(Bloomberg) -- Property values rose 30% in a part of Chicago that includes iconic retailers and hotels along the Magnificent Mile.
Cook County Assessor Fritz Kaegi on Thursday released the initial assessments, which can be appealed, of residential and commercial properties in the area north of the Chicago River. The assessed values reflect changes in the real estate market over the last three years.
“Assessed value increased across all classes of property,” according to a statement from the assessor’s office. Multi-family buildings such as apartments and commercial property saw the largest increase.
READ: Chicago Braces for First Post-Pandemic Property Tax Assessment
Chicago was last assessed in 2021 and this year is undergoing the first such valuation since the pandemic ended. The assessor’s office began the process by releasing its first report this year in May for a part of the city that includes the booming Fulton Market. The only 2024 valuation report remaining for the city is for the area that includes its central office district known as the Loop.
The valuations are part of a calculation of how the property tax burden is spread over businesses and residents. This year’s appraisals are under close watch because they reflect the impact of the pandemic on the city, including office high rises in which vacancies have surged. Chicago, like cities across the globe, has faced commercial property distress in the Loop.
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