Northfield Township Property Values Released

2022 reassessment continues for Cook County’s North Suburbs

Cook County – Cook County Assessor Fritz Kaegi released the initial assessments of residential and commercial properties in Northfield Township on October 3, 2022. Property owners can expect to receive their Reassessment Notice in the mail within the week.

“Since 2019, income growth and new construction of large commercial apartments and industrial properties in Northfield Township drove a significant increase in the township’s assessed value,” said Assessor Kaegi. “Meanwhile late-pandemic housing prices led to increases in residential assessed values.” 

The Assessor’s Office follows a triennial reassessment cycle, which means one-third of the county is reassessed every three years. When a property is reassessed, the property owner is mailed a Reassessment Notice. The Reassessment Notice reflects the estimated fair market value based on sales of similar properties over the past three years. The notice also contains important information such as property characteristics, neighborhood code, and past assessment information. An increase in a property’s value does not indicate the same increase in the property owner’s taxes.

Changes in Assessed Value 
Residential assessments are based on recent sale prices of similar properties. The 2021 median sale price for single-family homes in Northfield Township was $635,000; for condos, the median sale price was $273,000, and $728,000 for small apartment buildings.

The assessor’s median market value estimate for single-family homes in 2022 is $630,000, for condos the median market value is $266,000, and is $760,000 for small apartment buildings.

Residential Valuation Report

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 Northfield ranges from approximately $1041 to $2627 with an average vacancy rate of 5% and an average cap rate of 7.67%.

Industrial properties in Northfield Township average $6 per square foot in rent with an average 5% vacancy and 6.16% cap rate.

The average rent for most standalone commercial properties varies from approximately $18-28 per square foot with an average vacancy of 10-15% and most cap rates falling within the 7% to 9% range.

Commercial Valuation Report

Summary of Assessed Value 

The total assessed value of the township grew 34% due to increases in residential and commercial property values and the construction of new properties in Northfield.

* Includes approximately $9 million in new construction and increases in the value of existing property

Percentage increases are total increases for that category, not average property increases. If the percentage increase of a Northfield Township property’s individual assessment went up less than the total assessed value of 34%, 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.

Northfield Township is the eleventh of thirteen townships located in the North Suburbs of Cook County which will be reassessed this year for Tax Year 2022. The full schedule for reassessments in 2022 can be found on the Assessment & Appeal Calendar. The Assessor’s Office provides detailed residential and commercial reports—including multi-family assessments, detailed studies of residential assessment quality, and commercial data sources and methodology. The Valuation reports for Northfield Township can be found at cookcountyassessor.com/valuation-reports.

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 Northfield Township can be filed until November 3, 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 a helpful guide.

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