SPECIAL REPORT- [UPDATED] The “Coronavirus Effect” on Cook County Property Values
Updated April 15, 2020*
On April 3, 2020, Cook County Assessor Fritz Kaegi announced that due to the unknown economic impact the coronavirus pandemic may have on property values, Cook County real estate owners could see an adjustment in the value of their property. On April 14, 2020, the Cook County Assessor’s Office released updated information regarding COVID-19 related adjustments to property values
Analysts in the Cook County Assessor’s office are researching data from natural disasters and economic fallouts to gain knowledge of what happens to property values when these events occur. Although the challenges of the coronavirus pandemic are unprecedented, they hope to use this information to try to understand what effects COVID-19 may have on the real estate market in Cook County.
All Cook County property owners will receive notification from the assessor’s office. Property owners whose property was already scheduled to reassessed this year will receive a reassessment notice. The property owner may submit an appeal based on the current property value listed on the assessment. The appeal will be reviewed by the analysts and the current value could be adjusted based either on the appeal itself or due to the effects of the coronavirus pandemic. Further, the appeals period will be shortened. Property owners should check on the Cook County Assessor’s website www.cookcountyassessor.com/assessment-calendar-and-deadlines for the most up-to-date information regarding filing deadlines. Additionally, the re-review period will be eliminated. The Cook County Assessor’s office is encouraging property owners to submit appeals on-line as well as any questions regarding filing their appeal.
UPDATE (4/15/20): Reassessment notices have already be sent to the owners of property located in River Forest, Riverside, Oak Park, Palos and Calumet Townships. Appeals for these properties can be filed up until May 1, 2020. Appeals already filed will be processed and do not need to be re-submitted. The property owner will receive a notice from the Cook County Assessor’s Office regarding a COVID-19 adjustment. It is not necessary to file an appeal to receive a COVID-19 adjustment.
All properties located in Berwyn, Lemont, Lyons, Worth, Stickney, Orland, Cicero, Proviso, Thornton, Bremen, Rich, and Bloom townships will receive reassessment notices this year. These notices will include information about COVID-19 adjustments. It is not necessary to file an appeal to receive a COVID-19 adjustment. Appeals for an adjustment not related to the COVID 19 impact on the real estate market can be filed after the reassessment notice is received. Applicable filing dates are listed on the Cook County Assessor’s website www.cookcountyassessor.com/assessment-calendar-and-deadline.
For the owners of property located in Evanston, Norwood Park, Rogers Park, New Trier, and Barrington townships who have received reassessment notices due to permits or other special applications, appeals can be filed up until May 1, 2020. Appeals already been filed do not need to be resubmitted. These property owners will receive information regarding COVID-19 adjustments whether or not an appeal was filed.
Commercial property owners are encouraged to furnish the Cook County Assessor with information regarding changes to income and expense by using the Real Property Income and Expense (RPIE) form available on-line www.rpie.cookcountyassessor.com.
Property owners whose property is not scheduled for reassessment this year will receive a notice informing them that effects of the coronavirus pandemic may affect the value of their property.
UPDATE (4/15/20): Property owners whose property is not scheduled for reassessment this year will have their property values reviewed for the estimated effects of COVID-19. There is no requirement to file an appeal in order to receive the COVID-19 review or applicable COVID-19 adjustment.
*The original Special Report on this matter was published on April 7, 2020.
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