New tax equation jumps home assessments 6.25 percent in Lake Township
Lake Township residents may be in for sticker shock this year when they receive their 2018 property tax bills.
Residential assessments are up 6.25 percent in the township, which reported a median home sale price of $155,000, Cook County Assessor Joseph Berrios said.
"If taxpayers wish to appeal their reassessment values, they should do it now and not wait until the following year when the new Tax Year 2018 values are reflected on Second-Installment Tax Bills mailed in 2019,” he said.
Almost 150,000 single-family and condo owners were reassessed this year under a revised methodology that is aimed at “reducing regression,” he said.
Two outside experts, Civic Consulting Alliance (CCA) and Tyler Technologies, were brought in to overhaul the 40-year-old tax code.
A different rate was used to calculate business property tax versus home property taxes. The rate for a business is 25 percent of market value, whereas homes are assessed at 10 percent of market value, Barrios said.
Barrios has spent his time in office working to improve residential assessments, and believes that the new resources from CCA and Tyler Technologies have helped, he said.