2022 Reassessments in Norwood Park Township

Numbers at a Glance: Residential 

• In 2021, median sale prices of single-family homes in Norwood Park Township were about $363K for single-family homes and $197K for condos.  

• The Assessor’s Office estimated the 2022 median market value of single-family homes in Norwood Park Township was $340K and the median condo value was $223K. Estimates depend on the individual property’s location and characteristics. 

Residential Reassessment
Report

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 lead to increases in their estimated market value.

• Large multi-family apartment buildings average rents in Norwood Park range from $650 to $2800 with an average vacancy rate of 5% and an average cap rate of 8.31%.
• Industrial property average rents in Norwood Park are $7.30 per square foot with an average 5% vacancy and 8.97% cap rate.
• Standalone commercial property rents vary from $8-27 per square foot with an average vacancy of 5-14% and cap rates from 7.5-9.5%.

Commerical 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 Norwood Park Township can be filed until August 2, 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 Norwood Park Township 

Because of increases in the value and/or number of properties throughout Norwood Park, the total assessed value of the township grew 32%. The following table shows the increase in total assessed value in residential and non-residential properties in Norwood Park Township.

If the percentage increase of a Norwood Park property’s individual assessment went up less than the total assessed value of 32%, 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.