Hyde Park Township properties were recently reassessed using a new residential assessment model that the Cook County Assessor's Office says will benefit residents and homeowners through more accurate price representations.
Tom Shaer, the deputy assessor for Communications in Cook County, explained why this change matters and what it means for residents.
"We have implemented a number of changes and improvements (to our) 40-year-old residential assessment model, which were recommended by the impartial Civic Consulting Alliance (CCA)," Shaer told Chicago City Wire."It was CCA which did an impartial study of residential property assessment in Cook County, released in February 2018. When the study began in Summer 2017, the Cook County Assessor’s Office (CCAO) had promised to implement any changes possible which were recommended by CCA’s study or subsequent efforts."
CCAO is made up of individuals with a combined 91 years of experience in both the technical and practical aspects of property assessment.
"CCAO experts subsequently collaborated with newly available experts from CCA and Tyler Technologies to develop and implement those changes," Shaer said. "Later, CCAO, CCA and Tyler collaborated on each township’s reassessment; we have completed three of the eight townships due in this all-Chicago 2018 Triennial Reassessment."
Results of reassessments in Rogers Park, Lakeview and Hyde Park townships all show that the new standards are within many of the key industry standards that are relied on for accuracy, the assessor's office reported.
"When homes increase in value, owners are understandably happy," Shaer said. "However, when reassessment time comes, that increase in value is not as welcome by those same owners; it’s human nature. Increased assessed value should not be viewed in the context of percentage of increase but rather in relation to market value."
He explained the assessments are representative of a three-year period, during which a great deal can change.
While the changes in the assessment model do not affect home buying, they do have an impact on market value, which is great news for residents in the area.
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