Assessor’s Office releases new way to view property details and real estate sales

 Assessor’s Office releases new way to view property
details and real estate sales

The Assessor’s Office released a new database that shows a
greater level of detail for each property located in Cook County. A
property owner can visit the Assessor’s website, enter their PIN,
or address, and obtain information such as the estimated market
value, assessed value, and property characteristics. New noteworthy
features include information pertaining to permits, divisions & consolidations, and the Homeowner Improvement Exemption.

Another new feature is the “Neighborhood Sales” function, which provides current real estate information that can be reviewed and printed. This function generates a list of real estate transactions within the neighborhood code of a property within the last 36 months. This information is useful for property owners that are considering filing an appeal or would like to understand the market value of properties in their neighborhood.

Access the Assessor’s Property Details here.( https://www. cookcountyassessor.com/assessor-property-details?)

Why is it important to understand the current real estate market in my neighborhood?

Assessments, under Illinois law, should fairly reflect market
values. The Assessor’s Office estimates market values by using
a mass appraisal model that analyzes sales trends. If a property
owner believes their property is worth less than the Assessor’s
Office’s estimate of its value, the owner is entitled to file an appeal.
Appeals can be filed once a year during a specific timeframe
which can be found on the Assessment and Appeals Calendar.

What is difference between market value and assessed
value?

The estimated market value is what the Assessor’s Office
believes a property is worth in the current real estate market.
The assessed value is the amount used to calculate your property
taxes. For residential property, this is usually 10% of the estimated
market value. Forcommercial property, this is typically 25% of
estimated market value.

Learn more about this new enhancement by downloading a
guide or participating in an upcoming virtual workshop.

• Download a guide for more tips on how to navigate the
Assessor’s Property Details and to read through frequently asked
questions.

• Participate in a virtual workshop to learn more about the
enhanced property details that can be accessed by property owners.
The Assessor’s Office will be giving a live demonstration and
answering questions on the spot.

Date: Wednesday, October 5, 2022
Time: 12:00 p.m.
View: Facebook and YouTube Live

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