Rogers Park: First Township in Chicago Reassessed
Residential and commercial properties in Rogers Park Township show robust growth
Cook County follows a triennial reassessment cycle, meaning that every 3 years a third of the County is reassessed. Rogers Park was reassessed in 2018 and now three years later in 2021, making it the first of Chicago’s 8 townships to be reassessed this year. Residential and commercial reports containing detailed reporting about the Rogers Park real estate market and how the office’s assessments are designed to track the market are now available.
Here are some highlights.
Residential assessments: In the Assessor’s Office 2021 models
● In 2020, median sale prices of homes in Rogers Park were about $380,000 for single-family homes and $150,000 for condos.
● Estimated single-family homes have a 2021 market value between $320,000 and $410,000, and condos between $130,000 and $170,000. Estimates depend on the individual property’s location and characteristics.
Commercial assessments: Assessor’s Office 2021 models
Hotels and retail properties are among the sectors with the largest declines since the onset of COVID, whereas rents in multi-family apartments, grocery stores, industrial buildings, and data centers have been stable or experienced positive growth since the onset of COVID. In the
● Market rents for apartments in Rogers Park range from $780 to $2000 a month. Market vacancy is at 9%. Market values are estimated from $47,000 to $208,000 per unit.
● Offices in Rogers Park range in size from 2,200 to 48,000 in square footage and are assessed at $17-18 in rent per square foot with 5% market vacancy. Estimated market values are $75-$120 per square foot.
How assessments relate to property taxes
Property assessments in Chicago are used to apportion taxing district levies which pay for services such as schools, parks, libraries, and pensions. The Assessor does not set levies or tax rates. Also, increases in assessments do not necessarily increase the revenue received by taxing districts.
It is important to understand that an increase in a property's assessment does not lead to the same increase in an individual property’s tax bill. A property’s share of taxes depends on reassessments throughout all of Chicago, from homes in Chatham and Jefferson Park to commercial properties in Little Village and the Loop.
If the growth in assessed values elsewhere in Chicago outpaces the growth of an individual property’s assessment, that individual property’s share of property taxes could shrink despite its increase in property value. In 2018, properties in Rogers Park made up 2% of Chicago’s total assessed value. 2021 assessments will affect the second installment property tax bill issued in late 2022.
Appealing property assessments
If the property characteristics listed on an assessment notice are incorrect, or if the estimated market value of a property is significantly more than what it could sell for in the current real estate market, property owners should file an appeal. Appeals for Rogers Park can be filed until July 19, 2021. More information on filing appeals can be found at www.cookcountyassessor.com/residential-appeals.
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