The Assessor's Office released its initial assessments of residential and commercial properties in Hanover Township on July 8, 2022.
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 2022 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 (sample image to the left). The estimated Fair Market Value listed on the Reassessment Notice will be reflected on tax bills in 2023.
Numbers at a Glance: Residential
- Residential assessments are based on recent sale prices of similar properties. The 2021 median sale price for single-family homes in Hanover Township was $265,000; for condos, the median sale price was $194,000, and was $340,000 for small apartment buildings.
- The assessor’s median market value estimate for single-family homes in 2022 is $260,000, for condos the median market value is $185,000, and is $430,000 for small apartment buildings.
Numbers at a Glance: Commercial
Commercial property assessments are based on the income generated by those properties. Increases in rents and income of commercial property led to increases in their estimated market value.
- Rent for large multi-family apartment buildings in Hanover Township ranges from $600 to $2,500 with an average vacancy rate of 5% and an average cap rate of 8.3%. Expense ratios range from 50-75%.
- Industrial properties in Hanover Township average $6 per square foot in rent with an average 6% vacancy and an average 8.95% cap rate.
- The average rent for standalone commercial properties varies from $15-22 per square foot with most properties seeing an average vacancy of 15% and cap rates at 8-9%.
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 Hanover Park Township can be filed until August 8, 2022. 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 Hanover Township
The total assessed value of the township grew 35% due to increases in residential and commercial property values and the construction of new properties in Hanover.
|Property Group||2021 (Board of Review Final)||2022 (pre-CCAO appeals, pre-Board of Review)||Increase in total Assessed Value|
|All other classes combined||$28M||$35M||$6.4M (25%)|
Percentage increases are total increases for that category, not average property increases. If the percentage increase of a Hanover Township property’s individual assessment went up less than the total assessed value increase of 35%, 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 2023 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: Hanover Township
Watch a virtual workshop to learn about recent reassessments in Hanover Township.
- Understand your reassessment notice
- How to determine if an appeal should be filed
- Learn how to file for missing exemptions
- Participate in a live Q&A session