For example, in , the COD for residential assessments in the Hyde Park area of Chicago was percent above the industry upper limit, while the COD for residential assessments was 8 percent below the upper limit in the North Chicago assessment township, which includes the Near North Side parts of the Lincoln Park neighborhood.
As demonstrated by the following graphic, these counties all performed significantly better than Cook, and DuPage had the most uniform assessments, as measured by the COD. Cook County performs the worst on equity between low- and high-value properties. The price-related differential, or PRD, measures the pattern of inequity in assessments that has a correlation with the value of the property. Cook County showed considerable regressivity in its assessments, according to the PRD metric. In short, wealthier property owners tended to catch a break in their assessed values, while poorer property owners did not.
The averages for all counties demonstrated regressivity. Illinois Department of Revenue data support other findings of unfair assessments in Cook County. The Tribune investigation noted that some of the problems with the assessment process stemmed from using an outdated mainframe computer from the s and failing to implement a more accurate computer assisted mass appraisal, or CAMA, system. By contrast, DuPage County notes that its supervisor of assessments conducts yearly sales ratio studies to ensure the different townships within the county are at the proper level of assessment compared with actual sales in the area.
The following is a description of the processes by which property values are determined for tax purposes. In Illinois, the assessed value is supposed to be based on market value, which the Illinois Department of Revenue defines as the amount at which property would sell in a competitive, open market with a knowledgeable buyer and seller using sound judgment, allowing a sufficient time for a sale, which is not affected by pressures such as foreclosure or bankruptcy. To arrive at market value, assessment officials use different valuation approaches depending on the kind of property they are assessing.
Township of Lyons - Assessor's Office
For residential property, assessors generally use a combination of cost analysis and market value approaches. Then the assessor will subtract an amount for depreciation of the property.
For commercial properties, assessors often examine the income the owner derives from the property to arrive at a value for property tax purposes. The Illinois Constitution allows counties with over , residents to establish a classification system for taxing different kinds of real property and gives the General Assembly the right to establish how property will be valued.
In Cook County, residential property is assessed at 10 percent of fair market value, and commercial and industrial property is assessed at 25 percent of fair market value. In addition to having lower-performing counties such as Cook improve the quality of assessments by implementing high-quality CAMA systems and conducting sales ratio studies on an ongoing basis to monitor uniformity, Illinois should address other factors that make assessment and property tax bills less accurate and less transparent than they should be.
First, the fractional assessment system makes it harder for a homeowner to read his or her property tax bill and immediately tell what the assessor thinks the market value is. Some observers have wondered whether this opaqueness might be viewed by taxing districts as a feature, not a bug, of fractional assessment.
Moreover, applying fractional assessment requires one more step in the assessment process where errors can potentially be introduced. Other authors have observed that literature on the matter shows fractional assessment can make uneven or unfair assessments harder for property owners to discern. Requiring assessment at full fair market value, as Virginia, 61 Wisconsin 62 and Massachusetts 63 do, would eliminate an unnecessary step in the calculation of assessed value and would make bills easier for taxpayers to read and less likely to mask overassessment and the effective tax rate.
Learn whether you’re eligible for big property tax savings in Illinois.
Illinois could improve the accuracy of its assessments by conducting general appraisals more often than every four years or every three years. This would especially benefit taxpayers in times of declining home values, which are not quickly reflected in quadrennial or triennial assessments.
The IAAO has noted that a current market value standard implies the annual assessment of property.
For more information please visit the web pages of Cook County's Treasurer or look up this property's current tax situation. This map shows property tax in correlation with square footage of the property. Get a free PropertyShark account and your first property report is on us! Capitalize on our data and tools with highly detailed property reports. View property characteristics, ownership information, liens and title documents and use the interactive maps.
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Unlock the full property report. Tax year Current value. Current tax bill Projected tax bill Current assessed value. Market Value. Remember that you pay a proportionate share of the total property tax levies covering your property. If every property's EAV remains the same or increases or decreases by the same percent you pay the same share; taxes would increase by the percent increase of the tax levies of all taxing districts.
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