Over the past year, I have reviewed many clients' assets for tax and estate planning purposes and I have noticed some are missing a large tax exemption each year: their homeowners exemption (also known as Homestead Exemption). This exemption 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 be entitled to a Senior Exemption or Senior Freeze on your property taxes.
First check to see if you have a homeowner's exemption with your County Assessor or Treasurer: In Cook County, you can search your property by PIN on the Cook County Treasurer's website.
In Cook County, you can review your last property tax bill, it will list the exemptions and whether you received any exemptions for that tax period.
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 Exemption the years you qualify.
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.
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