Rogers Park Township: Multifamily & Commercial Valuation Report
Commercial property assessments are calculated by determining a property’s use, estimated income, market-level vacancy, collections loss, and expenses. Applicable real estate operating expenses include property taxes, insurance, repair and maintenance costs, and property management fees.
The property tax rate in the City of Chicago was accounted for in operating expense ratios.
The Assessor’s Office uses unloaded capitalization rates when deriving market values for properties. The cost of real estate taxes is included in the operating expense ratio, which eliminates the need to load the capitalization rate.
To learn more about how commercial reassessments work, read the full guide to commercial valuations. Commercial and multifamily property owners can go a step further and locate their property on a methodology worksheet that contains the data used to assess their property.
Methodology Worksheets
Below are the methodology worksheets for each income-producing PIN (Property Index Number), class 300 and above, in Rogers Park Township. The Assessor’s goal in publishing this data is for property owners to understand the approach to the mass appraisal of their income-producing property.
There is a Summary tab and a separate methodology tab for each property group.
About this file:
This data was used to produce initial valuations mailed to property owners. It does not incorporate any subsequent changes to a property’s class, characteristics, valuation, or assessed value from appeals. This data is provided as-is to provide a snapshot of the CCAO’s 2024 valuation of income-producing properties.
Filing an Appeal
If you believe there is an error in the estimated value of the property, you can file an appeal until April 17, 2024. Appeals can be filed online.
Questions?
Please send any questions using our Contact page, Facebook, or Twitter.
Total Market Value
| Model | Parcel Count | 2024 Market Value | 2023 Market Value | % Change |
|---|---|---|---|---|
| 517s | 237 | $153,250,540 | $137,768,852 | 11.24% |
| Condos | 48 | $5,832,000 | $5,702,992 | 2.26% |
| Gas Stations | 7 | $9,127,000 | $7,559,120 | 20.74% |
| Hotels | 3 | $24,491,000 | $19,539,208 | 25.34% |
| Industrial | 12 | $91,757,000 | $46,327,345 | 98.06% |
| Multifamily | 730 | $2,174,790,951 | $1,469,587,875 | 47.99% |
| Nursing Homes | 14 | $151,370,000 | $116,046,632 | 30.44% |
| Special Properties | 102 | $191,690,435 | $145,591,611 | 31.66% |
| TOTAL | 1,153 | $2,802,308,926 | $1,948,123,635 | 43.85% |