Homeowners in North, Northwest Cook County should brace for higher property tax bills this fall
North and northwest suburban retailers, office owners and apartment landlords were apoplectic in 2019 when Cook County Assessor Fritz Kaegi raised property assessments on commercial properties as one of his first acts after taking office.
The latest appeal results are a trial run for the newly constituted Board of Review after two of its three commissioners were ousted in last year's elections. Homeowners and landlords who feel they've been shortchanged by the assessor can appeal to the Board of Review, arguing that their property's taxable value should be lowered. If they still aren't satisfied, they can go to the Illinois Property Tax Appeal Board or sue.
The Board of Review's apparent stinginess might be explained by an important wrinkle: Overall, Kaegi valued commercial properties lower than in 2019, giving the Board of Review a lower baseline to start from. And a law office on Devon Avenue in Park Ridge was assessed at under $50,000 last year, three years after Kaegi's team valued it at about $110,000.
Smith points to an independent market analysis showing evidence that Kaegi's 2019 assessments were in line with the real estate market at the time.
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