CHICAGO (WLS) -- Chicago property owners have received their new assessments and many homeowners are stunned by increases of up to 60 percent.
The new property tax assessments were mailed this week. South Township taxpayers, which includes South Loop homeowners, are the last in the city to receive their Cook County reassessment notices. Just as in some North Side neighborhoods, residents in the South Loop are seeing big increases.
"Just surprised to see it, sticker shock I guess when you see the actual amount what it is," said Kay Volk, homeowner.
Some city homeowners have seen increases as high as 60 percent. Cook County residential properties are reassessed every three years. This year, Chicago homeowners are getting their notices based on 2015, 2016 and 2017 homes sales; a chunk of time in which home values sky rocketed compared to the previous reassessment window.
"Six years ago we were coming out of a real estate crash, market values have increased substantially in many areas of Cook County, not all, but many," said Tom Shaer, spokesman for Cook County Assessor's Office.
Shaer said in addition to increased home values, the office is using a new assessment model that he said is more accurate and fair.
"We were accused of under-assessing higher market homes and over-assessing lower market homes, we are now in the industry acceptable range for that gap," he said.
That also means successful appeals may not have the amount of reduction it did in the past. If it's not enough, taxpayers can plead their case to the Cook County Board of Appeals.
A new Cook County assessor takes over in December, but the current assessor said that should have no impact on your reassessment notices or the appeals process. Reassessments will be reflected on your July 2019 tax bills.
Final round of Cook County property tax reassessments mailed to homeowners