Monday, September 10, 2018

Make Sure You Are Receiving Your Homeowners Exemption

When residents in Cook County receive their Property Tax Assessment Notices, they may be startled to see the increase in their property value.  Property taxes seem to be increasing every year and challenging and appealing the assessments can be difficult for many residents.  One property tax reduction that you may not be taking advantage of is the homeowner's exemption.

When I meet with a new client for tax and/or estate planning matters, one of the first items I check to see is whether they are receiving a homeowner's exemption on their residence if they own their home. This exemption is calculated and taken on the property tax bill. 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. 

Those who are over 65 years of age may also be entitled to a Senior Exemption or Senior Freeze on their property taxes as well.

If you are a resident in Cook County, first, check to see if you are currently taking the homeowner's exemption with your County Assessor or Treasurer:

Cook County Treasurer Exemption Search

Cook County Assessor Exemption Search

You can search your property by PIN on the Cook County Treasurer's website or by the address on the Assessor's webiste.

Exemption forms are available on the Cook County Assessor's website if you find that no exemption was taken. Even if you have lived in the property for a number of years and have not claimed the exemption, you can file Certificate of Error forms to request a refund for the Homeowners and/or Senior Exemption the years you qualify. 

Of course, this exemption is not limited to Cook County or the State of Illinois. Contact your local Property Tax Assessor or Treasurer to confirm that you are receiving all credits for being a homeowner in your state.

If you have any questions about tax and estate planning, please feel free to contact Glick and Trostin, LLC at 312-346-8258.

Disclaimer: The materials on this website are provided for informational purposes only and do not constitute legal advice.  Transmission of the information is not intended to create, and receipt does not constitute, an attorney-client relationship between any attorney and any other person, group or entity. No representations or warranties whatsoever, express or implied are given as to the accuracy or applicability of the information contained herein.  No one should rely upon the information contained herein as constituting legal advice.  The information may be modified or rendered incorrect by future legislative or judicial developments and may not be applicable to any individual reader's facts and circumstances.