America's Property Tax Advisor

Chicago Business Property Value up 56%

BY BOB TIVNAN, CMI, CHICAGO, JUNE 2022

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 non-residential property grew by 56%. Non-residential parcels include large apartments, commercial & industrial buildings, and vacant land.

 

Across-the-Board Increases

 

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

 

2021 appeals 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.