Kane & Co.
5 Takeaways: Cook County Changes 2020 Assessment Processes Due to COVID-19
1) Properties in all townships will receive a COVID-19 reduction – “if the property is deemed eligible.”
On Tuesday, Assessor Kaegi stated that, “This is an unprecedented crisis and we’re taking the necessary steps to address it. In view of the state and federal governments’ declaration of Illinois and Cook County as major disaster areas, and the pandemic’s toll on markets and property values, we are adjusting assessments to reflect this reality. To do so for only one portion of the county would unfairly shift the tax burden and create an inequitable system.”
2) Townships already reassessed are still eligible for COVID-19 valuation adjustments.
The reassessment notices mailed to property owners earlier this year do not reflect adjustments based on the COVID-19 pandemic and appeals can still be filed with the Assessor’s Office until May 1st. After regular appeals are processed for these townships, the Assessor’s Office will mail property owners a COVID-19 valuation adjustment. This adjustment is separate from valuation adjustments resulting from appeal. The lower of the two values will be honored by the Assessor.
3) Townships to be reassessed will receive COVID-19 valuation adjustments on an original reassessment notice.
For all townships that are being reassessed this year, but that have not received reassessment notices yet, property owners will receive reassessment notices that “will include information about adjustments to values due to COVID-19’s impact on the market. No action or appeal is necessary in order to receive this adjustment.” After the reassessment notices are mailed, property owners can file appeals with the Assessor’s Office.
4) All eligible properties will qualify for 2020 COVID-19 valuation adjustments.
Properties in non-reassessment townships will receive COVID-19 adjustments for eligible properties “and notices will be sent to property owners.”
5) Assessor eliminates Re-review period to shorten appeal cycle.
Traditionally, re-review periods have allowed property owners to identify errors in their original appeal result, or present new evidence in support of an appeal. Appeal cycles are shortened from 40 days to 35 days.
As this is an evolving response to a crisis, please continue to check in to the Cook County Assessor’s website for updated information. If you would like to read the Assessor’s official press release, please click here.
If you are a large or medium sized commercial or industrial property owner in Cook County and have questions about how your re-assessment may impact your property, or if you would like a free property tax consultation, please reach out to us at email@example.com.