ESTIMATED FULL VALUE OF REAL PROPERTY

IN COOK COUNTY: 2006-2015

September 20, 2017

MAJOR FINDINGS
This report provides an estimate of the full market value of property in Cook County between tax
years 2006 and 2015 using data provided by the Cook County Assessor and the Illinois
Department of Revenue.

The full market value of real estate in Cook County was approximately $529.7 billion in tax
assessment year 2015. The 2015 total value estimate represents an increase of $30.5 billion, or
6.1%, from the 2014 estimated full value. Tax year 2015 is the most recent year for which data
are available. The 2015 estimates represent the third year in a row in which real estate values in
Cook County increased after six straight years of decline. Prior to 2007, the estimated full value
of real estate in the City of Chicago and suburbs grew every year going back to at least 1995.

In addition to Cook County as a whole, the report estimates the full market value of real estate in
the City of Chicago, north Cook County suburbs and south Cook County suburbs. The estimated
full market value of real estate in the City of Chicago increased by 8.8% in tax assessment year
2015 while the northwest and southwest suburbs experienced increases of 2.7% and 4.5%,
respectively.

The report also breaks down the estimated full value of property by assessment class for Chicago
and the suburbs and for the County as a whole. The estimated full value of all major classes of
property in every assessment district fell between 2006 and 2015. Between 2006the peak
estimated valueand 2015 the estimated full value of all classes of property in Cook County as
a whole declined by 20.5%.

METHODOLOGY
The full value of property is estimated using two sources of data: the total assessed value of
property as reported by the Cook County Assessors Office in the Cook County Final Abstract of
Assessment and the median1 level of assessment reported by the Illinois Department of Revenue
(IDOR) in the Assessment/Sales Ratio Study.

The Assessment/Sales Ratio Study collects data on property sales and calculates the ratio of
assessed values to sales values. A median assessment/sales ratio for the three years preceding an
assessment year is computed, as well as an adjusted median ratio if additional data are submitted
by the County Assessor or Board of Review after the initial data were collected.2 This median
ratio is commonly referred to as the median level of assessment. The Department of Revenue
calculates median levels of assessment for Class 1 (vacant land), Class 2 (residential), Class 3
(apartments), Class 5a (commercial) and Class 5b (industrial) properties. County ordinance

1
The median is found by ranking the individual assessment ratios in ascending or descending order and counting
downward until the middle value is reached. If an even number of ratios is found, the two middle ratios are averaged
to calculate the median.
2
For more information on assessment/sales ratios, see Publication 136: Property Assessment and Equalization,
Illinois Department of Revenue, January 2010, http://www.revenue.state.il.us/Publications/Pubs/PUB-136.pdf.
requires that these classes be assessed at the following levels for tax year 2015: Class 110%,
Class 210%, Class 310%, Class 5a25% and Class 5b25%.3

Special note should be taken that the Department of Revenues ratio studies indicate a high
coefficient of dispersion for vacant land, commercial and industrial assessments, which means
there is likely to be wide variation within these classes from the calculated median for individual
properties whose reported sale prices were included in the study. This has implications with
regard to the uniformity of assessment for those types of properties, which is important for
equitable taxation.4

The Civic Federation estimates the full value of property by dividing the median level of
assessment (or adjusted median when available) into the total assessed value of a class of
property. In those classes for which there are not enough sales data for the Department of
Revenue to calculate an adjusted median, the ordinance level or Total County Adjusted Median
ratio is used.5 The full value estimate does not include state-assessed properties6 or properties
that are exempt from real estate taxes.

Timing and Limitations

The Cook County Final Abstract of Assessment is typically published in spring of the year
following the assessment year (e.g., the 2015 Final Abstract was published on April 14, 2016).
The Assessment/Sales Ratio Study for Cook County is typically released in the spring or summer
two years following the assessment year (e.g., the 2015 Assessment/Sales Ratio Study for Cook
County was released in summer of 2017).

