In a major boon to Chicago governing bodies, the assessed valuation of city property rose 12.3 percent to more than $12.1 billion last year, Cook County Assessor Thomas Hynes announced Friday.
The city total, boosted because of the reassessment of the North Side, raised the overall county figure by 6.6 percent to more than $26.3 billion.
The value of suburban property, which was not subject to reassessment, went up 2.2 percent to more than $14.1 billion. Suburban growth, which was concentrated in 5 northwest and southwest townships, was due to new construction, Hynes said.
”In the reassessment townships the increases are a factor both of appreciation in real estate values and of new construction coming onto the assessment rolls,” Hynes said.
The big increase is the second in a row for Chicago taxing bodies because, under the quadrennial system that began with the south suburbs in 1986, the city`s South Side was reassessed in 1987, causing property values to go up 14.1 percent. The latest assessment figures will be reflected on the second installment of 1988 tax bills, payable in August.
The north and northwest suburbs will be reassessed this year, with those governing bodies benefitting on next year`s tax bills.
Hynes said the reassessed North Side townships went up as follows: North, 33.5 percent; Lakeview, 28.4 percent, Jefferson Park, 25.2 percent; and Rogers Park, 21.5 percent. Three townships went down: Hyde Park by 1.8 percent; Lake by 1.1 percent; and West by .7 percent. South Township, which includes the Loop, rose 3.8 percent.
The five suburban townships with the largest increases were Lemont with 11.1 percent, Orland with 10.7 percent, Hanover with 9.5 percent, Palatine with 5.6 percent and Wheeling with 5.2 percent. Calumet, New Trier, Norwood Park, River Forest, Riverside and Stickney had decreases ranging from .2 percent to .9 percent, while the other 19 townships had increases ranging from .1 percent to 3.9 percent.
