October 29, 2020
Click here to read the full report.
Click here to read the press release for this analysis.
MAJOR FINDINGS
This report provides an estimate of the full market value of property in Cook County between tax years 2009 and 2018 using data provided by the Cook County Assessor and the Illinois Department of Revenue.
It does not incorporate any changes to the value of property in Cook County due to the COVID-19 pandemic. Data to estimate the full value of real estate in 2020 using this report’s methodology will not be available for several years.
The full market value of real estate in Cook County was nearly $610 billion in tax assessment year 2018. Tax year 2018 is the most recent year for which data are available. The 2018 total value estimate represents an increase of $24.3 billion, or 4.1%, from the 2017 estimated full value and an increase of $195.2 billion, or 47.1% from 2012. However, the 2018 estimated full value is still $56.7 billion below the estimated full value in 2006. Prior to 2006, the estimated full value of real estate in the City of Chicago and suburbs grew every year going back to at least 1995. In 2007 real estate values began to decline, hitting a low point in 2012. The 2018 estimates represent the sixth year in a row in which real estate values in Cook County increased after six straight years of decline.
In addition to Cook County as a whole, the report estimates the full market value of real estate in the City of Chicago, north Cook County suburbs and south Cook County suburbs. The estimated full market value of real estate in the City of Chicago increased by 5.6% in tax assessment year 2018 while the northwest and southwest suburbs experienced increases of 2.6% and 2.5%, respectively.
The report also breaks down the estimated full value of property by assessment class for Chicago and the suburbs and for the County as a whole. The estimated full value of residential property in every assessment district increased between 2009 and 2018, while the estimated full value of commercial and industrial properties decreased in every assessment district with the exception of Class 5b (industrial) property within the City of Chicago, which saw an increase of 2.4%. Between 2009 and 2018 the estimated full value of property in Cook County as a whole increased by 10.8%.
Click here to read the full report.
Click here to read the press release for this analysis.