Cook County Property Tax Bills Are Out. Check To Make Sure You Are Getting Your Exemptions

If you are a homeowner in Cook County, you should be receiving the 2nd installment of your property tax bill this week.  Like many other residents, you would likely want to see the tax amount reduced if possible.  One simple way to get a reduction is to ensure you are receiving the exemptions you are entitled to.  

The Homeowner's exemption (also known as Homestead Exemption) if you own your residence is given to property owners on their 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.

If you are over 65 years of age, you may also be entitled to the Senior Exemption or a Senior Freeze on your property taxes if your income is under the 

First, check to see if you have a homeowner's exemption by searching your property by PIN or address on the Cook County Treasurer's website.

You can also review the most recent 2nd installment of your property tax bill, it will list the exemptions at the lower portion of the bill and whether you received any exemptions for that tax period. 

Next, if you believe you are entitled to an exemption, you can obtain the exemption forms on the Cook County Assessor's website.  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 Exemptions for the years that you qualify.

Finally, if you are a new homeowner, you may not qualify for this year's homeowner exemption but put a reminder to file for the exemption next year.  This is also important for anyone soon to obtain the age of 65 so that they file to obtain the Senior Exemption.  

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.

Find Money That You May Not Have Realized You Were Missing

Finding money in a coat pocket is always a nice surprise, but what if you found that you could search the internet to locate lost assets?  Most states have an unclaimed property website that allows you to search your name to determine whether you may have property that the state is holding for you. Illinois is currently holding $3.5 billion in abandoned assets that are unclaimed by its residents. 

It is a good practice to check every year or two with your state to see if you may have unclaimed property in the state where you currently or previously lived.  Many times when you move, checks are sent to your old address.  If the payor is not aware that you moved, the funds are eventually deposited with the state as unclaimed property.  

You may also find assets that may have been held by loved ones who have passed away. This is one of the most common reasons for unclaimed property to go to the state when someone dies and accounts are abandoned.  As estate planning attorneys, we do a search frequently for estates that we have handled to make sure we did not miss anything when administering an estate.

What is unclaimed property?

Common types of unclaimed property include: checking and savings accounts, uncashed wage and payroll checks, uncashed stock dividends, and stock certificates, insurance payments, utility deposits, customer deposits, accounts payable, credit balances, refund checks, money orders, traveler’s checks, mineral proceeds, court deposits, uncashed death benefit checks, and life insurance proceeds.

In most states, you can file a claim form to reclaim your property.  The claim form will tell you which documents you will need to provide to make a claim.  

The following are a few websites for unclaimed property if you live or have lived in these states. 

Illinois

Wisconsin

Minnesota

Iowa

Indiana

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.