Par Shawn M. King
This week, the Cook County Assessor announced that he will restart the clock on this year’s round of property valuations based on the COVID-19 pandemic. New assessment notices will be mailed to property owners in the nine townships that had already been notified from his office earlier this year. With the new assessment notices, the Assessor’s Office will consider the impact that the COVID-19 pandemic has had on the region’s real estate market.
It is estimated that more than 10,000 appeals have already been filed with the Assessor’s Office. Those appeals will be processed based on the properties’ appealed assessed values or the COVID-19 values, whichever is lower. The appeals period will be shortened from 40 days to 35 days. The Assessor’s Office will be required to deliver timely assessments to the Cook County Board of Review within this new timeframe. Additionally, the Assessor has eliminated the re-review period for all the townships; this was an opportunity to identify errors or flaws in the original appeal result.
It remains to be seen the tax impact of any potentially lowered 2020 assessments. If all properties receive the same percentage assessment reduction, there will not be an impact on the amount of taxes due unless the tax levy is also reduced. Taxes in Illinois are paid one year in arrears; therefore, the actual impact of 2020 assessment reductions won’t be known until 2021.
Our experts are in constant contact with the jurisdictions and make updates to our COVID-19 site as developments become available.
TECHNICAL INFORMATION CONTACT:
Shawn M. King
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at email@example.com.