SPECIAL REPORT: The ‘Coronavirus Effect’ on Cook County Property Values
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.
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.
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.
CONTACT:
Andrew J. Annes, Esquire
aannes@satclaw.com
mobile: (312) 246-3110
John W. Campbell, Jr., Esquire
jcampbell@satclaw.com
mobile: (312) 391-3126