From Assessor, Betty Schultz

Cook County property owners will soon be receiving their annual notices of Property Valuation and Classification. Each notice lists the assessed value of the property along with the tax classification. These assessments are used to calculate the 2014 property taxes. It is very important property owners read and understand these notices as changes to a property assessment can impact property taxes the next year. These notices inform citizens of the assessed value of their property as of January 2, 2013 based on sales of comparable properties in 2011 and 2012. The assessed values then are used to calculate taxes due and payable in 2014.

Highlighted below are some of the major components - and challenges – of the property assessment process and issues to be aware of when reviewing your valuation notices.