Navigating the Commercial Property Revaluation Process in Chicago: Why Property Owners Need to Act Fast and Seek Professional Advice

The 2024 triannual reassessment is underway across Chicago, and commercial property owners will begin receiving revaluation notices in August. Assessments will continue to be mailed by the various townships through late fall, with deadlines based on the date of receipt.

Anticipated increases in commercial property valuations are expected as a result of recent market trends and economic developments. Certain townships, such as North and South, have shown higher variability in assessment increases, making it crucial for property owners in these areas to be particularly vigilant.

Assessors across Chicago have previously demonstrated inconsistency in valuing commercial properties, creating uncertainty regarding the accuracy of property values.

How Can You Avoid Overpayment?

The local experts at Ryan are the most experienced professionals in the Chicago market with both industry and property type expertise as well as former assessors. Our professionals are more valuation-focused and proactive than law firms, and our relationships with the jurisdictions and assessors translate into maximum tax savings realized for clients across Illinois.