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ATTENTION COOK COUNTY HOMEOWNERS
During spring 2010, in response to Cook County's new assessment procedures, Illinois lawmakers voted to extend a property tax relief program for Illinois homeowners. This extension was signed into law on August 1, 2010
The new program caps Cook County property tax assessment increases by 7 percent to a maximum exemption of $20,000 this year. The measure also creates seven "Taxpayer Action Boards" to monitor property tax evaluations in Cook County and six suburban counties surrounding it. Without the bill caps on assessment increases adopted in the past decade, would drop this year to the standard, $6,000 homestead exemption.
Cook County homeowners should also be sure that they are participating
in any special tax programs that they qualify for.
Some of the special tax programs are:
General Homestead Exemption, available to all homeowners who actually occupy their house or condominium. It automatically
renews every year.
Long-Time Occupant Exemption, Available to all homeowners that owned their house for ten years and have a total household income of $100,000 or less. Please consult with the Assessor for the exact requirements.
Senior Citizen Exemption,
available to all homeowners age 65 and over.
Tax Freeze, available
to senior citizens with a household income of less
than $40,000.00. A separate application must be filed
every year.
Circuit Breaker Program, available to senior citizens with an income below
$21,218.00.
Tax Deferral Program, available to senior citizens with a household income
of less than $40,000.00. Participants, in effect, get a loan from
the State of Illinois to pay their tax bill. A separate
application must be filed every year.
Generally speaking, local government in Chicago and
suburban Cook County functions well. Regardless, we all should work toward a more efficient
government and for a more fair assessment process.
John P. Fitzgerald
Attorney at Law
September 1, 2010
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