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Condominium Assessed Value Appeals

This office represents Cook County condominium associations in appealing and reducing real estate assessed values. Cook County reassesses property every three years. 2010 is the reassessment year for the northern suburbs.

Can a Tax Bill Increase Even Though the Assessed Value has been Reduced?

You bet. And it’s going to happen with the 2010 tax bill.

Market Values are Down

Cook County is making an effort to bring assessed values more in line with current market values. But Cook County has been reducing single family homes more so than condos. For example: -Norwood Township - houses down 17.1%, condos down 4%, Evanston Township - houses down 12%, condos 1%, Niles Township - houses down 19%, condos 6%, Elk Grove Township - houses down 10%, condos down 4%.

Wouldn’t you figure that if single family houses are down x% that the condos should be down something close to that same x %, rather than 1/12 or 1/3 of x%?

The 2010 Reassessment will cause a Tax Burden Shift from Single Family to Condos

The problem is that condo owners will not discover this until the fall of 2011. And guess what? Yes, by the time a condo owner figures this out it will be too late.

What could, or should, Condominium Boards do to Protect the Interests of the Unit Owners?

The short answer is that the condominium Board of Managers should appeal the assessed value. (Although we often speak in terms of "appealing taxes" we actually appeal the assessed value.) Illinois law* grants condominium Boards the authority to hire a representative and file an appeal. Good practice would suggest that the Board should arrange to have an appeal filed. The appeal process begins by filing an appeal with the Cook County Assessor. (Call our office if you have missed the filing deadline.)

There are no guarantees here. It could be that even with an assessed value reduction you see a tax bill increase. This is a function of burden shifting within the system. But, if you are entitled to an assessed value reduction, and you do not take it, then you will pay more property tax than you should have. In other words, a tax payer will benefit from an assessed value reduction.

If the Board feels that the 2010 Cook County reassessment is correct then take no action. But if the Board feels that the reassessment does not match the actual market value, then call or e-mail my office and request a sign up packet.

We look forward to working with you.

*Upon a 2/3 vote by the Board, or upon majority vote of the unit owners at a meeting specifically called for this purpose, (or higher percentages if so required by the condo documents) the Board may seek relief on behalf of the association from the assessed values.

Appeal Condominium Assessed Values
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