Cook County – Cook County Assessor Fritz Kaegi released the initial assessments of residential and commercial properties in Maine Township on September 7, 2022. Property owners can expect to receive their Reassessment Notice in the mail within the week.

“Values of residential and commercial property in Maine Township increased since the last reassessment in 2019, said Assessor Kaegi. “Real estate market trends saw residential home prices rise while rent collections have resumed since the early days of the pandemic.”

The Assessor’s Office follows a triennial reassessment cycle, which means one-third of the county is reassessed every three years. When a property is reassessed, the property owner is mailed a Reassessment Notice. The Reassessment Notice reflects the estimated fair market value based on sales of similar property over the past three years. The notice also contains important information such as property characteristics, neighborhood code, and past assessment information. An increase in a property’s value does not indicate the same increase in the property owner’s taxes.

Changes in Assessed Value

Residential assessments are based on recent sale prices of similar properties. The 2021 median sale price for single-family homes in Maine Township was $370,000; for condos the median sale price was $165,000 and was $605,000 for small apartment buildings.

The assessor’s median market value estimate for single-family homes in 2022 is $340,000, for condos the median market value is $164,000 and is $560,000 for small apartment buildings.

Summary of Assessed Value

The total assessed value of the township grew 33% due to increases in residential and commercial property values and the construction of new properties in Maine.

Percentage increases are total increases for that category, not average property increases. If the percentage increase of a Maine Township property’s individual assessment went up less than the total assessed value of 41%, the property could see little change in its property tax bill or even a decline. The full impact of this reassessment on tax bills will be known in late 2023 after all appeals are processed and exemptions are applied.

Maine Township is the ninth of thirteen townships located in the North Suburbs of Cook County which will be reassessed this year for Tax Year 2022.