Reviewing Assessed Values of Commerical Properties

Blog_ReviewingAssessedValuesofCommericalProperties.png

The Office Economic Development is always seeking measures to
evaluate the impact of Special Service Area 16 on the economic growth of
the Central Business District. It was decided that by reviewing the
Assessor information from 2007-2010 it would should show how much owners
have improved their properties. The year 2007 was chosen as a starting
point, because it was the first year of the Special Service Area.

Lake County Illinois was contacted and they agreed to provide
Assessor tables for the years of 2007-2010. GIS software was used to
join the assessor table to address points. This provided a history of
assessed value of each commercial property within the Central Business
District. With these increase or decrease of assessed values for each
year was created for each commercial property. Maps were created for
each year and for all the years together to assist with visualizing
where values where increasing or decreasing.

Comparing assessed values between years was a powerful tool for
finding trends. For example we discovered that assessed values
generally increased between 2007-2009. But from 2009-2010 the values
decreased about 4%. We were also able to see the impact of
redevelopment on surrounding properties. It was also predictably
noticed that areas of high vacancy had the largest decrease in value.

GIS provided the ability to join multiple tables to each address and
then evaluate the difference between the assessed values for each
address. Thus creating a mosaic of assessed values in the Central
Business District over a 3 year period.

Reviewing Assessed Values of Commerical Properties

Blog_ReviewingAssessedValuesofCommericalProperties.png

The Office Economic Development is always seeking measures to
evaluate the impact of Special Service Area 16 on the economic growth of
the Central Business District. It was decided that by reviewing the
Assessor information from 2007-2010 it would should show how much owners
have improved their properties. The year 2007 was chosen as a starting
point, because it was the first year of the Special Service Area.

Lake County Illinois was contacted and they agreed to provide
Assessor tables for the years of 2007-2010. GIS software was used to
join the assessor table to address points. This provided a history of
assessed value of each commercial property within the Central Business
District. With these increase or decrease of assessed values for each
year was created for each commercial property. Maps were created for
each year and for all the years together to assist with visualizing
where values where increasing or decreasing.

Comparing assessed values between years was a powerful tool for
finding trends. For example we discovered that assessed values
generally increased between 2007-2009. But from 2009-2010 the values
decreased about 4%. We were also able to see the impact of
redevelopment on surrounding properties. It was also predictably
noticed that areas of high vacancy had the largest decrease in value.

GIS provided the ability to join multiple tables to each address and
then evaluate the difference between the assessed values for each
address. Thus creating a mosaic of assessed values in the Central
Business District over a 3 year period.