Cook County assessor adjusting assessments to reflect COVID-19 impacts

The Cook County assessor's office has announced updated information about its plans to reassess the southern and western suburbs of the county and adjust property values in the northern suburbs and Chicago, if the economic effects of the COVID-19 pandemic have a significant impact on real estate.

"This is an unprecedented crisis and we're taking necessary steps to address it," Assessor Fritz Kaegi said in a news release. "In view of the state and federal governments' declaration of Illinois and Cook County as major disaster areas, and the pandemic's toll on markets and property values, we are adjusting assessments to reflect this reality. To do so for only one portion of the county would unfairly shift the tax burden and create an inequitable system."

Cook County is reassessed triennially, which means one-third of the county is reassessed each year. In 2020, the south and west townships are scheduled to be reassessed and this work will continue. While properties in some south suburban townships have already received reassessment notices, those which have not will receive notices that reflect estimated economic effects of COVID-19 on property values.

North suburban and Chicago portions of Cook County, which are not scheduled for reassessment, as well as properties located in south and west suburban townships which have already received reassessment notices, will have their property values reviewed for estimated effects of COVID-19 following the appeal process. Property owners are not required to appeal in order to receive the COVID-19 review and adjustment for eligible properties.

Information about adjustments to assessed values based on estimated COVID-19 effects for eligible properties will be sent to property owners, regardless of whether they filed an appeal, after the appeal deadline.