Homeowner Exemption

 

Homeowners! Don't forget to claim your homeowner exemption. When you own and occupy a home, you may be eligible to receive a discount on your property taxes. Many homeowners are not aware of this!

 

Exemptions

Cook County homeowners may take advantage of several valuable property-tax-saving exemptions. There are currently four exemptions that must be applied for or renewed annually: The Homeowner Exemption, Senior Citizen Homestead Exemption, Senior Citizen Assessment Freeze Exemption, and the Home Improvement Exemption.

1)   Homeowner Exemption

Taxpayers whose single-family home, townhouse, condominium, co-op or apartment building (up to six units) is their primary residence can save $250 to $2,000 per year, depending on local tax rates and assessment increases. First-time applicants must have been the occupants of the property as of January 1 of the tax year in question.

The Cook County Assessor’s Office now automatically renews Homeowner Exemptions for properties that were not sold to new owners in the last year.

In neighborhoods where assessments have increased sharply, this exemption also now can help buffer the reassessment and be worth as much as $2,000 ($20,000 in Equalized Assessed Value multiplied by the local tax rate).

This program is administered by the Cook County Assessor's Office. New owners should apply to:

Cook County Assessor's Office 
118 North Clark Street, Room 320 
Chicago, IL 60602
312.443.7550

You may find applications and additional information at: www.cookcountyassessor.com 

2)   Senior Citizen Homestead Exemption

Seniors can save, on average, up to $300 a year in property taxes, and up to $750 when combined with the Homeowner Exemption. The applicant must have owned and occupied the property as of January 1 and must have been 65 years of age or older during the tax year in question.

3)   Senior Citizen Assessment Freeze Exemption

Qualified senior citizens can apply for a freeze of the assessed value of their property. Over time, in many areas, this program results in taxes changing minimally and often decreasing as surrounding properties continue to rise in assessed value. This is the most valuable homeowner exemption program. The value increases over the years as it eliminates the impact of regular reassessment increases that may occur every three years. 

For Tax Year 2016, the applicant must have owned and occupied the home on January 1, 2015 and January 1, 2016 and have been responsible for the 2015 and 2016 taxes.

4)   Home Improvement Exemption

Homeowners can make up to $75,000 worth of property improvements without an increase in property taxes for at least four years. The value varies depending on the reduction of the assessed value and the tax rates where the property is located.

 

There are also several state and city programs now available.

-       Senior Citizen Tax Deferral 
The household income limit to participate in this program has increased to $55,000. This program works like a loan from the State of Illinois to qualified senior citizens, with an annual interest rate of 6%. Any portion or all (up to $5,000 per year) of the tax may be deferred until the house is sold or until the death of the taxpayer. To apply, contact the Cook County Treasurer's Office at 312.443.5100.

-       Disabled Veteran Homestead Exemption 
Administered through the Illinois Department of Veteran's Affairs. Call 312.814.2460.

 

You can find more information and applications on these and other exemption programs at  cookcountyassessor.com or feel free to contact me with any questions you may have! 

Information provided by https://www.cookcountytreasurer.com/exemptions.aspx