we are looking at a couple of Multifamily properties around Chicago, wanted to clarify a few things about property taxes and Valuation.
1. I see cook county calculates property taxes on a 3-year basis(northern, southern, Chicago areas), will the sale triggers new assessments increasing the property value to the sale price, therefore, an increase in property tax?
2. this is what I found on the cook county website :
"Residential properties are assessed as of January 1st of the current year, using three to five years of prior sales information. By using multiple sale years, this increases the stability of market value estimates.
The Cook County Assessor's Office uses mass appraisal to produce property values. Instead of appraising property one-by-one, mass appraisal looks to the real estate market to detect local trends in property values based on location and characteristics. Those trends are used to estimate the fair market value of each property based on its location and characteristics. Mass appraisal is a way to put fairness into the assessment system"
the above statement sounds a little contradictory to me, will they look at the property by property sale information to estimate the Market value or Mass appraisal or both?
3. I read an article that the cook county assessor's office shifting the tax burden from homeowners to commercial property owners being a significant property value Increase in the commercial sector. if apartments fall into the residential category does this have any Impact on Multifamily owners?