North Cook News

The Cook County Board of Review (CCBOR) has experienced a significant increase in property tax appeals for the 2024 tax year, with a record number of appeals filed. The total Property Index Numbers (PINs) involved rose by nearly 41% compared to the previous year. Appeals increased by 11% over 2023 and more than 10% above 2021, marking the last reassessment period for the city.

The unprecedented volume of 273,907 property tax appeals presents a major challenge for CCBOR, although more than half have already been finalized. This surge is attributed to significant increases in property values across commercial and residential sectors in Cook County.

Commissioner Larry Rogers, Jr., Chairman of CCBOR, emphasized the importance of appealing: "The Cook County Board of Review plays a crucial role among the checks and balances in the property assessment and taxation system. In more than 20 years on the Board, I have never seen a more important time for property owners to avail themselves of their right to appeal."

According to data from the Cook County Assessor’s Office, assessed property value in Cook County increased by $9.5 billion or 23%, from $41.3 billion to $50.8 billion. This rise is largely due to increased commercial property assessments and impacts homeowners in south suburban neighborhoods and parts of Chicago.

Commissioner Rogers said that despite handling more appeals than ever before, CCBOR remains committed to assisting property owners: "With more appeals to review and process than ever before, this agency is proud to always be there for property owners."

Significant increases in land assessments have also affected both residential and commercial properties. Commissioner George Cardenas highlighted issues with errors in land assessments: "A notable issue concerning errors in land assessments, especially in the South and West Suburbs has contributed to the overall changes affecting property taxes in each community."

For tax year 2023, over 4,000 properties had miscalculated land values leading to inflated assessments. Despite corrective actions by the Assessor’s Office, concerns remain about rising land assessments' impact on areas experiencing rapid development.

An independent study confirmed that CCBOR's valuation approach is robust. Commissioner Rogers noted: "The recent independent study commissioned by the Cook County Board President’s Office affirmed that our valuation approach is robust."

As CCBOR works through this unprecedented volume of appeals, District 2 Commissioner Samantha Steele encouraged taxpayers to stay informed: "With significant increases in property values, it is crucial that taxpayers have the confidence and knowledge to effectively contest their assessments."

For further information on appealing a property tax assessment, visit www.cookcountyboardofreview.com.

Information from this article can be found here.