The Cook County Assessor’s Office says the value of the median-priced single family home in Evanston reached $620,000 last year — up 25% since the last reassessment three years ago.
Assessor Fritz Kaegi, in a news release, said “Evanston has seen residential sale prices climb due to the excellent housing stock there.”
The assessor’s office says property owners should receive reassessment notices in the mail within a week.
An increase in a property’s value does not mean the property’s tax will increase by the same amount.
Assuming a property’s value increased by the same amount as average increase across the city and assuming there was no increase in the tax levy imposed by local taxing bodies, the property’s tax bill would hypothetically be unchanged.
The values of condos and of small multi-family buildings also rose from their levels at the time of the last triennial reassessment.
Other property classes in Evanston saw a substantial increase this year from what their final board of review values were last year, with an average increase of 33% across all commercial classes.
Median single family home prices varied dramatically among different Evanston neighborhoods — from $2 million in neighborhoods along the lakefront to $328,000 in the strip of south Evanston just north of Howard Street.