ESTIMATED FULL VALUE OF REAL PROPERTY

IN COOK COUNTY: 2009-2018

October 30, 2020

MAJOR FINDINGS
This report provides an estimate of the full market value of property in Cook County between tax
years 2009 and 2018 using data provided by the Cook County Assessor and the Illinois
Department of Revenue. It does not incorporate any changes to the value of property in Cook
County due to the COVID-19 pandemic. Data to estimate the full value of real estate in 2020
using this report’s methodology will not be available for several years.

The full market value of real estate in Cook County was nearly $610 billion in tax assessment
year 2018. Tax year 2018 is the most recent year for which data are available. The 2018 total
value estimate represents an increase of $24.3 billion, or 4.1%, from the 2017 estimated full
value and an increase of $195.2 billion, or 47.1% from 2012. However, the 2018 estimated full
value is still $56.7 billion below the estimated full value in 2006. Prior to 2006, the estimated full
value of real estate in the City of Chicago and suburbs grew every year going back to at least
1995. In 2007 real estate values began to decline, hitting a low point in 2012. The 2018 estimates
represent the sixth year in a row in which real estate values in Cook County increased after six
straight years of decline.

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.1 The estimated
full market value of real estate in the City of Chicago increased by 5.6% in tax assessment year
2018 while the northwest and southwest suburbs experienced increases of 2.6% and 2.5%,
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 residential property in
every assessment district increased between 2009 and 2018, while the estimated full value of
commercial and industrial properties decreased in every assessment district with the exception of
Class 5b (industrial) property within the City of Chicago, which saw an increase of 2.4%.
Between 2009 and 2018 the estimated full value of property in Cook County as a whole
increased by 10.8%.

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 Assessor’s Office in the Cook County Final Abstract of
Assessment and the median2 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 an assessment year is
computed, as well as an adjusted median ratio if additional data are submitted by the County

1
See the Appendix for a map of the Cook County townships by triad assessment district.
2
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.

1
Assessor or Board of Review after the initial data were collected.3 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
requires that these classes be assessed at the following levels for tax year 2018: Class 1–10%,
Class 2–10%, Class 3–10%, Class 5a–25% and Class 5b–25%.4

Special note should be taken that the Department of Revenue’s 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.5

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.6 The full value estimate does not include state-assessed properties7 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 2018 Final Abstract was published on May 10, 2019).
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 2018 Assessment/Sales Ratio Study for Cook
County was released in summer of 2020).

In years past, the Civic Federation compensated for this two-year delay by using the previous
year’s 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

3
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.
4
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 2–16%, Class 3–26%, Class 5a–38% and Class 5b–36%.
5
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.
6
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 2017 Assessment Sales Ratio Study, there
were insufficient data to calculate an adjusted median for Class 3 properties in Triad 2 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.
7
The Illinois Department of Revenue assesses pollution control facilities, low sulfur dioxide coal fueled devices,
railroad operating property and water treatment facilities.

2
now waits and uses the same-year data when available from the Illinois Department of
Revenue’s 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.

4
 Estimated Full Value:
2018 Cook County Property Taxes Payable in 2019*
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 $ 239,202,812 0.0662 $ 3,613,335,529 1 Vacant $ 107,175,345 0.0698 $ 1,535,463,395
2 Residential $ 19,759,176,085 0.0890 $ 222,013,214,438 2 Residential $ 7,872,797,599 0.0889 $ 88,557,903,251
3 Apartment $ 2,329,708,625 0.0679 $ 34,310,878,130 3 Apartment $ 237,650,435 0.0743 $ 3,198,525,370
4 Non-Profit† $ 72,862,546 0.25 $ 291,450,184 4 Non-Profit† $ 9,101,207 0.25 $ 36,404,828
5a Commercial $ 12,316,672,095 0.2237 $ 55,058,882,857 5a Commercial $ 2,068,033,646 0.2305 $ 8,971,946,403
5b Industrial** $ 1,004,432,716 0.2140 $ 4,693,610,822 5b Industrial** $ 674,303,001 0.2140 $ 3,150,948,603
6 New&Abate Ind† $ 85,735,410 0.10 $ 857,354,100 6 New&Abate Ind† $ 135,914,977 0.10 $ 1,359,149,770
7 Comm Dev† $ 167,140,882 0.10 $ 1,671,408,820 7 Comm Dev† $ 4,006,621 0.10 $ 40,066,210
8 Incentive† $ 2,437,970 0.10 $ 24,379,700 8 Incentive† $ 58,401,580 0.10 $ 584,015,800
9 Incentive† $ 59,376,001 0.10 $ 593,760,010 9 Incentive† $ 10,031,399 0.10 $ 100,313,990
Total $ 36,036,745,142 $ 323,128,274,589 Total $ 11,177,415,810 $ 107,534,737,621

