Are You Paying More Property Tax Than You Need To? Cook County Exemptions Worth Checking
If you own a home in Illinois, property taxes are probably one of your biggest ongoing housing expenses. But have you checked whether you're receiving all the exemptions you qualify for?
On October 23, the Cook County Treasurer highlighted property tax relief available to homeowners with disabilities, including automatic renewals for eligible recipients. It's a good reminder for every homeowner to review the exemptions on their property tax bill.
Property Tax Relief for Homeowners With Disabilities
Cook County offers a Persons with Disabilities Exemption for qualifying homeowners.
This exemption reduces a property's Equalized Assessed Value (EAV) by $2,000 annually. That does not mean your tax bill goes down by $2,000. Your actual savings depend on the local tax rate.
Generally, eligible homeowners must own and occupy the property as their primary residence, be responsible for the property taxes, and meet the disability requirements as of January 1 of the applicable tax year. Supporting documentation is required.
First-time applicants must apply, but qualifying homeowners already receiving the exemption generally benefit from automatic renewal as long as they remain eligible.
You may also qualify for other exemptions, so it's worth reviewing your full exemption history.
Don't Overlook the Homeowner Exemption
One of the most common benefits is the Homeowner Exemption, generally available to qualifying owners who use the property as their primary residence.
Once approved, it typically renews automatically while you remain eligible.
However, if you've recently purchased a home or moved, don't assume the previous owner's exemption will automatically carry over to you. Check your property's records and confirm whether you need to apply.
Homeowners age 65 or older also look into the Senior Exemption
Those who meet additional income and eligibility requirements may qualify for the Senior Freeze Exemption, which requires an annual application.
What If You Missed an Exemption in Previous Years?
You may still have options.
If you qualified for an exemption that wasn't applied to an earlier tax bill, Cook County's Certificate of Error process may allow you to request a correction and potentially receive a refund, depending on the year and your eligibility.
Start by checking your property's details and exemption history through the Cook County Assessor's Office.
Exemptions are generally reflected on the second installment of your property tax bill, so that's an important place to look.
What Buyers and Sellers Should Know
For buyers: The property taxes shown on a listing may include exemptions received by the current owner. You might not qualify for those same benefits.
Before buying, estimate your own future tax obligation rather than relying solely on the seller's current bill.
For sellers: Review your property tax bill and current exemptions before listing. Having accurate information ready can help answer buyers' questions and make the transaction smoother.
And remember, exemption rules and application procedures vary by county. This article focuses on Cook County. If your home is in DuPage County or another area, check with your local assessor.
One Small Check Could Make a Difference
Whether you're buying your first home or have owned one for years, take a few minutes to review your property tax bill.
Your true housing costs include more than your mortgage payment. Property taxes, insurance, and HOA fees all matter.
If you're planning to buy or sell in Chicago or the surrounding suburbs and would like help understanding the costs of homeownership, feel free to reach out.
Sang Han
773-717-2227
Comments