Assessor calls for change in determining home values

Cook County Assessor Jim Houlihan is pushing a reduction in property assessment levels across the board to make it easier for homeowners to determine if they are being overtaxed.

The current assessment levels are now set at 16 percent of a property's estimated value and 38 percent to 36 percent of a commercial property's estimated value. Under Houlihan's plan described in a news release Wednesday, the levels would drop to 10 percent for residential property and 25 percent for commercial property.

"It will give taxpayers the ability to review their assessments and determine if it clearly reflects the correct market value for their properties," the assessor said in the prepared statement Wednesday.

The measure is not intended to reduce property taxes and will need Cook County board approval. It remains unclear if there is enough support for passage.