Well is this good news? We shall see. Don't forget to look for 
this assessment change in your mailbox coming soon. Don't forget that every Illinois homeowner has the right to protest their taxes if they feel they are being overvalued and over taxed. Just wanted to be sure that you were informed as the county doesn't seem to be getting the word out like it should. This will effect all homeowners in Cook County!
Cook County Assessor Announces First-Ever Downward Market Adjustment for Homeowners (released 5/11/09)
Cook County Assessor Jim Houlihan announced that residential properties not being reassessed this year will receive a market adjustment reflecting the real estate downturn. Residential properties in 30 suburban townships will receive reductions in their assessed value.
“The situation we are facing is extraordinary. Foreclosures and declines in sale prices and volume have taken a toll on home values,” Houlihan said. “After careful analysis of market sales and foreclosure data, we determined these townships should not have to wait until their next reassessment for the impact to be reflected."
“Homeowners are already getting less protection from the 7% Expanded Homeowner Exemption this year,” Houlihan added, noting the General Assembly’s decision to phase it out. “That makes the adjustment even more urgent.”
As part of this historic step, the Assessor’s Office will mail notices to every property owner in Cook County this year. Normally, properties are assessed every three years and receive notices only then. The north suburbs are not scheduled to be reassessed until 2010; the south and west suburbs will be reassessed in 2011.
This year, each suburban township will receive an adjustment percentage, which will lower the existing assessed values of all residential properties in that township, Houlihan said. The reductions will likely range from 4% to 15%.
“Areas hit hard by foreclosures and market drops will see the biggest reductions. We will continue to monitor the market. The percentage reductions will change if the conditions warrant it,” Houlihan said.
The first notices will be sent to River Forest Township in May and will reflect a 5% reduction for residences there. Cicero Township, burdened by a high foreclosure rate and a battered sales market, will receive a 15% reduction, Houlihan said.
The market reductions come as the Assessor’s Office is implementing the 10/25 Ordinance, a measure simplifying assessment levels passed by the County Board last year. Under the ordinance, the assessment level of residential properties is 10% of market value; for industrial and commercial properties, it is 25% of market value.
Lyn Sims (847)230-7324 at RE/MAX Suburban
I proudly serve and sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Schaumburg, Elk Grove Village, Hoffman Estates, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.
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Cook County Assessment Reduction ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com
Morning Lyn....I can't see anything wrong with this reduction. It makes sense for today's price pressure and I hope many, many other municipalities across the country will take similar action.
Gail, for once they are actually being proactive about home values and adjusting. Homeowners need help cutting costs.
This is an update on the mailing schedule so far, watch your mail boxes in about a month or so!