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Estimating The Assessor's Corona Virus Discount

One of the big questions this year is what the Assessor intends to do with a Corona Virus discount.  With nine townships released as of the date of this writing, we can at least glean a broad stroke estimate.

 

The first five townships were released with no Corona Virus discount.  The assessment increases, which only reflect commercial properties, are reported below.  They averaged from a low of 40% in Riverside Township to a high of 87% in Oak Park Township.  The blended average assessment increase was 60.8% for these five townships. 

 

Four townships have been released that are inclusive of a Covid discount.  These reflect a range from 26% for Berwyn Township to 65% for Stickney Township with a blended average increase of 47.7%.

2020 South Tri Assessor Corona Virus Discount


Assessment

2019

2020

Pre-Covid Tri's

Increase

Assessment

Assessment

Riverside

40%

$53,340,699

$74,459,227

River Forest

55%

$18,968,044

$29,436,886

Oak Park

87%

$121,669,775

$227,723,445

Palos

45%

$149,335,255

$216,541,568

Calumet

72%

$35,794,590

$61,553,055

Avg Increase Pre-Covid


60.80%

Post-Covid Tri's




Berwyn

26%

$65,605,650

$82,851,851

Lemont

39%

$62,364,058

$86,918,475

Worth

43%

$501,812,984

$719,740,704

Stickney

65%

$243,375,404

$400,274,709

Avg Increase - Inclusive of Covid

47.70%

 

 

Weighted average Corona Discount

13.10%



Since some of the townships are much smaller than others, the best unit of comparison is the weighted average which reflects the total assessment level increases for all the townships.  By this unit of comparison, the Assessor’s discount for the Corona virus on commercial properties averages 13.10%.  The Assessor has indicated that different property types will have different discounts, so it is impossible to say what to expect for any individual property.  A hotel may have a huge discount and a distribution warehouse may not have any.  Still, this provides a baseline for thought.

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