The value of real estate in Cook County more than doubled in a decade, from 1996 to 2006, spurred by strong growth in Chicago, the Civic Federation of Chicago says in a new report.
The taxpayer watchdog group estimates privately owned property values in the city represented essentially half of Cook County’s total valuation of $666.2 billion in tax year 2006, the latest period for which data is available.
During the decade in question, the value of real estate in Chicago tripled — up 195% — to $330 billion, while suburban property values slightly more than doubled, to $336 billion.
In 1996, when the county total was $271.2 billion, the city’s share was 41%.
During 2006, Cook County property values rose 14.6% over the previous year, double the year-earlier 7.3% pace.
The figures are not adjusted for inflation and predate recent reverses caused by the subprime mortgage meltdown. The report details nine classifications of property, including residential, commercial, industrial and vacant.
Dispatches from Chicago's south side.
Monday, September 8, 2008
Cook real estate value doubles in a decade
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