The Cook County Assessor, pursuant to a county ordinance, classifies real estate for assessment purposes. In determining which classification is appropriate, the Assessor looks to the actual use of the property.
Vacant raw land without any improvements. Assessed at 10% of fair market value.
Single/family dwellings, co-ops, residential condominiums, apartment buildings of six/units or less, certain commercial buildings with some residential usage and farmland*. Assessed at 10% of fair market value.
*Farmland is not subject to the state multiplier.
Residential apartment buildings containing seven units or more. Assessed at 10% of fair market value.
Real estate owed by a not/for/profit agency which is used for not/for/profit purposes. Assessed at 20% of fair market value. This assessment rate became effective January 1, 2018.
Commercial real state. Assessed at 25% of fair market value.
Industrial real estate. Assessed at 25% of fair market value.
Industrial Incentive Class
Commercial Incentive Classes
Rehabbed Multi-Family Housing: Assessed at 10% of fair market value with operating expenses stabilized to reflect higher operating cost.