If you’ve owned your home in Chicago since January 1st, 2020 or earlier, you should be looking into applying for your homeowner’s exemption if you haven’t already.
What is a homeowner’s exemption in Chicago?
Cook county allows you to reduce your property tax bill for your primary residence through the exemption. How it works is it reduces the equalized assessed value (EAV), or taxed value, of the home by $10,000 which in turn will lower your tax bill by around $600-700. Many people are unaware of this exemption, think it’s too complicated to apply for, or just never took the time to apply.
From the Cook County assessor’s website:
A Homeowners Exemption provides property tax savings by reducing the equalized assessed value of an eligible property. Most homeowners are eligible for this exemption if they own and occupy the property as their principal place of residence. Once this exemption is applied, the Assessor’s Office auto-renews it for you each year.
I have met with many sellers who weren’t getting their exemption, and so they applied through the Certificate of Error process with the Cook County assessor’s office and were backpaid three years for exemptions they missed out on. How awesome would it be to get a random $2,000 check in the mail?
This happens more often than you would guess. Part of my job as a real estate agent is to always looking out for my client’s best interest, and what better way to do that than saving them some money?
So if you haven’t yet, check the website, apply, because the deadline to apply is March 31st, 2021! (If you miss the deadline, you’ll need to go through the Certificate of Error process to rectify past issued property tax bills).
Contact me at 847.373.8114 or email@example.com if you have any questions with this or you’re thinking about selling your home
P.S. And if you really want to nerd out, here is how it works: https://www.cookcountyassessor.com/your-assessment-notice-and-tax-bill