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Automatic Assessment Reductions Due to COVID-19

Automatic Assessment Reductions Due to COVID-19

To reflect the impact of the novel coronavirus pandemic on real estate markets, the Cook County Assessor’s Office in Chicago, Illinois will update reassessment property values for the south and western suburbs in accordance with the disaster declaration and corresponding changes in market value. These adjustments will be sent out when those townships open for appeals and will impact July 2021 tax bills.

For all properties that are not reassessed in 2020, information about adjustments to assessed values based on estimated COVID-19 effects for eligible properties will be sent to property owners, regardless of whether property owners filed a property tax appeal. These COVID-19 market value adjustments will impact July 2021 tax bills and will be sent to all property owners in non-reassessment townships (Chicago, north and northwest
suburbs) after their tax appeal deadlines in 2020.

These COVID-19 reductions are expected to range from 2% to 7%, and likely will be granted uniformly within property classes. We base these expectations on our experience with the 2015-16 automatic reductions based on airport noise reductions that were automatically granted at 4% for homes in high frequency flight path noise corridors. Higher COVID-19 positivity and deaths linked to specific neighborhood assessment codes may result in certain neighborhoods receiving the highest percentage reductions.

Regardless of COVID-19 formulated auto reductions, property owners should file an appeal as long as evidence exists supporting an assessment reduction. Evidence supporting a market value reduction includes but is not limited to, refinanced, estate or fee simple appraisals, pending sales, listing prices, environmental and market disasters, i.e., high foreclosure clusters, flooding, fire, high frequency flight path noise corridors, construction or demolition environmental disturbances, vacancies, and non-uniform assessment with comparable homes on your block or in your neighborhood code.

This strategy will maximize a property owner’s potential tax savings. As always, in keeping with best practices, Raila & Associates does not invoice clients for automatic assessment reductions, only for reductions below assessment levels set by the Assessor’s Office, including any potential COVID-19 adjustments.

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