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 $ 82,352,878 0.0314 $ 2,622,703,121 1 Vacant $ 428,731,035 $ 7,771,502,045
2 Residential $ 11,919,912,576 0.0823 $ 144,834,903,718 2 Residential $ 39,551,886,260 $ 455,406,021,407
3 Apartment** $ 388,303,314 0.0671 $ 5,786,934,635 3 Apartment $ 2,955,662,374 $ 43,296,338,135
4 Non-Profit† $ 27,850,844 0.25 $ 111,403,376 4 Non-Profit $ 109,814,597 $ 439,258,388
5a Commercial $ 3,802,621,712 0.2217 $ 17,152,105,151 5a Commercial $ 18,187,327,453 $ 81,182,934,411
5b Industrial $ 1,226,317,678 0.1976 $ 6,206,061,123 5b Industrial $ 2,905,053,395 $ 14,050,620,549
6 New&Abate Ind† $ 193,809,152 0.10 $ 1,938,091,520 6 New&Abate Ind $ 415,459,539 $ 4,154,595,390
7 Comm Dev† $ 17,501,163 0.10 $ 175,011,630 7 Comm Dev $ 188,648,666 $ 1,886,486,660
8 Incentive† $ - 0.10 $ - 8 Incentive $ 60,839,550 $ 608,395,500
9 Incentive† $ 7,211,481 0.10 $ 72,114,810 9 Incentive $ 76,618,881 $ 766,188,810
Total $ 17,665,880,798 $ 178,899,329,085 Total $ 64,880,041,750 $ 609,562,341,295

(1) IDoR Assessment/Sales Ratios adjusted through 2018 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:
2009-2018*
City of Chicago Northwest Suburbs Southwest Suburbs Total Cook County
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 $ 278,027,604,450 $ 157,993,103,961 $ 92,822,550,554 $ 528,843,258,965
2016 $ 293,121,793,245 $ 168,157,287,947 $ 98,406,078,747 $ 559,685,159,940
2017 $ 306,074,350,561 $ 174,356,280,131 $ 104,861,145,614 $ 585,291,776,306
2018 $ 323,128,274,589 $ 178,899,329,085 $ 107,534,737,621 $ 609,562,341,295
10-Year Change $ 42,839,544,810 $ 15,722,283,225 $ 865,143,971 $ 59,426,972,006
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 Property in Cook County:

2009-2018*
City of Chicago Northwest Suburbs Southwest Suburbs Total Cook County
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% 2.4% 4.1% 6.0%
2016 5.4% 6.4% 6.0% 5.8%
2017 4.4% 3.7% 6.6% 4.6%
2018 5.6% 2.6% 2.5% 4.1%
10-Year Change 15.3% 9.6% 0.8% 10.8%
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 2009-2018*
City of Chicago Northwest Suburbs Southwest Suburbs Total Cook County
Class 2 (Residential) 12.8% 12.2% 3.1% 10.6%
Class 5a (Commercial) -11.9% -13.5% -16.9% -12.8%
Class 5b (Industrial) 2.4% -14.3% -22.5% -11.6%
All Other Classes 153.8% 53.4% 15.7% 101.8%
Total All Classes 15.3% 9.6% 0.8% 10.8%
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: 2009-2018

$700

$610
Total Cook County
$600 $585
$560
$550
$529
$499
$500
$450 $443 $460
$414
$400
City of Chicago
Billions

$300

$200
Suburban Cook County

$100

$0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: Assessed Value (Cook County Assessor's Office) and Assessment Sales/Ratio Studies (Illinois Department of Revenue) data from the same year.

6
 City of Chicago Triad Estimated Full Value: 2009-2018

$350

All Other Classes

$300
Class 5b (Industrial)

$250
Class 5a (Commercial)

$200
Billions

$150

$100
Class 2 (Residential)

$50

$-
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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: 2009-2018
$200

$180
Class 5a All Other Classes
Class 5b (Industrial) (Commercial)
$160

$140

$120
Billions

$100

$80

$60 Class 2 (Residential)

$40

$20

$-
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

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

8
 Southwest Suburbs Triad Estimated Full Value: 2009-2018

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

$80

$60
Billions

$40
Class 2 (Residential)

$20

$-
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: Assessed Value (Cook County Assessor's Office) and Assessment Sales/Ratio Studies (Illinois Department of Revenue) data from the same year.

9
 Total Cook County Estimated Full Value: 2009-2018

$700

All Other Classes

Class 5b (Industrial) Class 5a (Commercial)
$600

$500

$400
Billions

$300

$200
Class 2 (Residential)

$100

$-
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: Assessed Value (Cook County Assessor's Office) and Assessment Sales/Ratio Studies (Illinois Department of Revenue) data from the same year.

