Cody Owens

Manager - Property Tax

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Chicago Office

155 N Wacker Drive, Suite 4250
Chicago, IL 60606


City of Chicago Should Prepare for Large Commercial Real Estate Value Increases in 2024

With a pending Cook County triennial reassessment impacting the City of Chicago this year, commercial, multifamily, and industrial property owners throughout the area are preparing to receive updated notices of value for the first-time post pandemic. During the last City of Chicago reassessment in 2021, there was an average property value increase of 37%. Since then, over 20,000 Cook County properties between 2021-2023 saw a tax bill increase of 100% or more year-over-year. 

Our analysis indicates that these trends show no signs of slowing down, and we expect an increase in multi-family, commercial, and industrial assessments in the City of Chicago to increase at an average of 45% – 60% in 2024; roughly three times the increase homeowners are likely to see this reassessment. Cook County Tax Assessor Fritz Kaegi notes a history of under-assessing commercial properties as a catalyst for such massive increases in 2024.

Read our full article here.