Cook County Assessor Fritz Kaegi is planning to reduce assessed values on all properties throughout the county because of the expected effects of the coronavirus shutdown.
Cook County Assessor Fritz Kaegi plans on decreasing the assessed value of every parcel in the county ahead of the August 2021 tax bills, using historical data from past economic crises and market trends before the nationwide coronavirus shutdown.
Normally, only the south suburbs would be in line for a reassessment this year, but Kaegi said he wants his office to be ahead of the effect the economic shutdown is having on the real estate market.
“It won’t be a full reassessment, but we will take into account our best estimate,” Kaegi said. “We wanted our assessments to reflect what was happening to everyone. This wasn’t just having an effect on one third of the county, so we didn’t want to see a disparity.”
In Cook County, Kaegi said property values could drop 10% to 50%, depending on location, sales data and historical values. The decreases wouldn’t be reflected on Cook County tax bills until the second installment, due Aug. 1, 2021.
Read more here.
Leave a Reply