Cook County Assessor Fritz Kaegi recently released the initial assessments of residential and commercial properties in Lemont Township.
“I strongly encourage property owners to review their reassessment notice to ensure their property characteristics and market value reflect their home,” Kaegi said in a news release. “It is important to understand that assessments in Cook County reflect market value over the last three years. My office will be partnering with Patrick Hynes, interim Lemont Township assessor, to assist property owners and explain reassessments in their community.”
“Township assessors are here to advocate for our taxpayers and help property owners navigate a complex property tax system. Residents are encouraged to attend an appeal workshop to understand how values are determined,” Hynes said in the release. “The workshop will also demonstrate how to understand your reassessment notice, how to determine if a property owner needs to file an appeal, as well as an overview of the online application.”
Appeals for Lemont Township can be filed until June 9. To learn more about property assessments and appeals, join a workshop from 6-8 p.m. May 25 at 16300 Alba St. More information can be found here: www.cookcountyassessor.com/event-list. The assessor’s office reassesses one-third of the county every year. In 2023, the south and west suburbs of Cook County are undergoing reassessment.
When a property is reassessed, the property owner is mailed a reassessment notice. The reassessment notice reflects the estimated fair market value based on sales of similar properties over the past three years. The notice also contains important information such as the property’s characteristics, neighborhood code and past assessments. An increase in a property’s assessment does not cause the same increase in the property owner’s taxes, according to the release.
After a township undergoes reassessment, a valuation report is released that provides details on residential, commercial and multi-family reassessments. Property owners can use these reports to gain insight on how property assessments work, learn about the real estate market in their specific neighborhood, and compare the median to their property value. The valuation reports for Lemont Township can be found at cookcountyassessor.com/valuation-reports.
How do assessment appeals work? Property owners are given an opportunity to appeal their assessment if the property characteristics listed on an assessment notice are incorrect or if the estimated market value of a property is significantly more than what it could sell for in the current real estate market, the release stated.
Residential properties residential assessments are based on recent sale prices of similar properties. In Lemont Township, the median sale price in 2022 for single-family homes was $475,000, $199,000 for condos and $300,000 for small apartment buildings, according to the release.
The assessor’s median market value estimate for single-family homes is $493,000, for condos $199,000 and $317.000 for small apartment buildings.
Commercial properties commercial property assessments are calculated by determining a property’s use, estimated income, market-level vacancy, collections loss and expenses. Applicable real estate operating expenses include property taxes, insurance, repair and maintenance costs and property management fees. The varying property tax rates throughout the south and west suburbs were accounted for in operating expense ratios.
To learn more about how commercial reassessments work, read the full Commercial Valuation Report. Commercial and multifamily property owners can go a step further and locate their property on a methodology worksheet that contains the data used to assess their property.