Assessor: Homes values, sale prices up in Schaumburg Township

Median assessed values for homes in Schaumburg Township grew about 9.3% between 2016 and 2019, while sale prices rose more than 14%, according to data released Tuesday by the Cook County assessor's office.

The figures were disclosed as the office this week mailed reassessment notices to more than 30,000 single-family, 13,000 condominium and 2,000 industrial/commercial property owners in the township, part of the county's triennial reassessment cycle.

Detailed reports explaining the assessor's methodology are available on the office's website, www.cookcountyassessor.com.

"The reports are part of our office's commitment to increase transparency and provide greater predictability within our assessment system," Assessor Fritz Kaegi said in a news release Tuesday. "We have released reports for the first 10 North suburban reassessment townships and will continue to post reports for the remaining two townships as notices are mailed throughout the year."

Each year, the assessor's office reassesses one-third of the nearly 1.8 million parcels of property located in Cook County. Schaumburg Township is the eleventh of thirteen townships being reassessed this year. Niles and Hanover township reassessments are scheduled to be mailed Sept. 9 and Sept. 23, respectively.

The deadline to file an appeal for Schaumburg Township is Sept. 16, and all appeal documentation must be submitted by Sept. 26.

According to the assessor's office, the median assessed value of homes in the township increased to $27,444 in 2019, from $25,103 in 2016. Sale prices for single-family homes and other non-condominium residential properties increased to $276,500 from $241,500 over the same three-year period.

For commercial properties, median assessed values rose from $799,065,850 in 2016 to $1.3 million this year, a 67% increase. The most powerful driver of the increased values is a reduction of cap rates, according to the assessor's office.