Improved methods of valuing homes means ‘sticker shock’ for some, declines for others
With all residential property reassessments now mailed out in Chicago, homeowners across the city are seeing dramatic changes in the estimated value that will be used to determine their property tax bill next year.
Improved methods of valuing single-family homes, compounded by rapidly shifting housing prices in some areas, have triggered “sticker shock” in affluent or gentrifying neighborhoods like North Center and Logan Square, where the median assessed value of residential properties was boosted by as much as 50 percent and many individual assessments rose even more.
At the same time, a number of areas with less expensive housing — such as Englewood and New City — saw nearly equal declines in the assessor’s median value estimates.
The new assessment methods were developed to address longstanding problems exposed last year by the Tribune, which found that the Cook County assessor’s office under Joseph Berrios tended to overestimate the value of single-family homes in poor or working-class neighborhoods while underestimating the value of homes in wealthier areas. Those problems put a disproportionate