BURR RIDGE, IL – The sale of a Burr Ridge mansion late last year is an example of a house’s tax-assessed value failing to keep up with market conditions.
In November, the house at 8724 Johnston Road in Burr Ridge sold for $3.75 million. It was owned by Gregory Zeman, former vice chairman of Vernon Hills-based CDW Corp.
For property tax purposes, the house’s market value is $1.5 million, about 40 percent of the final sales price, according to the Cook County Assessor’s Office.
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Last year’s property tax bill amounted to $33,167. At $3.75 million, the bill would likely more than double to at least $83,000.
The house, which was built in 2007, was originally listed for $4.9 million.
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In an email to Patch, assessor’s office spokesman Christian Belanger said the office’s reassessment last year for the south and west suburbs used sales data from the eight years leading up to Jan. 1, 2023.
“The sale (of 8724 Johnston) in November 2023 wouldn’t have been incorporated into the model, but will be part of the next reassessment of the south and west suburbs in 2026,” Belanger said.
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That means the new owner of 8724 Johnston Road will likely see lower-than-usual tax bills for another couple of years.
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