Many readers were probably enticed to click on this article to see if it was a joke, however, this was the storyline in a recently published Daily Herald article. The article focuses on how assessed values in Cook County lacked uniformity, which resulted in an unequal playing field for property owners.
The report from the International Association of Assessing Officers found that, on average, commercial properties in Chicago were given estimated market values in 2018 that equaled 52% of their sale values.
The lack of uniformity basically means that some property owners are paying more than their fair share of property taxes while others are not. This also means that two properties that are located in the same area can have vastly different assessed values.
The article also goes into saying that ⅔ of the Townships in Cook County appear to be under assessed, which came as a shock to me.
Related: CHICAGO’S PREMIERE COMMERCIAL BROKERAGE
The cities with the highest commercial assessments were as follows:
Bedford Park
Evanston
Homewood
Winnetka
Oak Park
Being that we are Commercial Brokers in Cook County, especially around O'Hare, we have been watching property owners struggle with property taxes annually. Our stance as a small business owned by real estate investors is often to avoid Cook County all together. However, we also understand that the proximity to the city center, vendors, and the airport make this sometimes impossible.
Call us and we can discuss how we can help your business find the perfect property to lease. We can also assist you in acquiring a property in which taxes will have a minimal impact on your business.
We also suggest you check out the Elk Grove Village Strictly Business Podcast for some other valuable information on doing business in town.
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MARK AINLEY is an investor, managing broker, and property manager with nearly two decades of experience in real estate. He has been a speaker at numerous events across the country including investing summits in Dallas, Atlanta, San Francisco, and Chicago. Mark loves to give feedback to beginners, out-of-state investors, or less experienced entrepreneurs on what steps to avoid in growing a business.
His extensive experience allows him to share his knowledge on many topics like property management, scaling a business, rehabbing and flipping, out-of-state investing, asset stabilization, market analysis, and more. He has rehabbed and stabilized over 480 properties and currently manages over 1000 investment properties throughout the Chicagoland area. Mark is the co-founder of GCR&D, a full-service real estate brokerage, property management, and real estate investment firm in the Chicago Market. Through his brokerage, he consults with both local and out of-state investors on the acquisition, stabilization, and management of their rental property portfolio. GCR&D recently made the “top 5000 fastest growing companies in the United States”list by influential Inc.
He was featured on CNBC’s TV show The Deed, featuring one of his rehabs. He has also been featured on podcasts like Bigger Pockets, The Real Estate Mogul Podcast, Joe Fairless, REI Diamonds, and Real Estate Money School. In 2017 he was featured on the cover of Top Agent - Property Management Edition.
https://www.biggerpockets.com/blog/contributors/markainley
