10/25 Ordinance
Many homeowners in Cook County find the assessment and tax system hard to understand. Last year, at Assessor Houlihan’s recommendation, the Cook County Board of Commissioners passed a new law simplifying assessments. This law, the 10/25 ordinance, reduced and clarified assessment levels. It created two assessment levels where there had formerly been six. The assessment level is a percentage of a property’s market value used to calculate its assessed value.
Under the new ordinance, the assessed value of a residential property represents 10% of its market value; the assessed value of a commercial or industrial property represents 25% of market value.
Simplifying the levels ties assessments to market values in a way everyone can understand. It gives the taxpayer the ability to review an assessment and determine if it accurately reflects the value of his or her property. The 10/25 ordinance will not in and of itself necessarily change a property's assessed value or the amount of a tax bill.
Frequently Asked Questions
Why was my property’s level of assessment adjusted?
The level was changed due to the new 10/25 law. Previously, homes were assessed at 16% of market value. Now, they will be assessed at 10% of market value. Commercial and industrial properties were assessed at 38% and 36% of market value, respectively. Now, they will be assessed at 25% of market value.
The 10/25 provision makes the process simpler and creates two easy-to- understand assessment levels, instead of the six assessmentlevels used in prior years. The provision also provides clarity and makes your assessment easier to understand.
With the change in assessment level, will my assessment automatically go down?
The change in assessment level will neither increase nor decrease an assessment. The revised assessment level will simply give you the ability to review your assessment and determine if it accurately reflects the market value of your property.
When trying to determine what value the Assessor has placed on your home for assessment purposes, you can simply divide the assessed value of your property by 10%, instead of 16% -- allowing for a much simpler computation.
I think the value for my property is too high.
Your assessed value should reflect close to 10% of what your property is worth. If your new assessed value is 20,000, your house is most likely worth close to $200,000. If you disagree with the value indicated on your notice you may file an assessment appeal and submit any supporting documentation which validates your over assessment claim. The easiest way to file an appeal is on our newly-redesigned Web site. You may also visit our office, your local township assessor’s office, or call and request that an appeal form be mailed to you