10
 City of Chicago Triad Estimated Full Value by Class as % of Total: 2009-2018
Class 2 (Residential) Class 5a (Commercial) Class 5b (Industrial) All Other Classes
100.0%

90.0%

80.0%
73.9% 74.3% 73.5%
70.3% 71.6% 71.9%
68.9% 69.5% 69.7% 68.7%
70.0%

60.0%

50.0%

40.0%

30.0%
22.3%
18.4% 18.5% 18.9% 19.8% 18.5%
20.0% 15.7% 16.6% 16.1%
17.0%
12.8%
10.5% 10.8% 10.3%
7.8% 8.0% 9.1%
10.0% 7.5%
5.8% 5.7%
1.6% 2.6% 1.7% 2.4% 1.8% 1.6% 1.4% 1.6% 1.5% 1.5%
0.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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:
2009-2018
Class 2 (Residential) Class 5a (Commercial) Class 5b (Industrial) All Other Classes
100.0%

90.0%
83.4%
80.5% 79.6% 80.4% 81.2% 80.1% 80.8% 81.0%
79.1% 79.0%
80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%
12.2% 11.5% 12.3% 12.2%
9.7% 10.5% 9.8% 9.6%
8.9% 9.4%
10.0% 7.0% 5.7% 6.3% 5.9% 6.0%
4.4% 3.7% 4.3% 4.4% 3.6% 3.2% 3.4% 3.1% 3.5% 3.5%
4.3% 4.0% 3.7% 4.3% 4.6%
0.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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:
2009-2018
Class 2 (Residential) Class 5a (Commercial) Class 5b (Industrial) All Other Classes
100.0%

90.0%
84.0%
82.1% 81.0% 81.3% 81.8% 81.2% 80.8% 82.4%
80.5% 79.8%
80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%
10.1% 9.5% 10.3% 9.2% 7.9% 8.2% 9.3% 9.8% 8.3%
10.0% 7.5%
6.0% 6.0% 7.0% 6.8% 6.0% 6.2% 6.4%
5.6% 5.1% 4.8%
3.8% 3.4% 3.5% 4.0% 3.8% 3.8% 3.2% 2.9%
3.5% 3.2%
0.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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: 2009-2018
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%
74.9% 74.9% 74.8% 75.0% 74.7%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0% 16.9% 14.2% 15.1% 14.3% 13.3%

14.6% 14.1% 14.9% 12.5%
12.1%
8.6% 9.7%
10.0% 6.6% 8.8% 7.7% 8.2%
5.3% 6.2% 4.9% 6.3%
2.9% 3.1% 2.8% 3.3% 2.7% 2.5% 2.3% 2.4% 2.4% 2.3%
0.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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: 2009-2018
Class 2 (Residential) Class 5a (Commercial) Class 5b (Industrial) All Other Classes
100.0%

90.0%

80.0%

70.0%

58.2% 59.3% 59.7%

60.0% 56.6% 56.5% 56.4% 56.4% 56.0% 55.5% 54.8%

50.0%

40.0%
33.9% 34.0% 33.9% 33.7% 33.9% 33.9% 34.2%
31.0% 31.0% 31.5%
30.0%

20.0%

8.2%
10.0% 7.7% 6.7% 5.7% 6.2% 6.4% 6.6% 6.9% 7.2% 7.8%

3.1% 3.1% 3.1% 3.2% 3.2% 3.1% 3.0% 2.9% 2.8% 2.8%
0.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

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: 2009-2018

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

100.0%

90.0%

80.0%

69.5% 68.1% 68.1%

70.0% 67.3% 67.9% 66.4% 67.7% 67.5%
66.4% 66.3%

60.0%

50.0%

40.0%

30.0%
20.9% 22.2% 22.3% 22.3% 21.2% 21.5%
19.5% 21.0% 20.8% 20.9%
20.0%

10.0% 7.5% 8.1% 7.9% 7.8% 7.7% 7.4% 6.9%

7.6% 6.9% 6.9%
3.5% 3.6% 3.3% 3.3% 3.7% 3.8% 3.9% 4.0% 4.1% 4.1%

0.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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: 2009-2018

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% 70.6% 70.4%
68.9% 69.0% 68.8%
70.0%

60.0%

50.0%

40.0%

30.0%

18.8% 18.7% 18.7% 19.4% 19.4% 19.6% 18.2% 18.5%

20.0% 16.9% 16.6%

6.8% 6.9% 6.7% 6.6% 6.2% 6.0%

10.0% 6.7% 6.4% 6.9% 6.7%
4.5% 4.1% 4.3% 4.3% 4.4% 4.8% 4.9% 5.0% 5.0% 5.0%

0.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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: 2009-2018
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% 61.4% 61.9% 62.0% 61.0%
60.0%

50.0%

40.0%

27.6% 28.0% 28.0%

30.0% 25.9% 26.8% 27.4% 27.5% 27.2%
24.5% 25.0%

20.0%

10.0% 5.3% 5.4% 5.2% 5.2% 4.5%

5.2% 5.3% 4.9% 4.8% 4.7%
5.7% 5.2% 4.9% 5.2% 5.4% 5.7% 5.9% 6.2% 6.5%
4.7%
0.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Note: Minimal differences in totals may occur due to rounding.
Sources: Assessed Value (Cook County Assessor's Office).

18
Appendix

19