In years past, the Civic Federation compensated for this two-year delay by using the previous
years Assessment/Sales Ratio Study (e.g., 2003 assessed values and 2002 median levels).
Starting with the 2004 Estimated Full Value of Property in Cook County, the Civic Federation
now waits and uses the same-year data when available from the Illinois Department of
Revenues Assessment/Sales Ratio Study in order to provide the most accurate estimates.

Readers should note that the trends identified in this report do not necessarily apply to individual
properties. This is because: 1) they are estimates; and 2) they reflect medians, which by their
nature do not represent the individual experience of every property.
3
These levels were effective starting with tax year 2009, pursuant to Cook County Ordinance 08-O-51 passed in
September 2008. Class 3 declined to 13% in 2010 and 10% in 2011 and thereafter. Previous levels were: Class 1
22%, Class 216%, Class 326%, Class 5a38% and Class 5b36%.
4
See Civic Federation, The Cook County Property Tax System and Fundamental Principals of Taxation,
November 22, 2010, for more information about uniformity of assessment in the Cook County property tax system.
5
Previously, the Department of Revenue did not provide assessment/sales ratio statistics for property classes with
fewer than 25 usable property transactions. In 2010 the Department of Revenue responded to requests from the
public by providing median levels of assessment and other statistics for property classes with low numbers of usable
transactions. However, because statistical analysis of a small number of observations produces less reliable results,
the Civic Federation continues to use the Total County Adjusted Median ratio to calculate the estimated full value of
properties in property classes with small numbers of transactions. For the 2015 Assessment Sales Ratio Study, there
were insufficient data to calculate an adjusted median for Class 3 properties in Triads 2 and 3 and Class 5b
properties in Triads 1 and 3. For more on how small samples make statistical analysis less reliable, see International
Association of Assessing Officers, Standard on Ratio Studies, (Kansas City, 2007), p. 15.
6
The Illinois Department of Revenue assesses pollution control facilities, low sulfur dioxide coal fueled devices,
railroad operating property and water treatment facilities.

2
 Estimated Full Value:
2015 Cook County Property Taxes Payable in 2016*
Prepared by the Civic Federation
Sources: Cook County Assessor's Office, Illinois Department of Revenue

City of Chicago Cook County Suburbs - Southwest

Final IDOR (1) Full Final IDOR (1) Full
Class Assessment A/S Ratio Value Class Assessment A/S Ratio Value
1 Vacant $ 191,607,021 0.0758 $ 2,527,797,111 1 Vacant $ 99,874,075 0.0652 $ 1,531,810,966
2 Residential $17,319,503,497 0.0904 $191,587,428,064 2 Residential $ 6,904,553,723 0.0909 $ 75,957,686,722
3 Apartment $ 1,589,995,315 0.0652 $ 24,386,431,212 3 Apartment** $ 188,784,767 0.059 $ 3,199,741,814
4 Non-Profit $ 70,822,882 0.25 $ 283,291,528 4 Non-Profit $ 24,144,386 0.25 $ 96,577,544
5a Commercial $10,333,597,474 0.1971 $ 52,428,196,215 5a Commercial $ 1,947,165,119 0.2567 $ 7,585,372,493
5b Industrial** $ 907,266,189 0.2226 $ 4,075,769,043 5b Industrial** $ 673,321,121 0.2226 $ 3,024,802,880
6 New&Abate Ind $ 53,041,526 0.10 $ 530,415,260 6 New&Abate Ind $ 106,290,447 0.10 $ 1,062,904,470
7 Comm Dev $ 100,218,030 0.10 $ 1,002,180,300 7 Comm Dev $ 889,660 0.10 $ 8,896,600
8 Incentive $ - 0.10 $ - 8 Incentive $ 43,083,086 0.10 $ 430,830,860
9 Incentive $ 125,493,982 0.10 $ 1,254,939,820 9 Incentive $ 24,206,930 0.10 $ 242,069,300
Total $30,691,545,916 $278,076,448,553 Total $10,012,313,314 $ 93,140,693,648

