Providing Property Tax Relief Since 1999
The Cook County Assessor’s Office has announced that 2016 assessment notices were mailed on January 29, 2016, for the following townships:
The deadline to file an appeal is February 29, 2016.
For most people, a house is likely the most important investment they will ever make, in multiple senses of the word. It’s where you put down roots, raise a family, celebrate with the people you love. It can also be a source of wealth building and financial security.
That’s why it’s so important to protect your investment. That might mean making necessary repairs or improvements. It can also mean not paying more than you should for in interest or mortgage fees.
A small change in your mortgage interest rate can cost you tens of thousands of dollars over the life of your loan.
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Attention all seniors in Cook County: the deadline for applying and re-applying for both the Senior Citizen Exemption and the Senior Freeze Exemption is February 3, 2016.
Not doing so will result in the loss of the exemption applied to your 2016 second installment property tax bills that you will receive this summer. Even if you have had one or both of these exemptions previously, you must now re-apply every year.
To claim the senior citizen property tax exemption in Cook County, you must apply by March 1 – even if you’ve applied before.
All senior citizens must apply every year with the Cook County Assessor’s Office to qualify for the exemption.
If you will be 65 or older this year, then you may qualify for the senior citizen exemption, which provides tax relief by reducing the equalized valuation of an eligible residence. Exemptions will appear as a deduction on the second installment of your property tax bill that is mailed out each summer.
With Mayor Rahm Emanuel’s property tax hikes consistently in the news, especially as Chicago Public Schools budget shortfall of $215 million and continued unfunded pension liabilities for city police officers, firefighters and teachers remain unsolved issues, here’s what to expect to see in your 2017 property taxes if you live in Cook County.
Regardless of what happened the year before, your first property tax installment is always 55% of the total property taxes you paid the year before. First installment bills are usually received by homeowners in March.
A mayoral candidate’s idea for a tiered system of property tax rates that would tax higher-priced homes at higher rates was short-lived.
Another idea to establish a statewide property tax to help pay off pension obligations was decisively rejected by suburban voters in November before it was ever even formally proposed. The referendum was seen as a way to discourage any attempts to introduce such a proposal – based on an idea from three Federal Reserve of Chicago economists reported earlier this year.
The chilly reception in both cases illustrates the hurdles around proposals that have the potential to raise property tax rates, especially in an election year, and especially in areas like Chicago, where property owners are still absorbing the sting of four years of phased-in property tax hikes.
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If you’re living on a fixed income, you’re probably even more concerned about Rahm Emanuel’s $588 million property tax hike than the average homeowner – and rightfully so, but you don’t have to be.
Just as property taxes are not a fixed cost, they can actually be reduced – possibly by as much or more than they are expected to increase for you.
Did you get that?
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2020 property valuations are currently being determined by the Harris County Appraisal District. The following cities, towns, and villages are in Harris County, Texas: Aldine, Atascocita, Barrett, Baytown, Bellaire, Bunker Hill Village, Channelview, Cinco Ranch, Cloverleaf, Crosby, Deer Park, El Lago, Friendswood, Galena Park, Hedwig Village, Highlands, Hilshire Village, Houston, Humble, Hunters Creek Village, Jacinto City, Jersey Village, Katy, La Porte, League City, Mission Bend, Missouri City, Morgans Point, Nassau Bay, Pasadena, Pearland, Piney Point Village, Seabrook, Sheldon, Shoreacres, South Houston, Southside Place, Spring, Spring Valley Village, Stafford, Taylor Lake Village, Tomball, Waller, Webster, and West University Place. The deadline to protest your appraised value at the Appraisal Review Board is May 15th.
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When buying a home, many scrutinize home prices, assessed value, interest rates, and even PMI when determining what to pay and what they can afford.
However, many neglect one of the most important financial aspects of home buying or, should we say, home paying: accurately estimating your property tax obligation.
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UPDATE: Under a state law that took effect in 2019, senior citizens who have applied for and received a Senior Exemption deduction on their property tax bill do NOT have to reapply each year. This blog has been updated to reflect the new law.
With a new property tax season approaching, it’s time to start thinking about exemptions.
Property tax exemptions reduce the portion of the equalized assessed value (EAV) of your property that is subject to tax, thereby lowering your property taxes.
Some exemptions, like the homeowner exemption and the senior exemption, do not require eligible homeowners to reapply every year.
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