Cook County Assessor Fritz Kaegi
Kaegi improves online database for property owners
From staff reports
The Cook County Assessor’s Office has released a new database that shows a greater level of detail for each property located in Cook County.
A property owner can visit the Assessor’s website, enter their PIN, or address, and obtain information such as the estimated market value, assessed value and property characteristics.
New noteworthy features include information pertaining to permits, divisions and consolidations, and the Homeowner Improvement Exemption.
Cook County Assessor Fritz Kaegi
Another new feature is the “Neighborhood Sales” function, which provides current real estate information that can be reviewed and printed. This function generates a list of real estate transactions within the neighborhood code of a property within the last 36 months. This information may be useful for property owners considering filing an appeal or who would like to understand the market value of properties in their neighborhood.
In a statement Cook County Assessor Fritz Kaegi said it is important to understand the current real estate market in a person’s neighborhood because assessments, under Illinois law, should fairly reflect market values. The Assessor’s Office estimates market values by using a mass appraisal model that analyzes sales trends. If a property owner believes their property is worth less than the Assessor’s Office’s estimate of its value, the owner is entitled to file an appeal. Appeals can be filed once a year during a specific timeframe that can be found on the Assessment and Appeals Calendar at cookcountyassessor.com.
Kaegi’s staff emphasized that there is a difference between market value and assessed value.
The estimated market value is what the Assessor’s Office believes a property is worth in the current real estate market. The assessed value is the amount used to calculate your property taxes. For residential property, this is usually 10% of the estimated market value. For commercial property, this is typically 25% of estimated market value.
Learn more about this new enhancement by downloading a guide from cookcountyassessor.com.
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