Palatine Township Residential Values Step Up by 2%, Commercial Values Inflate by 24%

O'Connor observed that Palatine Township residential values increased by 2%, while commercial values rose by 24%.

CHICAGO, ILLINOIS, UNITED STATES, August 29, 2024 /EINPresswire.com/ -- Residential Assessment Surges  
Property owners in Cook County usually expect property values to grow annually. Residential property in Palatine Township Cook County, Illinois had a 1% increase, meaning the value in 2024 amounted to $12 million. Owners of property valued under $750K can breathe a sigh of relief with their values holding steady. Assessment increases are greatest for high- value homes. Residential property owners of homes ranging between $1 million to $1.5 million saw an increase of 24%. Homes valued over $1.5 million had a surge of 90% for homeowners in Palatine township.

2024 Residential Increase by value range

Commercial Values Gain Even More Pronounced 
In contrast to residential property, commercial property had a soaring rise in valued accounts in Palatine Township. Commercial values rose 15%, while residential only increased by 1% in 2024.  Commercial property worth over $1.5 million in Palatine Township was on average assessed at 19% in 2024. Owners of commercial properties valued between $750K and $1 million had a 4% increase.

2024 Commercial Increase by value Range

What Can Property Owners Do?  
 The numbers show Cook County Palatine Township’s high assessment rise. Palatine Township Property owners may find the appeals process confusing, but O’Connor is here to help. O’Connor works closely with professional property tax specialists to give the strongest evidence for sales and uneven appraisal reduction claims. O’Connor works with property tax lawyers to lower our customers’ property taxes in every way possible. Property owners should verify their exemptions before appealing the assessment value for the best outcome

About O’Connor:

O’Connor is among the largest property tax consulting firms in the United States, providing residential property tax reduction services in Texas, Illinois, and Georgia, as well as commercial property tax reduction services across the United States. O’Connor’s team of professionals possess the resources and market expertise in the areas of property tax, cost segregation, commercial and residential real estate appraisals. The firm was founded in 1974 and employs more than 900 professionals worldwide. O’Connor’s core focus is enriching the lives of property owners through cost effective tax reduction.

Property owners interested in assistance appealing their assessment can enroll in O’Connor’s Property Tax Protection Program ™. There is no upfront fee, or any fee unless we reduce your property taxes, and easy online enrollment only takes 2 to 3 minutes.

Patrick O'Connor, President
O'Connor
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