Property values continue to rise in Cook County and across Arrowhead

Kirsten Wisniewski | April 17, 2024

The Cook County Assessor’s office has sent out their 2024 valuations for properties across the county. Assessor Bob Thompson told WTIP that, once again, properties values have increased.

Cook County property value trends

Thompson provided a rough breakdown of the increases. The values of properties in Grand Marais and Lutsen are up just over 12%, in Shroeder values are up about 11.5%, and that Tofte saw the highest increase, about 13.5%. He added that there are several factors that can impact the value of individual properties. This includes lake access or improvements made to a property.

Cook County saw a bigger increase than neighboring Lake and St. Louis counties. In Lake County the overall increase was about 4.5%, and in St. Louis county values jumped over 7%. Thompson added that in all of the Arrowhead counties, a portion of the overall increase was due to new construction.

Thompson said that property values in many rural counties are up. With more people able to work from home, plus the interest that many buyers have in retirement and vacation houses, there is a lot of demand in outstate communities. He said that housing forecasters also predict a “silver wave” as more people near retirement age. Many may move out of cities, downsize their homes, or move into retirement communities. In urban areas the predicted result is an increase in available housing stock.

In a place like Cook County, however, Thompson says that the silver wave will likely have different results. As those people leave urban or suburban areas and purchase homes here, especially if they are buying small homes or properties that are typically considered affordable, it may be increasingly difficult for first-time homebuyers to find houses in their price range.

2024 Property Value Assessments

Property owners across Cook County can expect their value assessments in the coming weeks. Thompson said that property owners should contact his office if they believe that there has been an error in the valuation. He said that while the value assessments take many factors into account, mistakes can happen. Thompson said, “What these notices are going out for, it’s to say ‘This is what we believe your value is.’ And granted, that’s based off of an algorithm, so they’re not always right.”

Thompson suggested that home owners start by comparing their properties to similar properties on a real estate listing data source. Additionally, he said that his office has assembled packets for people looking to compare their property to others in the estimated value range. There are additional resources on the Cook County Assessor’s website.

If a property owner believes that their property has been incorrectly valued, they can work with the assessor to adjust the value. If they are unable to reach an agreement about adjusting the value, the case will go to a board of appeal and equalization meeting. Lutsen, Schroeder, and Tofte, hold their own meetings. For residents of Grand Marais and unincorporated areas, property owners make their case to the county board.

Thompson said that it is important for property owners who plan to contest their assessment to contact his office before the appeal and equalization meetings. If a property owner simply shows up to one of the meetings, and his office has not had time to collect relevant information, it becomes difficult for the board to make a decision. He said, “Making the appointment is really important, or at least, you know, making contact with my office and letting us know that you intend to come attend one of those meetings.”

Upcoming appeal and equalizations meetings:

May 9, Tofte Town Hall at 6 p.m. (before the township meeting)
May 14, Schroeder Town Hall at 6 p.m.
May 16, Lutsen Town Hall at 6 p.m.
June 27, Cook County Courthouse at 6 p.m. (Grand Marais and unincorporated)

WTIP’s Kirsten Wisniewski spoke with Cook County Assessor Bob Thompson about the newly updated property values for Cook County. Audio from the interview is below.