Cook County Suburbs - Northwest Cook County Total

Final IDOR (1) Full Final IDOR (2) Full
Class Assessment A/S Ratio Value Class Assessment A/S Ratio Value
1 Vacant $ 78,687,969 0.0357 $ 2,204,144,790 1 Vacant $ 370,169,065 $ 6,263,752,867
2 Residential $10,600,284,274 0.0826 $128,332,739,395 2 Residential $34,824,341,494 $ 395,877,854,181
3 Apartment** $ 308,116,609 0.0590 $ 5,222,315,407 3 Apartment $ 2,086,896,691 $ 32,808,488,432
4 Non-Profit $ 65,559,699 0.25 $ 262,238,796 4 Non-Profit $ 160,526,967 $ 642,107,868
5a Commercial $ 3,574,863,247 0.2339 $ 15,283,724,870 5a Commercial $15,855,625,840 $ 75,297,293,578
5b Industrial $ 1,188,791,534 0.2219 $ 5,357,330,032 5b Industrial $ 2,769,378,844 $ 12,457,901,954
6 New&Abate Ind $ 157,916,509 0.10 $ 1,579,165,090 6 New&Abate Ind $ 317,248,482 $ 3,172,484,820
7 Comm Dev $ 10,811,276 0.10 $ 108,112,760 7 Comm Dev $ 111,918,966 $ 1,119,189,660
8 Incentive $ - 0.10 $ - 8 Incentive $ 43,083,086 $ 430,830,860
9 Incentive $ 10,341,316 0.10 $ 103,413,160 9 Incentive $ 160,042,228 $ 1,600,422,280
Total $15,995,372,433 $158,453,184,299 Total $56,699,231,663 $ 529,670,326,500

(1) IDoR Assessment/Sales Ratios adjusted through 2012 Board of Review (most recent available).
(2) IDoR Assessment/Sales Ratio from each triad (City of Chicago, Cook County Suburbs - Northwest and Cook County Suburbs - Southwest) used and full values totaled to arrive at
County full value.
* Does not include values for Railroad, Pollution Control or the part of O'Hare Airport located in DuPage County.
** Due to insufficient sales data available, uses the Total County Adjusted Median IDOR ratio.
IDoR does not calculate an assessment ratio for this class, uses ordinance level of assessment.

3
 Estimated Full Value of Property in Cook County:
2006-2015*
City of Chicago Northwest Suburbs Southwest Suburbs Total Cook County
2006 $ 329,770,733,208 $ 203,954,311,728 $ 132,498,016,687 $ 666,223,061,624
2007 $ 320,503,503,311 $ 201,865,412,489 $ 134,105,828,521 $ 656,474,744,321
2008 $ 310,888,609,224 $ 186,884,721,708 $ 118,390,263,210 $ 616,163,594,142
2009 $ 280,288,729,779 $ 163,177,045,860 $ 106,669,593,650 $ 550,135,369,289
2010 $ 231,986,396,152 $ 130,893,732,273 $ 86,931,411,132 $ 449,811,539,556
2011 $ 222,856,063,501 $ 133,402,233,450 $ 86,529,392,417 $ 442,787,689,369
2012 $ 206,915,723,324 $ 127,312,126,732 $ 80,154,539,186 $ 414,382,389,242
2013 $ 236,695,475,114 $ 140,415,199,738 $ 82,749,921,821 $ 459,860,596,673
2014 $ 255,639,792,047 $ 154,355,356,178 $ 89,141,405,861 $ 499,136,554,087
2015 $ 278,076,448,553 $ 158,453,184,299 $ 93,140,693,648 $ 529,670,326,500
10-Year Change $ (51,694,284,655) $ (45,501,127,430) $ (39,357,323,039) $ (136,552,735,124)
Note: Minimal differences in totals may occur due to rounding. Figures are calculated by the Civic Federation using the assessed values
and assessment/sales ratio medians for each respective year.
* Does not include values for Railroad, Pollution Control or the part of O'Hare Airport located in DuPage County.
Source: Cook County Assessor's Office and Illinois Department of Revenue.

