A new formula for calculating Cook County property taxes – one that aims to minimize the impact on low-income wage earners – was announced May 1 by the Cook County assessor's office and will go into effect this year.
According to a press release from Cook County Assessor Joseph Berrios, the new formula, which will replace one that has been in place for the past four decades, fulfills a goal of his campaign. The new model was developed with input from the Civic Consulting Alliance, a nonprofit management consulting firm, and Tyler Technologies, a software development company, the release said.
“It pleases me tremendously to see we are achieving what we set out to do, and new resources now available to us from CCA and Tyler have helped,” Berrios said in the release. “This is a huge step forward for Cook County.”
Cook County Assessor Joseph Berrios
According to Berrios, the new formula will reduce regression, which Investopedia.com defines as a tax that favors the wealthy at the expense of the poor. The formula determines the assessed value as one-tenth of the property’s estimated market value, the release said.
Berrios said in the release that the new system would reassess all properties in Chicago in 2018, with the reassessments affecting tax bills due in 2019.
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