Fritz Kaegi
Cook County Assessor Fritz Kaegi has announced the initial reassessments for residential and commercial properties in Lake Township, marking an important update for property owners.
On August 29, Kaegi revealed a 31% increase in the total assessed value, driven by the changing real estate market over the past three years.
With reassessments happening every three years, Lake Township is part of the latest rotation, following Chicago’s reassessment in 2021.
The assessor’s office emphasized the need for property owners to review their reassessment notices carefully.
“I strongly encourage property owners to review their reassessment notice to ensure their property characteristics and market value reflect their home,” Kaegi said, urging owners to verify that the assessments accurately reflect market value based on the past three years of data.
For those seeking assistance or clarification, the office will host virtual workshops on Facebook and YouTube on September 16 (in English) and September 19 (in Spanish) to explain the reassessment process and guide property owners on how to file appeals if they find discrepancies in their property’s assessed value.
The workshops will include information about the reassessment notice and how property owners can file appeals with the Assessor’s office. View upcoming events at www.cookcountyassessor.com/event-list.
Appeals can be filed if property characteristics are incorrect or if the market value estimate seems inflated compared to what the property might sell for. Lake Township residents have until October 11 to submit their appeals.
Property owners can access more detailed information about their reassessments in the township’s valuation reports. These reports offer insights into how residential, commercial, and multi-family properties are assessed, with residential property values based on recent sales of similar homes, and commercial assessments incorporating factors like income potential and market vacancy rates.
The Valuation Reports for Lake Township can be found at: cookcountyassessor.com/valuation-reports.
Residential assessments are based on recent sale prices of similar properties. To get a better picture of the real estate market in Lake Township, the accompanying chart demonstrates median sale prices over the last several years for different property types. For example, the median sale price for single-family homes in 2023 was $225,000, while the Assessor’s median market value estimate for the same property class is $194,000.
Commercial property assessments are calculated by determining a property’s use, estimated income, market-level vacancy, collections loss, and expenses. Commercial and multifamily property owners can locate their property on a methodology worksheet that contains the data used to assess their property.
Finally, the 2024 reassessments will impact the second installment of tax bills in 2025, meaning owners should anticipate potential changes in their property taxes next year.
For more information, visit the Cook County Assessor’s event page or view the full valuation reports at cookcountyassessor.com.