Assessment Notices Mailed to Bloom Township Taxpayers

First-Ever Downward Market Adjustment Lowers Assessments of Bloom Township Homes; All Bloom Township Taxpayers Being Notified of Changes in Levels of Assessment

Chicago – February 2, 2010 – Cook County Assessor Jim Houlihan announced today that residential property owners in Bloom Township were mailed notices reflecting a reduction in the assessed values of their properties. The impact of these reductions will be seen in second-installment tax bills payable in the fall of 2010.

"The situation we are facing in the real estate market is extraordinary, and the downturn has had an impact on home values," Houlihan explained. "After analysis of market sales and foreclosure data, we determined that Bloom Township homeowners should not have to wait until their properties are reassessed next in 2010 for the downturn to be reflected in their assessments."

Normally, properties are reassessed and receive notices every three years. The north suburbs are not scheduled to be reassessed again until 2010; the south and west suburbs will be reassessed next in 2011. This year, the City of Chicago will be reassessed.

Due to this first-ever downward market adjustment, residential properties in each suburban township will receive adjustments of their assessed values. A 5% decrease will be applied to the assessed values of all residential properties located in Bloom Township.

The deadline to file appeals for properties located in Bloom Township is March 5, 2010.

These market reductions come as the Assessor’s Office is implementing the 10/25 Ordinance, a measure passed by the County Board last year which was designed to simplify assessment levels. Homes will now be assessed at 10% of market value. Commercial and industrial properties will be assessed at 25% of market value. All Cook County property owners will receive notices telling them of the changes in assessment levels this year.

These changes in assessment levels will neither increase nor decrease assessments. They will simply give taxpayers the ability to review their assessments and determine if they accurately reflect the market value of their properties.

"If Bloom Township taxpayers want to appeal their proposed assessments, we encourage them to do so online," Houlihan said. "Our newly redesigned Web site is easy to navigate, contains a wealth of information, and makes it easier than ever to appeal a proposed assessment."

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