2021 Is a Reassessment Year for Properties in the City of Chicago
For 2021, the Cook County Assessor’s Office has begun the reassessment process for all properties located within the City of Chicago. In Cook County, townships have been divided up into three separate groups and each group is reassessed once every three years. Recently, reassessment notices were issued by the Cook County Assessor for the following townships: Elk Grove, Orland, and Calumet. Throughout the remainder of the year, the Assessor will send out assessment notices to the rest of the townships in Cook County. So far in 2021, reassessment notices were sent out for 11 other townships. If you have any questions regarding what townships opened for accepting appeals, please contact me. It is anticipated that 2021 assessment notices will soon be issued for properties located in Bloom, Hanover, and Barrington Townships. Assessment notices were mailed out on June 15 for Rogers Park Township and the deadline to file an appeal is July 19.
The Cook County Assessor, Fritz Kaegi, has been in office for almost two years and since that time, many property owners have experienced substantial increases in their new assessments as compared to prior years’ assessments. Once you receive your notice of proposed reassessment, there is a 30-day deadline from the date of the reassessment notice in which to file an appeal with the Cook County Assessor. However, please note that should you wish to later dispute the assessment, there is also the opportunity to do so by filing an appeal with the Cook County Board of Review, but I would encourage you not to wait to do so. I am available to assist with the filing of appeals.
In 2020, as a result of the pandemic, the Assessor’s Office sent to many property owners a notice of reduction in their assessment based upon an adjustment for the COVID-19 impact on real estate values throughout Cook County. However, it cannot be determined at this time whether that reduction will continue for more than a year. If you are an owner or manager with income-producing property that has endured tenant non-payment of rent or building vacancy, there are potential avenues of relief from your current tax assessment.
If you have any questions about your real property taxes or wish to discuss any of your real estate tax concerns, please contact me.
I look forward to the opportunity to represent you in an effort to lower your real estate assessments and taxes.
FERC Advancing New Reliability Requirements for Renewables
The Federal Energy Regulatory Commission (FERC) recently issued two orders designed to address electric grid reliability implications raised by the dramatic growth in solar and wind projects. Renewable project owners and operators should follow these developments closely, as FERC’s orders propose to substantially increase registration and compliance requirements.