Chicago is not letting loose the assessment that is made under Assessor Joseph Berrios. A study of the Cook County’s problematic assessment system has revealed that about $2.2 billion of property taxes were shifted from undervalued homes to the overvalued Homes during the period 2011 to 2015.
The assessment system in Cook County is tilted in favor of high priced homes. This is why the error shows a huge transfer of wealth that benefitted many of the affluent homeowners of Chicago. This happened at the expense of the people who owned lower priced homes.
Then a study was conducted by Professor Christopher Barry. He was a critic of the assessor. The Municipal Finance Centre at the University of Chicago’s Harris School of Public Policy released the study.
It was found that the imperfect assessments led to $1 billion being shaved off from the tax bills of the most expensive residential areas of Chicago. These properties were worth more than 1 million dollars on an average.
The property tax amount that is collected every year is fixed. So, the difference in the amount was being paid by the taxpayers who had lower valued homes. Even the accessory along with other people says that the system is relapsing.