Introduction
Recent property tax assessments in South Suburban Lyons Township have led to significant increases, causing concern among homeowners. Many residents fear they may have to move due to these unexpected spikes in property taxes.
Property Assessments Spike Up to 650%
Jamie Floors and her neighbors in South Suburban Lyons Township are facing drastic increases in their property tax assessments, with some seeing hikes of nearly 650%. These new assessments do not match the market values of their homes, making it difficult for homeowners to sell their properties. For instance, the Floors’ property taxes will more than double, rising from $7,000 a year to over $16,000.
Discrepancies in Market Value
After losing their initial appeal, the Floors hired an independent appraiser. The appraiser determined the market value of their home to be $450,000, significantly lower than the Cook County Assessor’s valuation of $878,000. This discrepancy highlights the potential errors in the assessment process.
Widespread Increases in Cook County
Property assessments have increased across Cook County‘s South Side. ABC Seven I-Team’s research found that the average increase in Lyons Township since 2020 is over 32%, while Rich Township experienced the highest average increase at 64% over the last three years.
Individual Homeowners Impacted
Tom Ahern was shocked to see his land assessment increase by 643%, nearly doubling his annual tax bill from $10,000 to more than $18,000. Ahern feels his only option is to sell his house and move on. After media inquiries, the Cook County Assessor’s office admitted to errors in calculating land values for some properties and submitted a request for corrections.
Appeals and Reassessments
The I-Team’s investigation into tax assessment increases in unincorporated Rich Township prompted Cook County Assessor Fritz Kagey to acknowledge mistakes and announce reassessments. Many homes in Rich Township will have their assessments reviewed, and land rates are expected to be reduced.
Community Response
In Lyons Township, residents gathered to hear from their township assessor, who is advocating for accurate assessments. Despite filing appeals for the affected taxpayers, the initial attempts were unsuccessful. The township assessor, with the support of the Cook County Board of Review, is now trying again to correct these over-assessments.
Conclusion
The Cook County Assessor’s office stated that market values have increased significantly in the South Suburbs, leading to the 2023 reassessment. However, the admitted errors and ongoing appeals highlight the challenges homeowners face in dealing with inaccurate property tax assessments.
