Condo buildings in Cook County follow a triennial reassessment schedule. That means properties are reassessed once every three years. You can find the schedule for your property here.
During reassessment years, the Cook County Assessor’s Office evaluates property values to determine the assessed value of properties, which directly impacts property taxes. Property taxes are calculated based on the assessed value of the property and the applicable tax rate.
Other factors that can influence tax amounts include:
- Changes to local tax rates: Property tax rates in Chicago can change based on the budgetary needs of local government entities. If these entities increase their tax rates, it can lead to higher property taxes for condo buildings.
- Changes to exemptions and incentives: Changes in property tax exemptions or incentives, such as the homeowner’s exemption or senior citizen exemption, can affect the property taxes for condo units.
- Improvements to infrastructure: If the local government undertakes infrastructure improvements in the neighborhood, such as road repairs or public transportation upgrades, it can lead to increased property taxes to fund these projects.
- Market conditions: Economic factors and market conditions can influence property values, which in turn affect property taxes. If property values in the area increase, property taxes are likely to go up as well.
If you have specific questions about the reassessment schedule for your condo building, it’s best to contact the Cook County Assessor’s Office directly. They have an extensive FAQ page on their website. Our office at First Community Management can also help direct your inquiries. Contact us today to ask your questions.