An important job of the Cook County Assessor’s Office (CCAO) is to determine the current value of your home. The Office does this by estimating its Fair Market Value, or what your home could sell for in today’s real estate market.
Cook County is divided into 36 areas called townships spread across three regions: the northern suburbs, southern suburbs, and the City of Chicago. Each of these regions is revalued, or reassessed, once every three years. This means every property is reassessed at least once every three years.
By law, the Assessor’s Office is required to follow real estate market trends to estimate your home’s value. Your home’s value depends on the following.
- Your home’s location, such as neighborhood and school district.
- Your home’s characteristics, such as its age and square footage.
- Local and current real estate trends.
Because the role of the Assessor’s Office is to fairly, accurately, and equitably follow real estate trends, a home’s assessment can change significantly due to changes in the local real estate market – even if there have been no changes to the home. Read more below about each stage of the assessment process.
How we determine the fair market value of your home
Collect sales data
The CCAO gets property sales data from the Illinois Department of Revenue. The information includes when properties sold and how much they sold for.
You can see sales data, and other data published by the CCAO, on the Open Data Portal.
Build and choose the best statistical model
The CCAO’s data science team builds statistical models to analyze huge amounts of data related to local real estate trends. These models are similar to what real estate companies like Zillow and Redfin use. The CCAO chooses the model that is the most fair, consistent, and accurate to use each reassessment cycle.
The CCAO publishes code, data, and documentation for homes and for condos.
Estimate home values
The model is used to estimate property values of every home.
See how the statistical model valued your home: https://www.cookcountyassessoril.gov/home-value-report
Review estimated values
The CCAO’s analysts review estimates produced by the model, neighborhood by neighborhood. They adjust estimated values and characteristics as needed.
What Happens Next
Receiving your Reassessment Notice
A Reassessment Notice is typically sent to every homeowner every three years. The Reassessment Notice contains the home's estimated Fair Market Value and property characteristics.
- To find your home’s most current assessed value, enter your PIN on the property detail page.
- To find out information about your township and neighborhood code, which is listed on your reassessment notices, review the Valuation Reports.
Understanding Fair Market Value and Assessed Value
The Fair Market Value is what your home could sell for in today’s real estate market. The Assessed Value is 10% of the Fair Market Value. The Assessed Value is used to calculate your property tax bill.
Example:
Fair Market Value: $300,000
Assessed Value: $30,000
Appealing Your Assessment
If the property characteristics listed on your assessment notice are incorrect, or if the estimated market value of your home is significantly more than what you believe your home could sell for in the current real estate market, you may file an assessment appeal. The last date to file an appeal is printed on your Assessment Notice.
Here are the common reasons you may file an appeal.
- Lack of Uniformity
Lack of uniformity is when the value of your home is inconsistent with the values of similar homes close to yours.
If you believe your home’s assessment is not similar to assessments of comparable properties in your area, you can file an appeal. In the appeal application, include examples of properties that are more similar to your home’s size and value. - Overvaluation
If you believe that your home has been overvalued compared to similar homes in your area, then you can provide supporting documentation, such as recent closing statements, or purchase prices of homes similar to yours. - Incorrect Property Description
If a reassessment notice lists an error such as incorrect square footage, classification, or an error that may affect market value, an appeal can be filed. Supporting documentation such as property record cards or dated photos may be submitted with your appeal. It is important to remember, however, that a minor error does not necessarily indicate an incorrect assessment.
During a property’s reassessment year, an appeal may be filed within 30 business days after the notice of the new assessed value is mailed. Otherwise, appeals can be filed during a specific time each year, depending on the township in which the property is located. To find the appeal period for your township, please review the Reassessment and Appeals Calendar.
You can sign up to receive news updates from our office to be notified of when your township opens for appeal.
- How can I lower my tax bill?
- Can my home by reassessed outside of the normal reassessment schedule?
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- How do I know when my is scheduled to be reassessed next?
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- What if I don't agree with the value of my home?
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- I haven't remodeled my home since I purchased it, why did the value increase?
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- What is the "model?"
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- Do I need a lawyer to file an assessment appeal?
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- When can I file an appeal?
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- There are errors on my Assessment Notice, how do I correct them?
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