Macy’s at Woodfield Mall in Schaumburg is among commercial properties in Cook County’s north and northwest suburbs that have seen their property values fall in Cook County Assessor Fritz Kaegi’s latest reassessments. Kaegi assessed the Macy’s at about $4.1 million last year, down from $7.1 million in 2019. | Mark Welsh / Daily Herald
North and northwest suburban retailers, office owners and apartment landlords were apoplectic in 2019 when Cook County Assessor Fritz Kaegi raised property assessments on commercial properties as one of his first acts after taking office.
Though the effect was blunted through thousands of appeals to the Cook County Board of Review, many homeowners felt relief as their commercial neighbors caught the worst of the following year’s tax hikes.
Four years later, taxpayers can expect the opposite impact.
Residential valuations in five north and northwest suburban townships are 15% higher for the 2022 tax year than in 2019, the last time north Cook County was reassessed, according to new data from the Board of Review. At the same time, combined commercial and industrial valuations edged downward by 1%.
Assessments aren’t a direct stand-in for property tax bills, and there can be a wide variation in results for individual properties. But the numbers from Schaumburg, Hanover, Barrington, New Trier and Norwood Park townships — the first newly reassessed townships whose appeal results have been finalized by the Board of Review — make clear that homeowners are in for higher taxes while many commercial landlords are set to take less of a hit.
Because of the county’s delayed tax cycle, the impact of the new assessments from the 2022 tax year will show up on this year’s property tax bills. Second-installment bills due later this year will reflect the new assessments.
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