The Cook County Assessor's Office sent out a letter in late June informing some property owners in the south and west suburbs that there was an error in the recent assessment of their property.
The land value, a factor that contributes to the total assessed value of property, was calculated incorrectly. This resulted in a higher value on properties with larger land square footage. This issue will now be corrected.
The Assessor’s Office is making the necessary changes to correct the value of these properties. Homeowners will receive their second installment property tax bill on July 2, 2024 with the corrected value and property tax amount owned.
Please see an outline of how this process will work (to the right) and a list of frequently asked questions below.
- How does this affect my second installment property tax bill?
Tax bills are calculated based on several factors, including your assessed value. Because the CCAO is correcting your property’s assessed value, your property tax bill will reflect the updated assessed value of your property and the correct property tax amount owed.
- What is the difference between the Market Value and Assessed Value?
The market value is how much your home could sell for based on the current real estate market. The assessed value is 10% of your home’s market value and is a factor used to calculate your taxes. It is not what you will owe in taxes.
- I still have more questions. How can I get help with this issue?
If you have further questions, visit www.cookcountyassessor.com/contact and send us an email or contact us via Facebook. You can call the CCAO at 312-443-7550 or visit our downtown or branch offices