You get a discount just for living in the house, it's the most common exemption known as the Homeowner Exemption. It's usually worth $400-$1,700 a year. It changes every year depending on how much money they want to squeeze out of taxpayers this time around. The property tax value on your tax bill has nothing to do with real value. In most cases the home would sell for more. It keeps a lot of people from fighting. Keeps them paying up, since they "think they're getting a deal", they stay quiet. Others think they are flying under the radar with "Description Errors" like UNFINISHED BASEMENT, when they have a FINISHED BASEMENT. Guess what, basements are never included in square footage, even when they ARE FINISHED. Yet another great trick up the county's sleeve that keeps people from fighting and keeps them paying up. The property tax value will stick for 3 years unless you fight it and every 3 years they slap a new one on your home. Lately, we are seeing increases 30-60% in much of the county. The exemptions are discounts you get BELOW the value on the tax bill. Our main job is to help owners fight down the value at the TOP of the bill. Then we make sure they get ALL the exemptions they deserve below the value. They also mess with your exemption values, tax rate and state equalizer each and EVERY YEAR. That's why you may have noticed your taxes go up EVERY YEAR even when the value only changes every three years. People also get tired of mortgage payment increases due to property tax increases. We've noticed that any type of name change (even just the first name) on the tax bill, deed change, or returned county mail, tends to get ALL of your property tax exemptions KICKED OFF. We can help you get up to 3 years of refunds if you're missing exemptions. If you notice a missing exemption on the 2nd Installment BEFORE YOU PAY THE BILL you may be able to get the exemptions applied and get the bill REDUCED before the Due Date! If you noticed missing exemptions after the Due Date, you will likely have to pay it in full and then apply for refunds. Our clients "Never Pay A Percentage" for Refunds or Reductions through the appeal process. Property taxes can be fought up to 4 times a year, each and every year! That's what our clients do! We are a family business that is sending a shock-wave into this industry with our low flat fee of $125 a Year. Our 3 Year Service Package for $225 saves you 40%! Our clients "Never Pay A Percentage", all property tax Reductions and Refunds are 100% theirs! So PLEASE SHARE THIS PAGE WITH FRIENDS OR FAMILY WITH COOK COUNTY PROPERTY. If you're using a lawyer who only helps you every three years, he is old-school and costing you money. Scroll down and see all EIGHT Cook County property tax exemptions. Where do you send the completed exemption forms? Each form has a mailing address on it. Don't forget to make sure the exemption shows up on the 2018 2nd Installment (arriving around July of 2019). Mortgage companies don't care if your exemptions are applied or not, they will just keep hiking your mortgage. Make sure they copy you on all property tax bills so you can verify they're applied. When exemptions go missing for our clients, we help them get REFUNDS at not cost. The competition takes 33-50% of REDUCTIONS and REFUND CHECKS they get for their clients. Our clients never pay a percentage.
Once you have it on, it should stay on. So if you had it on LAST JULYs 2nd Installment, it should be there this July. You do NOT get the Homeowner Exemption the year you move in unless you moved in on January 1st. The exemption requires that you live there from January 1st of the year in which you're applying. If you are not sure whether or not you are getting it, send it in to be safe!
There are TWO Senior Exemption Forms. This is the standard Senior Exemption form, all Seniors get it as long as they live in the house and you must be 65 years of age or older during the tax year for which you are applying. The Senior Exemption needs to be applied for every year. We think they do this so kids can't ride out their mom or dads senior discount if they move out or move up (knock on wood) for a lack of better words. The county wants to receive this form by Feb 6th, 2019. It will be applied to the 2018 2nd Installment tax bill which arrives around July of 2019.
To qualify for the taxable year 2018, you must meet all of these requirements:
Do NOT get excited. While the "Who Qualifies" requirements below were copied from the Assessor's website, "there is a catch" on the paperwork. Your DD214 has to be for the same year as the assessment year you're applying for. In other words, our oldest veterans, who need the money the most, get "passed over". It only for the younger guys who have returned from recent conflicts. .
To qualify the veteran must be:
The Disabled Veterans Standard Homeowner Exemption provides an annual reduction in the Equalized Assessed Value (EAV) on the primary residence occupied by a disabled veteran on January 1st of the assessment year. The amount of the exemption each year depends on the percentage of the disabled veteran's service connected disability as certified by the U.S. Department of Veterans Affairs. A disabled veteran at least 70% disabled will be completely exempt from property taxes. A disabled veteran with at least a 50% to 69% service-connected disability will receive an annual $5,000 reduction in EAV. A veteran with a 30% to 49% service-connected disability will receive an annual $2,500 reduction in EAV.
To qualify the applicant must be:
If a person’s home previously received the Disabled Persons Homeowner Exemption and the taxpayer now resides in a facility licensed under the Nursing Home Care Act, his or her home is still eligible to receive this exemption provided:
This disappeared for many homeowners several years ago because of the 3rd requirement. In laymen terms, it required that you were increased (an X amount) over the years. The problem is, a few cycles back the county finally lowered most homes just a bit on reassessment. This drop instead of the usual steep increase, disqualified many for this exemption. Further, we've noticed the county as of 01/15/18 is showing different requirements on their website from those on the application once it's downloaded. Therefore you should contact the county for more information on this exemption.
Requirements for the Longtime Occupant Homeowner Exemption for Tax Year 2018 state that you must have
The Home Improvement Exemption allows you to increase the value of your home with up to $75,000 worth of improvements without increasing your home’s taxable market value for the new improvements for at least four years. After that exemption comes off, you will likely suffer a significant increase for the building permits and the triennial reassessment hit all at once. A double punch to your checkbook. Please contact the Cook County Assessor's Office for instructions on how to apply for this exemption. The form is currently unavailable on their website.
How do I change the name and/or mailing address on my property tax bill? It is a simple form that will REQUIRE your PIN (Property Index Number) for the form. It will also need to be Notarized. We suggest making several copies after you get it notarized so if the changes you make are not reflected on the next tax bill you can drop another copy in the mail.
Farlap & Associates
3447 W. Foster Avenue Suite B
Chicago, IL USA 773-409-4405