COOK COUNTY, Ill. (WLS) -- Hundreds of properties throughout Cook County are being misclassified or undervalued, resulting in a significant loss in tax dollars. That's according to an investigation by the Illinois Answers Project and Chicago Tribune.
Last year alone, the Cook County Assessor's Office missed new construction and major improvements to at least 620 properties. This resulted in at least $444 million in market value that is not being taxed this year in Cook County. These errors occurred despite documentation showing these properties have been renovated or developed. Now, some homeowners are paying the price for this oversight.
The underassessments can hurt homeowners in at least two significant ways. Some people have to pay more than their fair share in property taxes when others pay less. And if the assessor's office does fix those mistakes, it can have drastic consequences for property tax bills: the assessor can charge up to three years in back taxes in one lump sum that can reach tens of thousands of dollars for a single homeowner.
You can read more on the Illinois Answers Project's investigation here.