The value of commercial properties in Chicago increased by 56% from 2018 to 2021, compared with a 10% increase for single-family homes and small apartment buildings, according to new data released by the Cook County assessor’s office.
Cook County Assessor Fritz Kaegi appears on “Chicago Tonight” on Oct. 22, 2019.
The results of the reassessment of Chicago’s properties could boost Kaegi’s bid for re-election, allowing him to tout the success of the changes he championed as paying off for homeowners. But it could also fuel the backlash from commercial property owners who profit from building and development. The value of Chicago properties grew nearly twice as fast between 2018 and 2021 than it did between 2015 and 2018, when the value of all properties increased 16.4%, and did not trigger an across-the-board increase in the tax rate, according to the assessor’s office.
The value of commercial properties would have grown faster if not for the ravages of COVID-19, Kaegi said.That would shift 9% percent of the property tax burden from homeowners to businesses, and could correct at least some of the inequities identified in “ At the same time, properties in the mostly residential areas of the Near North Side, Lakeview and Lincoln Park declined the most as a share of the total assessed valuation of properties in the city. The share of the total value of Chicago’s properties in 2021, as compared with 2018, remains flat in several South and West side neighborhoods, according to the data released by the assessor.
But property tax assessments are a zero-sum game: if homeowners pay less, commercial property owners will pay more. Berrios left no documentation to show how he determined each commercial property’s cap rate, Kaegi said. In most cases, the cap rates set by Berrios undervalued commercial properties across Cook County.
The number of appeals filed with his office in 2021 challenging the value of properties in Chicago as compared with 2018 dropped 26%, according to data provided by the assessor’s office.
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