Cook Co. homeowners to see assessments fall

Having just received their eye-popping Cook County property-tax bills, Wheeling Township homeowners are the latest in suburban Cook County to be receiving a piece of mail that what could lead to a little relief -- but not for the current bill due Dec. 1.

County Assessor Jim Houlihan has just completed a reassessment of the township reflecting a 7 percent decrease in assessed values, with the first notices having gone out a week ago. It's part of an ongoing reassessment his office is doing township by township to account for the what the recession has done to property value sooner than the regular reassessment schedule would allow.

The new assessment levels, however, will not affect what is currently owed, but instead will be used as one of the factors to calculate tax bills due next year.

"The situation we are facing in the real-estate market is extraordinary, and the downturn has had an impact on home values," Houlihan said. "After analysis of market sales and foreclosure data, we determined that Wheeling Township homeowners should not have to wait until their properties are reassessed next in 2010 for the downturn to be reflected in their assessments."

Houlihan's office had previously completed Elk Grove, Barrington and Maine Township reassessments, as part of an initiative first announced in May to address the dramatic downturn in real-estate values. With Chicago being assessed this year, Cook's Northwest suburbs wouldn't have reflected that downturn until next year and the West and South suburbs the year after that.

"If we stuck to the normal schedule," said Houlihan spokesman Eric Herman, "people's reassessments would not have reflected the market value until next year" in the Northwest suburbs.

Townships are having their reassessments mailed on a "rolling basis," Herman added, as each township is analyzed for how badly it's been hit in the economic downturn. The assessor's office studies statistics such as resale prices and foreclosure rates in each township to determine how much to decrease assessments across the board within that geographic area.

"Our plan is to have them all done by the end of the year," Herman said.

Houlihan announced in May that most townships would see their assessed values drop between 4 and 15 percent. Elk Grove Township received a 7 percent decrease last month, after Barrington was dropped 4 percent and Maine 12 percent in September. Palatine, Schaumburg and Hanover reassessments are still being completed.

The new assessments also follow a 10/25 Ordinance passed by the county board last year. It states that homes should be assessed at 10 percent of market value, businesses at 25 percent. The assessment changes will be reflected in the second-installment tax bills due a year from now.

Wheeling Township homeowners have until Dec. 8 to file an appeal. The assessor's office recommends using its updated Web site at cookcountyassessor.com to do so.

Cook County assessments dropping

Suburban Cook County property is being reassessed township by township to account for drops in value due to the recession. Homeowners are being notified by mail once the changes have been made. The updated values will be used to calculate next year's tax bill, not the one due Dec. 1. Here's a look at the changes so far:

Wheeling Township: 7 percent decrease

Elk Grove Township: 7 percent decrease

Barrington Township: 4 percent decrease

Maine Township: 12 percent decrease

Palatine Township: Pending

Schaumburg Township: Pending

Hanover Township: Pending