The assessment on Cook County Assessor Fritz Kaegi’s home went down while his neighbors’ soared. What happened?
Thank you for supporting our journalism. This article is available exclusively for our subscribers, who help fund our work at the Chicago Tribune.The home of Cook County Assessor Fritz Kaegi in Oak Park on May 25, 2023. Kaegi’s home was one of the few in his neighborhood that experienced a lower assessment.
But there’s no fix in at the office, the assessor’s office insists. In fact, Kaegi said the decrease was a corrective counterbalance to a massive assessment hike his house received when he took the unusual step of tattling on himself three years ago, resulting in his family paying more per square foot than neighbors in comparable homes. Moreover, assessment records appear to show Kaegi’s home was overassessed for years, even before he reported the additional square footage, one expert said.
The values that model produces stay in place for the next two years unless the owner appeals. Property owners can bring that appeal to Kaegi’s office or to the Cook County Board of Review and argue their property is over-assessed based on comparable properties or that the assessor is relying on faulty characteristics about items such as square footage, the number of bedrooms or bathrooms, or what materials the home is made out of.
While the assessment dip Kaegi’s home received this year was unique, Kaegi and his office noted that in 2020 — roughly two years into his tenure leading the office — Kaegi’s home received a massive assessment hike. That year, his home’s valuation shot up by nearly twice as much as his neighbors in surrounding blocks, from roughly $727,000 to $1,172,000.field check that the assessor requested himself.
“to ensure the correct square footage and the most accurate assessment of his home,” a spokesperson said. The 2020Advertisement That exemption fell off in 2020. The added square footage from the field check also was plugged into the 2020 residential model that compared Kaegi’s property with roughly 400 others in his neighborhood as well as recent market sales of similar homes. In the end, the assessment shot up by 61% compared with 2017.
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