The Assessor's Office released its initial assessments of residential and commercial properties in Rich Township on September 20, 2023. The deadline to file an appeal is Monday, October 23, 2023.
The Assessor’s Office follows a triennial reassessment cycle, which means one-third of the county is reassessed every three years. The townships scheduled for reassessment in 2023 can be found here. When a property is reassessed, the property owner is mailed a Reassessment Notice, which contains the property’s address, characteristics, and estimated Fair Market Value. The estimated Fair Market Value listed on the Reassessment Notice will be reflected on tax bills in 2024.
Numbers at a Glance: Residential
In 2022, median sale prices of single-family homes in Rich Township were about $196K for single-family homes, $148K for condos, and $325K for small apartment buildings.
The Assessor’s Office estimated the 2023 median market value of single-family homes in Rich Township is $207K, for condos is $127K, and $345K for small apartment buildings. Estimates depend on the individual property’s location and characteristics.
Residential Reassessment Report
Numbers at a Glance: Commercial
The chart below shows a high-level overview of the commercial properties in Rich Township.
RICH TOWNSHIP COMMERCIAL PROPERTIES | ||
| Property Type | Properties | Total Market Value |
| Office | 57 | $ 80,450,093 |
| Retail | 227 | $ 308,658,110 |
| Comm Condo | 8 | $ 2,500,878 |
| Hotels | 10 | $ 82,511,654 |
| Multifamily - Affordable | 6 | $ 17,926,310 |
| Multifamily - Market | 34 | $ 217,091,301 |
| Auto Dealership | 12 | $ 33,542,698 |
| Auto Repair | 15 | $ 7,321,362 |
| Bank | 17 | $ 16,808,261 |
| Bowling Alley | 1 | $ 1,328,240 |
| Car Wash | 3 | $ 1,551,703 |
| Gas Stations / Convenience | 16 | $ 37,770,368 |
| Industrial | 32 | $ 590,422,975 |
| Self Storage | 4 | $ 12,972,489 |
| Nursing Home | 2 | $ 25,913,393 |
| Total | 444 | $ 1,436,769,835 |
Commercial Reassessment Report
Appealing Property Assessments
If the property characteristics listed on an assessment notice are incorrect, or if the estimated market value of a property is significantly more than what it could sell for in the current real estate market, property owners should consider filing an appeal.
Appeals for Rich Township can be filed until Monday, October 23, 2023. More information can be found at cookcountyassessor.com/appeals. To learn more about property assessments and appeals, join the Assessor’s Office at a virtual event and download this helpful guide.
Changes in Assessed Value in Rich Township
Because of increases in the value and/or number of properties throughout Rich, the total assessed value of the township grew 48%. The following table shows the increase in total assessed value in residential and non-residential properties in Rich Township.
Property Group | 2022 (Board of Review Final) | 2023 (pre-CCAO appeals, pre-Board of Review) | Change in total Assessed Value |
Residential | $361.40M | $556.45M | $195.05M (54%) |
Large Multifamily (Class 3) | $16.54M | $23.28M | $6.73M (41%) |
Standalone Commercial | $102.50M | $131.22M | $28.72M (28%) |
Industrial | $9.35M | $34.47M | $25.11M (268%) |
Not-For-Profit | $0.95M | $0.71M | -$0.24M (-25%) |
All Others | $57.24M | $66.21M | $8.97M (16%) |
Total | $547.98M | $812.32M | $264.35M (48%) |
If the percentage increase of a Rich property’s individual assessment went up less than the total assessed value of 48%, 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 2024 after all appeals are processed and exemptions are applied.
How Assessments Relate to Property Taxes
Assessments, under Illinois law, should fairly reflect market values. The Assessor’s Office estimates market values by using a mass appraisal model that analyzes sales trends. Mass appraisal models rely on accurate data. If a property owner believes the characteristics listed for their property are inaccurate, or their property is worth less than the Assessor’s Office’s estimate of its value, the owner is entitled to file an appeal.
These assessments divide up the total tax levy of that property’s township, school district, and other taxing districts. A property owner’s share of taxes depends on how their property’s assessment relative to the total assessed value of their area. Therefore, an increase in a property's assessment does not lead to the same increase its tax bill.
Tax levies pay for services such as schools, parks, libraries, and pensions. The Assessor does not set levies or tax rates. Increases in assessments do not increase the revenue received by taxing districts.
Receive Property Tax Assistance | Rich
Join us for a workshop to learn about recent reassessments in Rich Township.
- Understand your assessment notice
- How to determine if an appeal should be filed
- Learn how to file for an appeal
- Participate in live Q & A session
