Reassessment Notices Mailed to Hyde Park Township Taxpayers

Reassessment Notices Mailed to Hyde Park Township Taxpayers

Chicago - Cook County Assessor Joseph Berrios has announced that reassessment notices were this week mailed to close to 64,000 single-family and 16,000 condominium homeowners in Hyde Park Township. Reassessment notices contain proposed values for property Tax Year 2018, which will be reflected on 2018 Second-Installment Property Tax Bills to be mailed and due in the summer of 2019.

Property in Cook County is reassessed every three years (triennially). For all valuations in the Tax Year 2018 City Triennial Reassessment, the Cook County Assessor’s Office (CCAO) is using an improved assessment model that better addresses the longstanding goal of reducing regressivity. This results in the more accurate assessments of homes.

The improved assessment model being used during the City of Chicago’s Triennial Reassessment reflects interactive collaboration between CCAO and newly available, renowned valuation and modeling experts and researchers at CCA and Tyler Technologies. (For complete details regarding the new assessment model, please see separate media release issued on this same date.)

“Improving residential assessment has been a priority during my time in office. It pleases me tremendously to see we are achieving what we set out to do, and new resources now available to us from the Civic Consulting Alliance (CCA) and Tyler Technologies have helped. This is a huge step forward for Cook County,” Assessor Berrios said.

“If taxpayers wish to appeal their reassessment values, they should do it now and not wait until the following year when the new Tax Year 2018 values are shown on Second-Installment Tax Bills mailed in 2019,” Assessor Berrios added. “I encourage taxpayers to review their notices carefully and file appeals if they feel their proposed reassessment values are not fair and accurate.”

Each year, the Cook County Assessor’s Office reassesses one-third of the nearly 1.8 million parcels of property located in Cook County. For homes, “Assessed Value” is 10% of market value; businesses’ Assessed Value is 25% of Market Value. In this tax year, the Assessor’s Office is reassessing properties located in the City of Chicago. Hyde Park Township is the third township to be mailed in the 2018 City of Chicago reassessment.

Among the findings from the Hyde Park Township reassessment:

• The median assessed value of homes (single-family homes, townhomes and apartment buildings of 6 units or less) decreased to 13,147 in 2018, from 13,378 in 2015 — a median percentage decrease of -0.325% (less than 1%). The median sale price for single-family homes and other non-condo residential properties decreased from $133,000 in 2015 to $131,000 in 2017.

• The proposed assessments of condominiums in Hyde Park Township reflect a median increase of 10.54% in assessed value.

A single-family homeowner may compare his or her assessment to those of similar homes. The proposed assessments for Hyde Park Township will be published in the Hyde Park Herald and Chatham Citizen on June 27, 2018.

The Assessor’s web site (www.cookcountyassessor.com) also allows taxpayers to search for assessment information on reassessed properties. Anyone may search for assessment information using a 14-digit Property Index Number (PIN) or by typing in an address. Homeowners can check their property’s characteristics and search for information on similar properties to use as comparables if they choose to appeal their assessed values. Residential taxpayers may also file an appeal online, and the Assessor’s web site allows them to search for comparables and add those comparables to their online appeals.

“My primary goal as Assessor continues to be the fair and equitable assessment of properties in Cook County. I will also continue to work to make improvements to the assessment process and provide taxpayers with all the tools necessary to determine if their assessments are accurate,” Assessor Berrios said.

He added, “We will continue to work to ensure no one pays more than his or her fair share of property taxes.

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