West Cook News

The Cook County Property Tax (PTAX) Reform Group, in partnership with Josh Myers Valuation Solutions, has released a study focusing on commercial property valuation practices in Cook County. The study examines the procedures and outcomes of valuations conducted by the Cook County Assessor’s Office (CCAO) and the Cook County Board of Review (BOR), including a Sales Ratio Study to compare current practices with industry standards.

"This study underscores the urgent need for reform in how we assess commercial properties in Cook County," said Cook County Board President Toni Preckwinkle. "My administration will use these findings to further address the systemic, long-standing challenges in our property tax system – challenges that have persisted for decades."

According to the study, current commercial assessment processes fall short of industry standards set by the International Association of Assessing Officers (IAAO). It identifies inconsistent valuation methods between CCAO and BOR, along with inadequate data-sharing practices, as factors contributing to discrepancies in property values and assessments. Additionally, it notes that commercial properties are often underassessed, especially in the south and north suburbs, benefiting high-value properties disproportionately.

The report suggests several county-level reforms to enhance consistency and fairness, such as adopting standardized valuation methods across offices, improving data-sharing protocols, increasing CCAO participation in appeals processes, and implementing a robust sale validation process.

“This commercial valuation analysis addresses significant issues of equity in our property tax system," said Cook County Assessor Fritz Kaegi. "I support all the recommendations included in the report and look forward to working with the Board of Review to implement these recommendations as quickly as possible.”

"We applaud the President and the PTAX Reform Group for commissioning this report," stated the Cook County Board of Review. "We have always been committed to transparency and collaboration among all government agencies involved in the property tax system."

The PTAX Reform Group collaborated with Civic Consulting Alliance (CCA) since Spring 2022 to identify key areas for reform. Josh Myers Valuation Solutions conducted on-site interviews with staff from various offices for data collection used in their analysis.

This is part of an ongoing series of studies by PTAX Reform Group aimed at reforming Cook County's property tax system. Earlier this year, another study was released focusing on homestead exemptions' impact on tax rates.

Research funding came from the Cook County Equity Fund under President Preckwinkle's initiative. The group includes leadership from multiple county offices aiming for predictable and equitable property assessment results for residents.