Cook County Assessed Values Continue To Decline For Fourth Straight Year


As Cook County taxpayers receive their second installment 2012 property tax bills, the final assessment abstract for Cook County reveals a source of the higher tax rates they will see, the continuing decline of the property tax base.  For the fourth year, we have collected and analyzed this information for the County as a whole, for each triennial reassessment district, and for each township.  Links to this information are available below.

Cook County Assessed Value

The assessed value of all property in the County declined by 5% between tax years 2011 and 2012.  While commercial and industrial property values declined only slightly, residential property values continued the sharp declines from the past several years, dropping another 7% from the year before.  Since 2008, the assessed value of all property in the County declined by 23%, from $72.4 billion in 2008 down to $55.9 billion in 2012.  The largest decline continues to occur in the residential property class, which fell from $45 billion in 2008 to $35 billion in 2012.

2008-2012 Triennial Reassessment District Table
2008-2012 Cook County Assessed Value Chart

City of Chicago Assessed Value

The City of Chicago was reassessed for the 2012 tax year, while the north and south suburbs were not.  While the north and south suburbs therefore had little change in their assessed value, the City of Chicago experienced declines.  The sharpest decline occurred in residential real estate, where the assessed value declined from $17.9 billion in the 2011 tax year to $15.5 billion in the 2012 tax year.  Commercial and industrial property on the other hand experienced a smaller decline, falling from $10.4 billion in 2011 to $10.2 billion in 2012.

2008-2012 City of Chicago Assessed Value Chart

Suburban Township Assessed Value

We have also compiled the assessed value by class of property for each of the suburban townships from 2010 through 2012.  If you are interested in your township, click the link below.

2010 – 2012 Suburban Township Assessed Value Table

These declines in all parts of the County result in increased tax rates to generate the property tax revenue allowed under the Property Tax Extension Limitation Law.  But, tax rates will not be able to rise indefinitely.  Maximum tax rates, such as 3.5% for an educational fund, are set by the School Code.  The current trends indicate that many districts will now be moving closer to those statutory rate limits. 

Written by:

Published In:


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Franczek Radelet P.C. | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.