November 19, 2024
MAJOR FINDINGS
This report provides an estimate of the full market value of property in Cook County between tax years 2013 and 2022 using data provided by the Cook County Assessor’s Office and the Illinois Department of Revenue. Data to estimate the full value of real estate in 2023 and 2024 using this report’s methodology will not be available for several years.
The full market value of real estate in Cook County was nearly $757 billion in tax assessment year 2022. Tax year 2022 is the most recent year for which data are available. The 2022 full value estimate represents an increase of $61.8 billion, or 8.9%, from the 2021 estimated full value and an increase of $296.8 billion, or 64.6% from 2013. Tax year 2022 is only the second year since 2006 that the full value of property has met or exceeded 2006 levels. 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. Since 2013, the estimated full values of all three triads have maintained an upward trend. The values decreased briefly in 2020, primarily as a result of COVID adjustments implemented by the Assessor, but increased again in 2021 and 2022.
In addition to Cook County as a whole, the report also estimates the full market value of real estate in the City of Chicago, North Cook County suburbs and South Cook County suburbs.1 The estimated full market value of real estate in the City of Chicago increased by 8.3% in tax assessment year 2022, while the Northwest and Southwest suburbs experienced increases of 9.3% and 9.8%, 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.
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(1) See the Appendix for a map of the Cook County townships by triad assessment district.