by regulators, utilities file slimmed-down spending plans
By ANDREW ADAMS Capitol News Illinois aadams@capitolnewsillinois.com CHICAGO — State regulators are once again considering massive electric utility spending plans that would affect the state’s climate goals – and 5.4 million electric customers’ monthly bills – after rejecting previous versions late last year. The Illinois Commerce Commission forced the state’s two major electric utilities, Commonwealth…
After being rebuffed by regulators, utilities file slimmed-down spending plans
By ANDREW ADAMS Capitol News Illinois aadams@capitolnewsillinois.com CHICAGO — State regulators are once again considering massive electric utility spending plans that would affect the state’s climate goals – and 5.4 million electric customers’ monthly bills – after rejecting previous versions late last year. The Illinois Commerce Commission forced the state’s two major electric utilities, Commonwealth…