Reassessment notices mailed to Elk Grove Township taxpayers
Elk Grove Township property owners are likely to see big jumps in their assessments on reassessment notices mailed Thursday to close to 18,000 single-family and 11,000 condominium homeowners, figures released by the Cook County Assessor's office indicate.
Higher assessments don't automatically equate to higher taxes, as the tax rate applied to the assessed value depends on the amount levied by various units of government.
The notices reflect proposed values for property tax year 2016, which will be reflected on second-installment tax bills to be mailed in the summer of 2017, according to a news release. Taxpayers have until June 6 to appeal their reassessment values if they wish.
The assessor's office is in the middle of reassessing properties in North suburban Cook County. Elk Grove Township, which includes portions of Elk Grove Village, Arlington Heights, Des Plaines and Mount Prospect, is the fifth township to be evaluated so far this year, officials said.
Reassessments take place every three years.
The Elk Grove Township analysis shows the median assessed value of homes increased 14.5 percent to $28,175 this year from $24,661 in 2013. The median sale price for single-family homes and other non-condo residential properties increased to $281,500 in 2015, from $246,000 two years before, the assessor's office reported. Properties are assessed at 10 percent of their market value.
The median assessed value of condominiums increased 20.6 percent in the three years, the assessor's office said.
For appeal documents or to search for assessment information, visit cookcountyassessor.com.