All property in Cook County is reassessed once every three years.  During 2009, it will be Chicago's turn as all property located in the City will will be reassessed. 

The Assessor began releasing assessment notices in May and will continue to release them - one township at a time - through the end of this year.  Taxpayers have an opportunity to contest their assessments each year, even in non-reassessment years.  In this era of declining property values, you should consider whether to contest your assessment, even if your property is not scheduled to be reassessed this year.

Taxpayers will have 30 days to file an appeal with the Assessor and a subsequent opportunity to file an appeal with the Cook County Board of Review.  To view a list of filing deadlines, click here. 

Chicago taxpayer's are anxiously waiting to see what the new reassessments will bring.  In prior years, assessments skyrocketed reflecting rapidly appreciating property values.  Now that property values are flat or declining, the question is what will happen to assessments.