Illinois Commercial Real Estate Owners Need to Prepare for 2023 Reassessments

Outside of Cook County, 2023 is a quadrennial reassessment year for counties across the state of Illinois. This is the first reassessment across the state since 2019, and commercial property owners should expect to see significant assessment increases. Illinois appeal deadlines vary by county/township and tend to be different every year; therefore, it is important to proactively track deadlines.

2023 revaluation counties in the Chicago area include:

• DuPage
• Kane
• Lake
• McHenry
• Will

Within Cook County, 2023 is a triennial reassessment year for the southern suburbs. We expect Cook County 2023 assessments to start being issued soon. In addition to the likely assessment increases, the tax rates for the south suburbs of Cook County are some of the highest in the country, which could lead to significant tax increases.

All commercial properties in DuPage, Kane, Lake, McHenry, and Will counties typically incur market adjustments/multipliers on non-reassessment years based on a sales ratio study by asset class within each particular market. However, on a reassessment year, each assessor is required to adjust assessments based on the mass appraisal method, which considers sales, income, and uniformity/equity approaches to value. Because of this, we anticipate larger increases in market values for this year across all asset classes, hence more appeal opportunities.

Don’t risk a missed appeal deadline and an increase in your 2023 property taxes. The local experts at Ryan have a proven history of successfully reducing property tax assessments and can assist with navigating the Illinois appeal process.

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TECHNICAL INFORMATION CONTACTS:

Shawn King
Principal
Ryan
312.980.1127
shawn.king@ryan.com

Zachary Homyk
Director
Ryan
312.980.1183
zachary.homyk@ryan.com

The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.