Annual Percent Change in Estimated Full Value of Real Property in Cook County:
2006-2015*
City of Chicago Northwest Suburbs Southwest Suburbs Total Cook County
2006 16.5% 11.5% 14.9% 14.6%
2007 -2.8% -1.0% 1.2% -1.5%
2008 -3.0% -7.4% -11.7% -6.1%
2009 -9.8% -12.7% -9.9% -10.7%
2010 -17.2% -19.8% -18.5% -18.2%
2011 -3.9% 1.9% -0.5% -1.6%
2012 -7.2% -4.6% -7.4% -6.4%
2013 14.4% 10.3% 3.2% 11.0%
2014 8.0% 9.9% 7.7% 8.5%
2015 8.8% 2.7% 4.5% 6.1%
10-Year Change -15.7% -22.3% -29.7% -20.5%
Note: Minimal differences in totals may occur due to rounding. Figures are calculated by the Civic Federation using the assessed values
and assessment/sales ratio medians for each respective year.
* Does not include values for Railroad, Pollution Control or the part of O'Hare Airport located in DuPage County.
Source: Cook County Assessor's Office and Illinois Department of Revenue.

4
 Ten-Year Percent Change in Estimated Full Value of Real Property by Class:
Cook County 2006-2015*
City of Chicago Northwest Suburbs Southwest Suburbs Total Cook County
Class 2 (Residential) -6.7% -19.0% -28.9% -15.9%
Class 5a (Commercial) -37.4% -47.3% -47.4% -40.8%
Class 5b (Industrial) -71.1% -37.8% -34.3% -54.5%
All Other Classes 13.0% 18.8% -2.0% 11.7%
Total All Classes -15.7% -22.3% -29.7% -20.5%
Note: Minimal differences in totals may occur due to rounding. Figures are calculated by the Civic Federation using the assessed values and
assessment/sales ratio medians for each respective year.
* Does not include values for Railroad, Pollution Control or the part of O'Hare Airport located in DuPage County.
Source: Cook County Assessor's Office and Illinois Department of Revenue.

5
 Estimated Full Value of Cook County Real Property: 2006-2015

$700
$656.5
$666.2 $616.2
$600

$550.1 $529.7
Total Cook County
$500
$499.1
$449.8 $442.8 $459.9
$400 $414.4
Billions

$300 City of Chicago

$200
Suburban Cook County

$100

$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Assessed Value (Cook County Assessor's Office) and Assessment Sales/Ratio Studies (Illinois Department of Revenue) da ta from the same year.

6
 City of Chicago Triad Estimated Full Value: 2006-2015

$350
Class 5b (Industrial)

$300
All Other Classes

$250

$200
Billions

Class 5a (Commercial)

$150

$100
Class 2 (Residential)

$50

$-
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Assessed Value (Cook County Assessor's Office) and Assessment Sales/Ratio Studies (Illinois Department of Revenue) data from the same year.

7
 Northwest Suburbs Triad Estimated Full Value: 2006-2015

$250

Class 5b (Industrial)
$200
All Other Classes
Class 5a
(Commercial)
$150
Billions

$100

$50 Class 2 (Residential)

$-
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Source: Assessed Value (Cook County Assessor's Office) and Assessment Sales/Ratio Studies (Illinois Department of Revenue) da ta from the same year.

8
 Southwest Suburbs Triad Estimated Full Value: 2006-2015

$160

Class 5b (Industrial)
$140

$120
Class 5a (Commercial)
All Other Classes
$100

$80
Billions

$60

$40
Class 2 (Residential)

$20

$-
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Assessed Value (Cook County Assessor's Office) and Assessment Sales/Ratio Studies (Illinois Department of Revenue) da ta from the same year.

