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Cook County Assessor’s Office announces changes to assessments and appeals due to COVID-19

South Suburban property values, scheduled to be reassessed as part of the County Assessor’s triennial reassessment process in 2020, are now underway and the Cook County Assessor has announced there are changes to assessments and appeals due to COVID-19. See the press release below and related stories.

Press release from the Cook County Assessor’s Office:

South Suburban reassessment continues; other property values will be examined for COVID-19-related adjustments

The Cook County Assessor’s Office announced updated information about its plans to reassess the southern and western suburbs of Cook County and adjust property values in the northern suburbs and Chicago if the economic effects of the COVID-19 pandemic have a significant impact on real estate.

“This is an unprecedented crisis and we’re taking necessary steps to address it,” said Cook County Assessor Fritz Kaegi. “In view of the state and federal governments’ declaration of Illinois and Cook County as major disaster areas, and the pandemic’s toll on markets and property values, we are adjusting assessments to reflect this reality. To do so for only one portion of the county would unfairly shift the tax burden and create an inequitable system.”

Cook County is reassessed triennially, which means one-third of the county is reassessed each year. In 2020, the south and west townships of Chicago are scheduled to be reassessed and this work will continue. While properties in some south suburban townships have already received reassessment notices, those which have not will receive notices that reflect estimated economic effects of COVID-19 on property values. Read more.

Related stories include: How will coronavirus affect your property taxes? in the Daily Herald; and Economic shocks lead to property tax turmoilin Crain’s.

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