Assessor’s Office again certifies assessments early

Assessor Berrios’ record of perfect timing helps ensure that schools, communities and other taxing bodies receive revenue on schedule; taxpayers save millions of dollars.

Assessor’s Office again certifies assessments early
Assessor Berrios’ record of perfect timing helps ensure that schools, communities and other taxing bodies receive revenue on schedule; taxpayers save millions of dollars.

Cook County Assessor Joseph Berrios announced today that his office has certified the 2018 City of Chicago Triennial Reassessment earlier than last year’s triennial reassessment and will again publish all assessed values ahead of the anticipated schedule.

Assessments have been completed on time or early for every one of Assessor Berrios’ eight full years in office. That had not happened in any of the previous 34 years under numerous previous assessors. Late assessments cause late revenue which necessitates borrowing by schools and communities to meet budget. The collective cost to Cook County taxpayers for such borrowing would be approximately $5 million per month for every “late” month.

“My office certified the assessment early again this year, allowing other elected officials involved in the property tax cycle to have sufficient time to finish their work in a timely manner. This will help ensure that Second Installment Tax Bills will once again be mailed on the statutorily mandated date of July 1st next year,’’ Assessor Berrios said.

In the 13 years of the previous assessor, assessments and revenue were late by an average of three months per year – a total of 39 months. Thus, $5M in estimated monthly borrowing costs may have totaled about $195 million. Had Berrios’ assessments been similarly late, his eight years would have resulted in $120 in estimated borrowing. Instead, he helped taxpayers avoid all such borrowing costs.

“By refining the assessment cycle after taking office in 2010, my staff and I focused on the timely mailing of Second Installment Tax Bills. We helped eliminate the need for school districts and other taxing bodies to borrow money just to meet budget. Saving them tens of millions of dollars annually is something we’re immensely proud of. This has also allowed taxpayers to plan their finances with a reliable tax bill schedule,” Berrios added.

Assessor Berrios lauded his employees for the quality of their work and for adhering to the ambitious schedule he set. The Assessor stressed that his office has succeeded in accomplishing more with less and was able to complete the reassessment of the largest and most difficult triennial district, the City of Chicago, in remarkable time. All this occurred despite a 35 percent reduction in staff.

“I am once again proud of the dedication of our professionals. They helped accelerate the assessment schedule and finish it early,” Berrios explained. “Their efficiency and hard work has consistently aided in the timely mailing of tax bills to ensure that local taxing bodies receive their funds sooner.”

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