By: Alby Gallun
Source: Crain’s Chicago Business

The south and southwest suburbs felt the impact of Cook County Assessor Fritz Kaegi’s re-assessment in 2020. The assessed value of non-residential property increased 56 percent from 2019 while the assessed value of residential property increased 8 percent.

As you can see in the article, each township within the south and southwest suburbs have seen a shift towards non-residential property owners shouldering more of the property tax load. Ultimately, it depends upon the taxing bodies request for funds to determine whether a higher assessment will indicate higher taxes.

The Assessor’s Office also stated that Covid-19 depressed the values of many properties including single family homes.

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