Jefferson Township property assessed using new model this year
Residents of Chicago’s Jefferson Township have until Aug. 16 to appeal their new property tax assessments, which this year were calculated using a new model aimed at “reducing regressivity,” the assessor’s office said.
A regressive property tax means the amount a property owner pays is not dependent on owner income, but rather on the property’s value, the website investopedia.com states.
Cook County Assessor Joseph Barrios introduced the new model, which replaces a four-decades-old methodology that has improved the overall modeling for Jefferson Township, he said.
Standards were set by the Civic Consulting Alliance (CCA) and Tyler Technologies, two outside specialists engaged to help overhaul the system.
“Improving residential assessment has been a priority during my time in office,” Barrios said. “It pleases me tremendously to see we are achieving what we set out to do, and new resources now available to us from CCA and Tyler have helped. This is a huge step forward for Cook County.”
Only one-third of the county’s 1.8 million pieces of property will undergo reassessment annually so that the entire county will have been assessed under the new model by 2020.