9
 Total Cook County Estimated Full Value: 2006-2015

$700
Class 5b (Industrial)
All Other Classes

$600

$500 Class 5a (Commercial)

$400
Billions

$300

$200
Class 2 (Residential)

$100

$-
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Assessed Value (Cook County Assessor's Office) and Assessment Sales/Ratio Studies (Illinois Department of Revenue) da ta from the same year.

10
 City of Chicago Triad Estimated Full Value by Class as % of Total: 2006-2015
Class 2 (Residential) Class 5a (Commercial) Class 5b (Industrial) All Other Classes
100.0%

90.0%

80.0%
73.9% 74.3% 73.5% 71.6% 71.9%
70.3%
68.1% 68.9%
70.0% 67.1%
62.3%
60.0%

50.0%

40.0%

30.0%
25.4%
22.2% 21.9%
18.5% 18.9%
20.0% 22.3%
15.7% 16.6%
18.4% 16.1%
10.5% 10.8%
10.0% 8.0% 7.2% 7.8% 7.5%
6.6% 5.8% 8.0%
5.7%
4.3% 3.6% 3.3% 1.6% 2.6% 1.7% 2.4% 1.8% 1.6% 1.5%
0.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Note: Minimal differences in totals may occur due to rounding.
Sources: Assessed Value (Cook County Assessor's Office) and Assessment Sales/Ratio Studies (Illinois Department of Revenue) data from the same year.

11
 Northwest Suburbs Triad Estimated Full Value by Class as % of Total:
2006-2015
Class 2 (Residential) Class 5a (Commercial) Class 5b (Industrial) All Other Classes
100.0%

90.0%
83.4%
80.5% 80.4% 81.0%
78.5% 79.1% 79.0% 79.6%
80.0% 77.6% 77.4%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%
14.2% 13.0% 13.2% 12.3%
12.2% 11.5% 12.2%
8.9% 9.4% 9.6%
10.0%
5.1% 4.3% 4.4% 4.3% 4.4% 6.0%
4.2% 3.7% 3.6% 3.2%
7.0% 3.4%
3.9% 4.4% 4.0% 4.3% 4.0% 3.7% 4.3% 4.6%
0.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Note: Minimal differences in totals may occur due to rounding.
Sources: Assessed Value (Cook County Assessor's Office) and Assessment Sales/Ratio Studies (Illinois Department of Revenue) data from the same year.

12
 Southwest Suburbs Triad Estimated Full Value by Class as % of Total:
2006-2015
Class 2 (Residential) Class 5a (Commercial) Class 5b (Industrial) All Other Classes
100.0%

90.0%
84.0%
81.2% 82.1% 81.0% 81.3% 81.6%
80.6% 79.9% 80.5% 79.8%
80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%
10.9% 11.6% 8.1%
9.7% 10.1% 9.5% 10.3% 9.2%
10.0% 7.5% 7.9%
7.0% 7.1%
5.1% 4.9% 5.5% 5.6% 5.1% 4.8% 6.0% 6.0%
3.5% 3.6% 3.5% 3.8% 3.4% 3.5% 4.0% 3.8% 3.8% 3.2%
0.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Note: Minimal differences in totals may occur due to rounding.
Sources: Assessed Value (Cook County Assessor's Office) and Assessment Sales/Ratio Studies (Illinois Department of Revenue) data from the same year.

13
 Cook County Total Estimated Full Value by Class as % of Total: 2006-2015
Class 2 (Residential) Class 5a (Commercial) Class 5b (Industrial) All Other Classes
100.0%

90.0%

78.6% 77.7%
80.0% 76.4% 75.8% 76.2%
73.8% 74.9% 74.7%
72.9%
70.6%
70.0%

60.0%

50.0%

40.0%

30.0%

20.0% 19.1% 17.2% 16.9% 16.9% 14.6% 14.1% 14.9% 14.2%

12.5%
12.1%
10.0% 6.3% 8.8% 8.7%
5.9% 5.6% 5.3% 6.2% 6.6%
6.2% 4.9%
4.1% 4.1% 3.7% 2.9% 3.1% 2.8% 3.3% 2.7% 2.5% 2.4%
0.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Note: Minimal differences in totals may occur due to rounding.
Sources: Assessed Value (Cook County Assessor's Office) and Assessment Sales/Ratio Studies (Illinois Department of Revenue) data from the same year.

