2600 block of Plymouth Court in Westchester. The median sales price for a single-family home in 2022 was $337,000, according to data from the Cook County Assessor’s Office. His estimated 2023 median market value for single-family homes in the area was also $337,000. | file
Monday, October 9, 2023 || Written by Michael Roman || [email protected]
On Monday, Cook County Assessor Fritz Kaegi’s office released initial appraisals of residential and commercial properties in Proviso Township ahead of the Oct. 30 deadline for residents to file appeals.
Kaegi’s office will host a live virtual workshop on the appeals process Facebook or YouTube Tuesday, October, 6:00pm – 7:00pm Click to see all upcoming events for Evaluators here.
On Sept. 29, Kaegi mailed reassessment notices to owners of approximately 46,000 homes (single-family homes, condominiums, and apartment complexes) in Proviso Township. The full list of ratings was published in the Village Free Press last week.
In an Oct. 9 statement, the assessor’s office explained that it reassesses one-third of Cook County annually. This year, Kaegi’s office is reevaluating the county’s southern and western suburbs.
“When a property is revalued, property owners are mailed a revaluation notice. The revaluation notice reflects the estimated fair market value based on sales of similar properties over the past three years,” says Kaegi. ‘s office explained.
“This notice also includes important information such as property characteristics, neighborhood codes, and past assessments. Even if a property’s assessed value increases, it does not mean that the property owner’s taxes will increase by the same amount. ”
In 2022, the median sales prices for single-family homes, condos, and small apartments in Proviso Township were $278,000, $145,000, and $368,000, respectively.
The data above shows the appraiser’s estimated median market value of all homes across Proviso Township and sales trends from 2018 to 2022.Provided by: Cook County Assessor’s Office
Appraisers estimated the 2023 median market values for single-family homes, condos, and small apartments in Proviso Township to be $240,000, $122,000, and $312,000, respectively.
“These estimates vary depending on the location and characteristics of each individual property,” the Assessor’s Office explained.
If a property owner believes that “the characteristics of the property listed in the valuation notice are incorrect or that the property’s estimated market value is significantly higher than what it could sell for in the current real estate market,” You can file an objection.
“We strongly encourage property owners to review their revaluation notices to ensure that the property characteristics and market value reflect their home,” Assessor Kaegi explained in a statement. “It is important to understand that Cook County assessments reflect market values over the past three years.”
An interactive map that allows property owners to find the median sales price and appraiser’s median property value for single-family homes in their neighborhood. | Provided by: Cook County Assessor’s Office
But industrial real estate is important
The report shows that the total market value of industrial properties is highest in Proviso Township. The town’s 543 industrial sites are valued at approximately $1.3 billion. This is followed by commercial properties, with a total market value of just under $664 million.
“Commercial property valuations are calculated by determining the property’s use, estimated income, market-level vacancy, recovery losses, and expenses,” Assessor Kaegi’s office said. “Applicable real estate operating expenses include property taxes, insurance, repair costs, maintenance costs, and property management costs.”
You can read Proviso Township appraiser’s multifamily and commercial appraisal reports. here.