Cook County assessor explains anticipated property value increases
As recently reported by WTIP, Cook County homeowners should expect their property values to go up in the coming year for taxes payable in 2023, according to local officials.
Cook County Assessor Bob Thompson said many of the increases will be noticed in March 2022 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 shared a comprehensive update on home sales and property values during a meeting of the Cook County Board of Commissioners on Tuesday, Nov. 23. Thompson also posted a video to the county’s YouTube channel on Nov. 29 about the situation.
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.
WTIP’s Joe Friedrichs spoke with Thompson about taxes and property values in Cook County in a Nov. 29 interview. Audio below.