People assume a property tax assessment is a precise calculation done by someone who walked through their building and looked closely at every detail. In reality, most assessments are produced through mass appraisal, meaning a model applied across thousands of properties at once, not an individual evaluation of yours.
There is a concept in real estate valuation that most property owners have never heard of, but it matters more today than it has in decades. It is called “highest and best use”, and it asks a simple question: What is this property actually worth when you consider every realistic use for it, not just the use it happens to be built for right now.
I have been doing property tax work in Lake County long enough to notice a pattern that keeps repeating itself. An owner calls, frustrated, holding an assessment notice that treats his building like it is thriving. Meanwhile, half the lobby directory is blank, and the parking lot has room to spare.
The property was a commercial building sitting in a highly regarded Lake County school district. Like a lot of office space across Chicagoland right now, it had gone largely vacant. The building was still standing, but it was not producing the income, or the value, that the county's assessment assumed it was.
Make the most of the long days and warm weather by tackling these easy, affordable home maintenance projects this summer.
By Hiranmayi Srinivasan and Kathy Barnes
Better Homes & Gardens, May 17, 2026
By Ron Kingsley, LCA Tax Attorney and Owner
If Lake County Appeal can reduce your Lake County property’s assessed value, your property tax burden will decrease. Additionally, there are many exemptions available to taxpayers that can reduce the burden even more. Make certain that you are receiving all of those you are entitled to! The value of the exemption is the exemption amount multiplied by your tax rate, which is on your tax bill.
By LyLena Estabine. Illinois Policy, May 26, 2026
Many school districts cover teachers’ required pension contribution of 9% of their salary — putting that burden on taxpayers.
A growing number of school districts pay all or part of teachers’ pension contributions, raising property taxes for Illinoisans who fund that benefit and may not even realize it.
April 1, 2026 Capitol News Illinois
Report finds Cook County property taxes outpacing inflation, wage growth
Written by Ron Kingsley, LCA Tax Attorney and Owner