14
 City of Chicago Triad Assessed Value By Class as % of Total: 2006-2015
Class 2 (Residential) Class 5a (Commercial) Class 5b (Industrial) All Other Classes
100.0%

90.0%

80.0%

70.0%

59.3% 59.7%
60.0% 56.3% 56.9% 58.2% 56.6% 56.5% 56.4% 56.4%
55.5%

50.0%

40.0%
32.8% 32.8% 32.9% 33.9% 34.0% 33.9% 33.7%
31.0% 31.0% 31.5%
30.0%

20.0%

10.0% 8.1% 7.3% 6.8% 7.7% 6.9%

6.7% 5.7% 6.2% 6.4% 6.6%

3.6% 3.6% 3.4% 3.1% 3.1% 3.1% 3.2% 3.2% 3.1% 3.0%
0.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Note: Minimal differences in totals may occur due to rounding.

Sources: Assessed Value (Cook County Assessor's Office).

15
 Northwest Suburbs Triad Assessed Value By Class as % of Total: 2006-2015

Class 2 (Residential) Class 5a (Commercial) Class 5b (Industrial) All Other Classes

100.0%

90.0%

80.0%

69.5% 68.1%
70.0% 67.3% 67.9%
65.7% 66.0% 66.4% 66.4% 66.3%
62.4%
60.0%

50.0%

40.0%

30.0%
23.5% 22.3%
21.6% 21.7% 21.0% 20.9% 20.8% 22.2% 22.3%
20.0% 19.5%

9.6% 8.7% 8.1%

10.0% 8.5% 7.5% 7.9% 7.8% 7.7% 7.6% 7.4%
4.6% 4.0% 3.8% 3.7% 3.8% 3.9%
3.5% 3.6% 3.3% 3.3%
0.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Note: Minimal differences in totals may occur due to rounding.
Sources: Assessed Value (Cook County Assessor's Office).

16
 Southwest Suburbs Triad Assessed Value By Class as % of Total: 2006 -2015
Class 2 (Residential) Class 5a (Commercial) Class 5b (Industrial) All Other Classes
100.0%

90.0%

80.0%
72.0% 72.8%
69.9% 70.1% 70.2% 68.9% 69.0%
70.0% 67.1% 68.1%
66.8%

60.0%

50.0%

40.0%

30.0%

19.4% 19.5% 19.1% 18.8% 18.7% 18.7% 19.4% 19.4%

20.0% 16.9% 16.6%

8.4% 8.2% 6.7%

10.0% 7.6% 6.7%
6.9% 6.7% 6.9%
5.5% 6.4% 6.8% 4.9%
5.2% 5.1% 4.5% 4.1% 4.3% 4.3% 4.4% 4.8%

0.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Note: Minimal differences in totals may occur due to rounding.
Sources: Assessed Value (Cook County Assessor's Office).

17
 Cook County Total Assessed Value By Class as % of Total: 2006-2015
Class 2 (Residential) Class 5a (Commercial) Class 5b (Industrial) All Other Classes
100.0%

90.0%

80.0%

70.0%
64.5% 64.5% 64.1% 62.9% 62.2% 61.8%
61.5% 62.2% 61.4%
59.8%
60.0%

50.0%

40.0%

28.0%
30.0% 27.4% 26.6% 26.4% 25.9% 26.8% 27.4% 27.6%
24.5% 25.0%

20.0%

10.0% 5.9%
6.3% 6.1% 5.2% 5.3% 5.3% 5.4% 5.2% 5.2% 4.9%
6.5% 5.8% 5.5% 5.7% 5.2% 4.7% 4.9% 5.2% 5.4% 5.7%
0.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Note: Minimal differences in totals may occur due to rounding.
Sources: Assessed Value (Cook County Assessor's Office).

18