If the homeowner applied for a permit during remodeling, the property taxes may rise after remodeling is completed. In some counties, like Cook County, IL, property taxes will not rise if the value of all improvements on the property are less than or equal to $75,000 in property value. If the property value improvements are greater than $75,000 the property tax increase will be calculated based on the difference between the total amount of improvements and $75,000. For example, if the total amount of improvements corresponds to $100,000, the County Assessor will raise your property’s fair market value by $100,000-$75,000 or $25,000 and will use the new fair market value to determine your new total property assessment. In Cook County, this market value increase will be phased in over the 3 years that follow the completion of the remodel and not on the first year.