Land Value Sales Price vs. Assessed Value
The Assessor reports assessed valuations as a function of land value and improvement value. While assessing properties is no easy task, the land value side of the equation appears to be particularly problematic for the Assessor.
We looked at the prices of 51 land sales as reported in Costar in Cook County (all 2017 sales) compared to the total assessed value for the property by the Assessor in that year. Our study found that on average, the assessed value was 65% below the actual purchase price of the property. The Assessor had only 14% of the sales within 30% (either above or below) of the actual purchase price of the sales utilized in our analysis.
![](data:image/png;base64,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)
As appraisers, we periodically hear of building owners, buyers or bankers who rely on the assessed value as an indication of what they should buy, sell, or collateralize a property for. We have also seen out-of-state appraisers use the assessed property values as the basis for land value estimates.
It is important to note that the overwhelming number of the sales in our analysis were in Chicago and we are toward the end of the reassessment triennial with the potential for property appreciation since the last assessment. We also only made a cursory investigation into the sales to verify them as arm’s-length transactions. Our data implies the Assessor is furthest off in the highest value areas. They appear to sometimes have difficulty distinguishing the value of a property where there may be improvements on the site which do not reflect their highest and best use and assess the property based upon the existing building use which may not support the underlying land value.
Regardless, however, third parties would be wise to avoid using the Assessor’s land value in business decisions relating to a potential acquisition, sale or as collateral for a property.