Property values continue to rise in Cook County
Following a trend that took hold several years ago, Cook County homeowners should expect their property values to go up in 2023, according to local officials.
“Local property owners can expect to see value increases,” Cook County Assessor Bob Thompson told WTIP during a recent interview.
Truth in taxation statements will be mailed by the Cook County Auditor’s Office starting Monday, Nov. 14.
In general, Thompson told WTIP, recent land and home sales locally ranged from 15 to 26 percent over the current assessed values. This means property owners could see 2023 valuation increases in that range, depending on the location of the land or home, and whether or not it’s lakeshore property.
Thompson said many of the increases will be noticed in March 2023 when tax and property value statements are sent out by the county. A primary reason for increasing property values throughout the county is tied, at least in part, to a hot real estate market in Cook County. Though the market has cooled some in the final stages of this year, demand for housing and property in Cook County remains high.
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.
Similarly, the relationship between increasing property values and how much property owners pay in taxes to local government is complex. A rise in property values does not always equate to a similar increase in property taxes, according to County Administrator James Joerke. For example, if property values increase across the board, the amount the county needs to collect to operate and serve community members does not change. The levy, or the amount of taxes collected, remains the same regardless of how much property values increase, Joerke has explained during numerous county meetings in recent years.
In a September county board meeting, the commissioners agreed to set the 2023 preliminary levy at an increase of 5.5 percent from 2022. The 5.5 percent increase in the levy cannot exceed this amount when a final levy is set later this year, though it can be lowered.
Thompson will share information about property values during a meeting of the upcoming Truth in Taxation meeting. The meeting is Tuesday, Nov. 29 at 6 p.m. in the commissioners’ room at the courthouse in Grand Marais. The meeting is open to the public.
WTIP’s Joe Friedrichs spoke with Thompson about the property value increases and the upcoming Truth in Taxation meeting. Audio below.