Property tax bills now show home's market value

December 16, 2010 6:46:04 AM PST
Property tax assessments distributed in suburban Cook County will list the market value of taxpayers' homes for the first time.

The assessments have always included the value of a home for property tax purposes. Now, they will also show how much the home would actually sell for, which is one of the estimates the assessor's office uses to calculate assessments.

New Cook County Assessor Joseph Berrios announced the change Wednesday as his office mailed out reassessment notices to 28,000 homeowners in northwest suburban Leyden Township.

The assessor's office is responsible for determining the value of a home for property tax purposes.

Berrios tells the Chicago Tribune including the market values on the notices will allow homeowners to determine with certainty whether their proposed assessments are fair or not.

The new information does not change what taxpayers owe.

(The Associated Press contributed to this report.)


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