Courtesy of Cook County Assessor Joseph Berrios

Buying a home may be one of the biggest investments and most important financial decisions you ever make. Along with the advantages of home ownership, there are many responsibilities that must be assumed, one of which is the payment of property taxes.

Our job at the Cook County Assessor’s Office is to assess your property for real estate tax purposes. While accomplishing this task, we work to ensure that your property is not only fairly and equitably assessed but also make every effort to provide you with helpful materials that explain the assessment process.

The Assessor is required by law to reassess one-third of the properties located in the county each year. The reassessments alternate among three triennial reassessment districts: the northern suburbs, the southern suburbs and the City of Chicago.

Properties located in the City of Chicago will be reassessed this year and notices for the eight city townships will be mailed at different times throughout the year. Rogers Park Township was the first city township to be mailed and appeals were due March 20th. Lakeview Township is the second township scheduled to tentatively be mailed on April 8th. Any changes in value as a result of the 2015 assessment will be reflected on second-installment tax bills received in 2016.

Many factors contribute to determining the value of a property. The primary consideration in estimating residential value is what similar properties sold for in your neighborhood since the last reassessment. All residential assessments are published in a local newspaper a few days after you receive your reassessment notice. The name of the newspaper and date of publication are indicated on the notice. The assessment listing will also be available at your local library. Our interactive Web site (www.cookcountyassessor.com) allows you to obtain assessment information on-line.