This is the U of Chicago Master-Track Module 4 project modeling property values in the Northern Triad of Cook County, IL (Chicago).
The Module 4 study is the fourth and final in a series of data modeling initiatives aimed at addressing three primary shortcomings identified in Civic Consulting Alliance's (CCA) third-party review of the property tax assessment process and outcomes of the Cook County Assessors Office (CCAO):
- variability in assessment outcomes
- valuation regressivity
- overutilization of the assessment appeal process
Within this context, the specific objective of the Module 4 study is to a identify a property valuation model(s) that outperforms CCAO's "first-pass" model as measured by coefficient of dispersion (COD). As further detailed below, COD directly measures the variability of assessment outcomes.