Chicago SunTimes (August 11, 2011) reported In a new snapshot of the real estate slump, the Civic Federation reported Thursday that the market value of taxable property in Cook County declined for consecutive years.
Non-partisan research group estimates the value of property County, Cook at $ 550.1 billion, in the year 2009 assessments billed to the taxpayers last year and is the latest available information. The decline was 10.7 percent from a year earlier.
Cook County property valuation peaked in 2006 at $ 666.2 billion and the decline since then has been 17.4 percent. Most homeowners have experienced a sharp decline in the value of their property, but the federation figures include business and residential buildings plus the value of new construction.
Its studies show that for 2009, the property in Chicago lost 9.8 percent of the value to $ 280.3 billion, compared with 2008.
Suburban property fared slightly worse. For the northern outskirts of North Avenue, valuation $ 163.2 billion down 12.7 percent. Suburb south of North Avenue noted the slope 9.9 percent to $ 106.7 billion.
Federation said that even with the recent decline, property tax base of Chicago saw an increase 72.4 percent over the past decade. In comparison, the northern suburbs have increased 43.5 percent and the southern suburbs has increased 46.9 percent.
Federation based on data on the assessment of Cook County and Illinois Department of Revenue analysis. Estimates do not include railway land or property that is tax-free.
Non-partisan research group estimates the value of property County, Cook at $ 550.1 billion, in the year 2009 assessments billed to the taxpayers last year and is the latest available information. The decline was 10.7 percent from a year earlier.
Cook County property valuation peaked in 2006 at $ 666.2 billion and the decline since then has been 17.4 percent. Most homeowners have experienced a sharp decline in the value of their property, but the federation figures include business and residential buildings plus the value of new construction.
Its studies show that for 2009, the property in Chicago lost 9.8 percent of the value to $ 280.3 billion, compared with 2008.
Suburban property fared slightly worse. For the northern outskirts of North Avenue, valuation $ 163.2 billion down 12.7 percent. Suburb south of North Avenue noted the slope 9.9 percent to $ 106.7 billion.
Federation said that even with the recent decline, property tax base of Chicago saw an increase 72.4 percent over the past decade. In comparison, the northern suburbs have increased 43.5 percent and the southern suburbs has increased 46.9 percent.
Federation based on data on the assessment of Cook County and Illinois Department of Revenue analysis. Estimates do not include railway land or property that is tax-free.
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