Chicago's 2024 Property Reassessment
February 2, 2025
What Homeowners and Businesses Need to Know
The Cook County Assessor’s Office has released its final reassessment data for the City of Chicago in 2024, revealing significant shifts in property values across residential and commercial sectors. With total assessed values increasing by 23%, many property owners may see changes in their tax obligations. Key Takeaways from the 2024 Reassessment According to the Cook County Assessor’s Office, the total assessed value for Chicago now stands at $50.8 billion, reflecting a $9.5 billion increase over the prior assessment year. The impact of this reassessment varies based on property type, affecting both commercial and residential owners differently. 1. Commercial Property Growth Outpaces Residential Increases A major highlight from the 2024 reassessment is the shift in the property tax burden between commercial and residential properties. Commercial properties experienced higher growth in assessed values than residential properties. As a result, the share of the tax base borne by homeowners dropped from 51% to 49%. This shift could lessen the average homeowner’s share of the overall tax burden. 2. Breakdown of Property Class Growth Different property types experienced varying degrees of increase in assessed value: Multifamily Apartments (Class 3): +34% Industrial Properties (Class 5B): +65% Office Buildings, Hotels, Retail & Other Commercial Properties (Class 5A): +22%, increasing from $14.3 billion to $17.5 billion Residential Properties (Class 2): +18% (Source: Cook County Assessor’s Office) These figures indicate a significant jump in the valuation of industrial and multifamily apartment buildings, which could affect market dynamics and investment trends in Chicago. 3. The Role of the Cook County Board of Review While the Assessor’s Office determines initial property values, the Cook County Board of Review has the power to adjust these assessments during the appeals process. Historically, commercial properties have received significant reductions upon appeal, often shifting the tax burden onto homeowners. For example, during the previous reassessment of Cook County’s south and west suburbs, Board of Review adjustments added four percentage points to homeowners’ tax burden. Chicago property owners should be mindful of potential shifts as the Board of Review processes appeals in 2024. How to Appeal Your Property Assessment If you believe your property assessment is inaccurate or higher than it should be, you have the right to file an appeal. The Cook County Assessor’s Office provides resources and guidance on how to navigate this process. To learn more about your property’s valuation or to file an appeal, visit the Cook County Assessor’s Office website. Final Thoughts Understanding the impact of reassessment is crucial for both residential and commercial property owners. With rising valuations, it’s essential to review your assessment, consider appealing if necessary, and stay informed about any adjustments made by the Board of Review. For those affected by the 2024 reassessment, seeking professional assistance from a property tax attorney or consultant could be beneficial in ensuring a fair and accurate valuation.
Latest Blogs
2025 Stickney Township Commercial Tax Appeal Guide
On June 11, 2025, the Cook County Assessor mailed valuation notices for commercial properties in Stickney Township. You have until July 25, 2025 to file an appeal. By appealing taxes in Cook County, you protect your bottom line and ensure a fair assessment.
2025 Stickney Township Residential Tax Appeal Guide
On June 11, 2025, the Cook County Assessor issued 2025 residential assessment notices for Stickney Township. Homeowners must file an appeal by July 25, 2025. Appealing protects your equity, disputes inflated values, and can lower your annual tax bill.
2025 Lyons Township Commercial Property Tax Appeal
On June 2, 2025, the Cook County Assessor issued valuation notices for Lyons Township commercial properties. You must file a formal appeal by July 16, 2025. Failure to meet this deadline will forfeit your right to challenge inflated assessments.
2025 Lyons Township Residential Property Trends & Appeal Opportunities
On June 2, 2025, the Cook County Assessor mailed 2025 reassessment notices for Lyons Township residential properties. Owners must file their appeal by July 16, 2025, to contest any inflated valuations and protect against over-taxation.
Maine Township Commercial Tax Appeal: Deadline & Trends
On June 4, 2025, the Cook County Assessor mailed out 2025 assessment notices for Maine Township commercial land. Owners must file their appeal by July 18, 2025, to challenge any unfair increases and protect their bottom line.
2025 Maine Township: Appealing Taxes in Cook County
On June 4, 2025, the Cook County Assessor mailed out the 2025 assessment notices for Maine Township residential properties. The deadline to submit an appeal is July 18, 2025. By appealing taxes in Cook County, you can challenge unfair increases and reduce your bill. Miss this deadline, and you forfeit your chance to contest your assessed value. File your Maine Township appeal today or call us for a free consultation.
Why Orland Township Needs Cook County IL Property Tax Appeal Now
Orland Township homeowners received their Cook County assessment notices—and you must appeal by October 9, 2024 or lose your chance to lower your taxes. With many properties misvalued, an expert property tax attorney can use the latest market data and legal strategies to challenge unfair assessments. Below, we’ll highlight the key changes in Orland Township, explain why acting now matters, answer common questions, and show how Cook County Appeals delivers no-risk, results-driven representation.
Beat the Deadline: How to Win Your 2025 Palos Township Property Tax Appeal
Palos Township—nestled in southwest Cook County, Illinois—is home to diverse neighborhoods, from quiet residential streets to bustling commercial corridors. As part of the broader Cook County property assessment process, every parcel in Palos Township receives a new valuation each year. In 2025, the Assessor’s office mailed updated property assessment notices on April 23, placing the onus on homeowners to review and, if necessary, file a Cook County property assessment appeal by the June 2 deadline.
Cook County Veterans: Don't Miss Out on Property Tax Savings
Discover valuable property tax exemptions available to veterans in Cook County, including the Veterans with Disabilities Exemption and the Returning Veterans Exemption. Learn how to apply and ensure you're receiving the benefits you've earned.
Analysis Finds Underestimation in Commercial Property Appeals
A recent study by the Cook County Assessor's Office uncovers that commercial property appeal appraisals often undervalue properties by an average of 38%, potentially shifting the tax burden onto other property owners.
South Chicago taxpayers urged to appeal assessments
Homeowners in South Chicago Township Have Until February 4th to Appeal Their Property Assessments
Chicago's 2024 Property Reassessment
What Homeowners and Businesses Need to Know
Get our stories delivered From us to your inbox weekly.