Chicago Real Estate Appraisals

PahRoo Appraisal & Consultancy provides Chicago real estate appraisals for attorneys, bankers, brokers, accountants, and property owners. We work in all eight City of Chicago townships as well as the suburbs. Michael Hobbs, MAI, SRA leads the firm from our Lincolnwood office. Every report is written so it holds up where it will actually be read, in court or in credit committee.

Chicago Real Estate Appraisals for Residential and Commercial Property

Michael holds both the MAI and the SRA designation from the Appraisal Institute. The MAI covers every type of real property and also carries a commercial experience requirement. The SRA, by comparison, is the residential designation. Most Chicago firms still carry one or the other, so having both matters when an assignment mixes property types.

Every report follows USPAP and applies the sales comparison, cost, and income approaches where each fits. The report then explains why an approach was used or not.

Divorce and Family Law Appraisals in Cook County

If you practice family law in Cook County, you already know the marital home is often the largest asset on the schedule. Our job is to take the value question off that list, so the rest of the case can move.

We tie the value to the date your case needs, such as separation, filing, or a retrospective date years back. In each case we document the condition and the market as of that date rather than as of the inspection. When both counsel agree on a single appraiser, we prepare a neutral report that either side can rely on. Buyouts and quitclaim transfers also come up constantly. Our article on quitclaim deed divorce transfers covers what an appraiser sees when title moves before the value is fixed.

Estate, Trust, and Date-of-Death Appraisals

Estate attorneys, executors, and trustees need a value as of the date of death. For a Chicago property, that means comparable sales that bracket the date rather than today’s listings. We also appraise for trust funding, partition actions, and gifts of real estate.

Cook County Property Tax Appeal Appraisals

Cook County reassesses on a triennial cycle. The City of Chicago townships were last reassessed in 2024. The north suburbs followed in 2025 and the south and west suburbs in 2026. So the next City reassessment falls in 2027. Owners can still file an appeal in a non-reassessment year. The first stop is the Assessor’s Office when the township opens, then the Board of Review. Each township also has its own filing window, published on the Assessor’s assessment and appeal calendar.

The eight City of Chicago townships are Hyde Park, Jefferson, Lake, Lakeview, North Chicago, Rogers Park, South Chicago, and West Chicago. They open for appeals at different points in the year, so deadlines differ by township.

For property tax attorneys, the effective date has to match the assessment date. So our article on why January 1 is the date that matters in a tax appeal explains how we handle it. For homeowners, compare the fair market value on your reassessment notice to what your home would sell for. Then, if the county’s number is high, your township’s filing window is the time to act.

Litigation Support and Expert Witness Testimony

We review the other side’s appraisal and put the problems in writing. Bankruptcy counsel also send us appraisals relied on in Chapter 7 or Chapter 11 filings. Eminent domain and right-of-way work, including partial takings, turns on what remains. In each case Michael is available for deposition and trial testimony, so the report is built with that in mind.

Commercial Appraisals for Chicago Lenders

Commercial bankers order from us for acquisitions, refinances, and workouts, while special asset groups and receivers use us on distressed property. The income approach starts with the actual rent roll and expense history rather than a published cap rate and a guess. Our piece on the income approach for commercial property shows how. Typical assignments run from North Side multi-family to Southwest Side industrial as well as Loop office.

Residential Appraisals for Chicago Mortgage Lenders

Mortgage lenders and banks order refinance, PMI removal, and new construction appraisals. New construction is often appraised from plans and specifications, so the report states what was relied on. Relocation appraisals follow the ERC format that corporate relocation programs require. For homeowners, a low lender value is not the last word, because an independent second opinion can still be ordered.

Appraisals for Chicago Brokers and Realtors

Residential brokers and Realtors send us pre-listing work when a price needs support before the listing goes live. It is also where we find what will surprise a buyer’s lender later, usually unpermitted work. Our article on selling a house with unpermitted work in Chicago explains what an appraiser does with that information. Buyers’ agents use us for pre-purchase appraisals on unusual properties, too. Commercial brokers also come to us before listing land or mixed-use property where the highest and best use is unclear.

Appraisals for Chicago CPAs and Tax Preparers

CPAs come to us for three things. First, a real estate gift over $5,000 needs a qualified appraisal on IRS Form 8283, so we prepare those accordingly. Second, gift tax and trust funding need a supportable value as of the transfer date. Third, estate filings need a date-of-death value, prepared as a retrospective appraisal. We also support clients’ Cook County property tax appeals when the assessed value is out of line.

Neighborhoods and Suburbs We Cover

Downtown and the North Side: the Loop, River North, Streeterville, the Gold Coast, Lincoln Park, and Lakeview. The Northwest Side: Wicker Park, Bucktown, Logan Square, Portage Park, and Jefferson Park. The South and West Sides: Hyde Park, Bronzeville, Beverly, and Pilsen. Near suburbs: Lincolnwood, Skokie, Evanston, Wilmette, Park Ridge, and Oak Park. The rest of Cook County is covered too, so just ask.

How to Order a Chicago Appraisal From PahRoo