Property Tax Increase Despite Property Value Decrease

[Jim Cellini]

Hey just wondering if anyone had any thoughts or similar experiences:

I own a duplex in Logan Square purchased for $609,000 in August 2019. As of May 2021 it was valued at $650,000 according to zillow. My property tax assessment comes in recently and my taxes went up (yay chicago) which I kind of expected honestly, but I noticed my appraised value went down about $50,000 from the year before. I have no idea why that is, or why the zillow estimate would decrease $100k instead of 50k. Any thoughts? I'll post screenshots for comparison to help illustrate what I'm talking about. Thank you in advance!

Thanks in advance. - jim

[Brie Schmidt]

Zillow valuation means nothing at all.  The assessed value is also not in line with market value, in 2020 they lowered everyone's assessed value due to COVID but it was a moot point because they still have the same tax obligations so the tax rate was increased.  Everyone just got a very large assessment increase and I bet the tax rate will go down for 2021