ElSaffar: Assessments Down, Property Taxes Up

Though the assessed value of Oak Park residential properties declined an average of 10 percent in 2011, local property taxes won't follow suit, according to a public reminder from Oak Park Township Assessor Ali ElSaffar.

Why aren't there parallels between the two?

ElSaffar said it's because the levies of local government are increasing.

In 2010, Oak Park property owners paid $153 million. This year, they're expected to pay $163 million, largely because of the April 5 District 97 referendum.

(Of course, ais still winding its way through Cook County Circuit Court, with an anti-tax group seeking to block it and looking to uphold the decision of voters, who approved the referendum with .)

Reassessment notices showing the decrease in local property values were sent from the Cook County Assessor's Office May 24. According to official statistics, the median assessed value of Oak Park properties dipped to 9.875 percent this year, continuing a downward trend from the last assessments in 2009.

For a more detailed neighborhood breakdown, see the Cook County Assessor's Office Oak Park page.

Because Cook County property tax bills are paid a year late, the effect of the reassessments will first be reflected on the 2012 tax bills.

But that doesn't mean residents can't appeal their property's assessed values in the interim. Those looking to appeal are encouraged to make an appointment with ElSaffar's office by calling (708) 383-3005. More information on appeals is available at www.cookcountyassessor.com

The deadline for appeals is June 24.

on the appeals process, authored by ElSaffar.

Burden To Business?

While assessed values of homes may be on the downswing, the assessed value of business is on the rise, potentially leading to a shift of the tax burden to the owners of local business properties.

The current proposed assessment values for apartment buildings with seven or more units would increase 58 percent from 2009 values. The median increase to Oak Park commercial properties would be 47 percent from 2009 values.

"If these increases hold up, businesses would be bearing a larger share of Oak Park’s tax burden next year, with homeowners paying a smaller share," ElSaffar said in a statement.

Still, there's a chance appeals from commercial property owners, which ElSaffar said "often result in substantial reductions," would reduce any potential shift of the tax burden to business.