Chicago Business Property Value Up 56%
Bob Tivnan, Vice President and Principal Consultant 630.413.9381 | email@example.com
Chicago real estate was reassessed in 2021, following its previous reassessment in 2018. Based on calculations by the assessor’s office, the total assessed value for nonresidential property grew by 56%. Nonresidential parcels include large apartments, commercial and industrial buildings, and vacant land.
Increases in total assessed values reflect various factors, including new construction and growth in property values over a three-year period. The following trends in Chicago include:
- Vacant land (1%) based on 33,577 parcels
- Residential (10%) based on 732,855 parcels
- Multifamily apartments (80%) based on 13,307 parcels
- Multifamily incentive (117%) based on 802 parcels
- Not-for-profit (53%) based on 210 parcels
- Commercial (49%) based on 38,191 parcels
- Industrial (109%) based on 10,612 parcels
- Commercial/industrial incentive (97%) based on 12 parcels
- Commercial incentive (50%) based on 159 parcels
- Industrial incentive (46%) based on 451 parcels
In 2021, as in 2018, the largest share of Chicago’s assessed value is concentrated near the loop.
Numbers Could Change
Appeals for 2021 are still pending at the Cook County Board of Review. Successful appeals could alter the final values and data for the pending 2021, pay 2022, final second-installment taxes.
Assessed value increases do not mean property taxes on the median tax bill will automatically go up by the same percentage. Increases in the total assessed value of an area often lead to lower tax rates.