Hynes Wins Cook County Assessor Race, Vows Property Tax Stability

Pat Hynes won the Cook County Assessor race on Nov. 3, 2026, unseating two-term incumbent Fritz Kaegi in what Bisnow called perhaps the most consequential result of the midterms for Illinois commercial real estate. Hynes, a former Lyons Township assessor, beat Kaegi in the March 2026 Democratic primary, then defeated Libertarian candidate Nico Tsatsoulis in the general election by a roughly 85 percent to 15 percent margin. His uncle, Thomas Hynes, held the same office from 1979 to 1997.

Why it matters

The Cook County Assessor sets the property valuations behind every tax bill in the county, a major standing cost uncertainty for developers, builders and agents working in Chicago and its suburbs. Hynes has pledged to make the office boring again: more predictable and accurate valuations after two terms under Kaegi. Molly Phelan, a partner at Siegel Jennings, told Bisnow she is bullish on development in Cook County now that a new assessor is coming in. Her reaction is one real estate attorney’s read on the change, not a forecast this desk is adopting.

The numbers

Hynes carried the general election against Tsatsoulis by roughly 85 percent to 15 percent. He had already cleared the more consequential hurdle in March, beating a sitting two-term assessor in a Democratic primary. No valuation figures, parcel counts or dollar amounts accompanied Bisnow’s report, and none should be assumed until the new office publishes its own numbers.

What’s next

Hynes has not yet taken office, so any changes to assessment practice remain pledges rather than completed actions. He has said he plans to create a Department of Economic Development within the Assessor’s Office, intended to work with aldermen and mayors on assessment transparency for new development projects. How that department is structured, and how it affects the first assessment cycle under his watch, has not been detailed. Property owners and developers in Cook County should expect specifics once Hynes is sworn in rather than before. For more coverage of the market, see the Chicago hub.