Assessor says property values likely to increase in Cook County
Cook County homeowners should expect their property values to go up in the coming year, according to local officials.
“I would say that for the most part they can expect to see some value increases,” Cook County Assessor Bob Thompson said during a WTIP interview in late October.
Thompson said many of the increases will be noticed in March when tax and property value statements are sent out by the county. A significant reason for the expected increase in property values is due to a booming real estate market in Cook County.
Thompson said there have been 591 properties sold so far in 2021, nearly double the 323 home sales in Cook County last year. Most homes are selling for their listing price or higher at this time, with some properties selling nearly as soon as they hit the market. The demand for property is so high in Cook County right now that some local residents are receiving unsolicited mail from people inquiring about purchasing their property, according to information shared with WTIP by community members.
The relationship between property values and real estate is a complex one, though an easy way to think of it is that if homes and land are selling for a higher price than their appraised values, it is likely to increase similarly priced homes throughout the county, according to the county assessor.
Thompson will share a comprehensive update on home sales and property values during a meeting of the Cook County Board of Commissioners on Tuesday, Nov. 23. The meeting opens with a public comment period.
WTIP’s Joe Friedrichs spoke with Thompson about taxes and property values in Cook County in a recent interview. Audio below.