Chicago City Wire

The Cook County Board of Review (CCBOR) has reported a significant increase in property tax appeals for the 2024 tax year, with a nearly 41% rise in Property Index Numbers (PINs) compared to 2023. The total number of appeals filed reached an unprecedented 273,907, marking an 11% increase over the previous year and more than a 10% rise from 2021.

Commissioner Larry Rogers, Jr., Chairman of CCBOR, emphasized the importance of the board's role: "The Cook County Board of Review plays a crucial role among the checks and balances in the property assessment and taxation system. In more than 20 years on the Board, I have never seen a more important time for property owners to avail themselves of their right to appeal."

The surge in appeals is attributed to substantial increases in property values across both commercial and residential sectors within Cook County. According to data from the Cook County Assessor’s Office, total assessed property value increased by $9.5 billion, or 23%, from $41.3 billion to $50.8 billion.

Rogers noted that efficiency improvements have allowed the board to handle this record-setting volume without increasing costs: "We have improved performance amid record-setting appeals by improving efficiency while our costs have not increased."

In addition to property value hikes, land assessments have also seen significant increases as part of the reassessment process. Commissioner George Cardenas highlighted issues with errors in land assessments particularly affecting South and West Suburbs: "A notable issue concerning errors in land assessments...has contributed to the overall changes affecting property taxes in each community."

For tax year 2023, miscalculations affected over 4,000 properties' land values leading to inflated assessments. Although corrective actions were taken by the Assessor’s Office, concerns remain about rising land assessments' impact on homeowners and businesses.

As CCBOR continues processing appeals for the current tax year, District 2 Commissioner Samantha Steele stressed taxpayer education: "With significant increases in property values, it is crucial that taxpayers have the confidence and knowledge to effectively contest their assessments."

The board remains committed to ensuring fairness and transparency throughout this process. For further information on appealing a property tax assessment, individuals can visit www.cookcountyboardofreview.com.

Information from this article can be found here.