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Senior Tax Exemptions: Apply and Save Money Every Year

Cook County Property Taxes Senior Exemption

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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Cook County Senior Exemption Deadline Nearing

senior-exemption-deadline-nearingApplications for two property tax exemptions for Cook County senior citizens have been mailed out to property owners who received the exemptions last year. The deadline for re-applying for the exemption is Feb. 6, 2019. The application is required every year, regardless of past eligibility.

The Senior Citizen Exemption entitles eligible property owners to an $8,000 reduction in the equalized assessed value of their property, reducing their tax bills for tax year 2018 by lowering the value of their property that is used to calculate the amount of taxes owed.

Senior Exemption Eligibility Requirements

To be eligible for the Senior Exemption, a Cook County taxpayer must meet the following criteria:

  • Been born in or before 1953
  • Owned their property during 2018, or had a lease or contract that made them responsible for property taxes in 2018
  • Used the property as their principal residence in 2018

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Tax Law Brings New Incentive for Property Tax Appeals

Cook County Property Tax Appeals & New Tax LawAbout 47,000 Cook County homeowners rushed to pay $312 million in property taxes to take advantage of the unlimited tax deduction for state and local taxes under the previous tax law, The Chicago Tribune reported. The new tax law now caps deductions for state and local taxes — including property taxes — at $10,000.
Not sure what this means for your property tax bill or appealing it? Below is everything you need to know.
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Factoring Floodplain Data into Property Tax Assessments

Chicago North ShoreCook County Tax Assessor Fritz Kaegi backed off a plan to provide immediate relief to more than 1,100 homeowners living within a floodplain in the New Trier township after a rocky roll-out left him having to defend a decision that would have reduced the assessed value of some pricey homes by as much as 30%.

But floodplain data, compiled by the Federal Emergency Management Agency (FEMA), has been added to the county’s assessment models and will be a factor taken into consideration going forward.
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Cook County Board of Review Final 2016 Township Group Open for Appeals

The Cook County Board of Review has announced that the final 3 townships have opened for 2016 property tax appeals. The window to appeal your 2016 assessment for the townships listed below is January 3rd through February 1st.Cook County Property Tax Appeal

  • Niles
  • Schaumburg
  • Jefferson

Click here to find out which township your property is in or give us a call and we will be happy to assist you.

The full Cook County Board of Review 2016 Appeal calendar can be found here.

Contact Us For A Free Property Tax Appeal Estimate

Group 8 Opens for Property Tax Appeals at Board of Review

cook seal v2The Cook County Board of Review (CCBOR) has opened Group 8 townships for 2017 property tax appeals. If your home is located in one of the townships listed below you have until the deadline of January 31st to appeal your 2017 assessment at the CCBOR.

  • Bloom
  • Hanover
  • Niles
  • Rich
  • Schaumburg

Confused about which township your property is in? You can either contact us with your property address and we will look it up for you or you can click here.
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A Taxing Year for Chicago Homeowners

Chicago rowhouse neighborhoodChicago residents won’t see the 2020 property tax hikes some had feared under a city budget that holds property tax increases to $18 million for public libraries, but it is little relief for a city still absorbing multiyear increases imposed to cover unfunded pension obligations– and the sting of this year’s reassessments, which hit some North Side and Central neighborhoods hard.

Pension pressures still loom large over the city of Chicago, which faces a pension burden “the largest of any U.S. city,” according to The Wall Street Journal.

Meanwhile, the five-year contract that resolved the recent teachers’ strike will carry a price tag estimated at $1.5 billion.
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Exemption to Provide Property Tax Relief for Survivors of First Responders

Property Tax Relief for Spouses of Fallen First RespondersThe surviving spouses of Chicago police officers, firefighters, active duty soldiers and other first responders who have died in the line of duty will be eligible for an exemption waiving the city portion of their property tax bill, under an ordinance that will take effect next year with the 2019 tax bill.

While state lawmakers originally authorized this bill in 2012, it required the sponsorship of local officials. The measure was sponsored in Chicago by 11th Ward Alderman Patrick Daley Thompson.

“While our debt to their service and sacrifice cannot possibly be repaid, their legacies are carried on by the families they loved,” Mayor Lori Lightfoot said in a statement. “We will continue to do everything in our power to ensure we can make their lives a little easier.”
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Chicago’s Inspiration Cafe Celebrates 30 Years

inspiration-cafeWhen it comes to helping Chicago area homeowners relieve their tax burden, we take a lot of satisfaction in the work we do for our clients. Once a year, however, we love stepping out of our usual routine to be part of something bigger.

Uptown’s Inspiration Cafe has been serving delicious, restaurant-style meals to the homeless for 30 years. And volunteers are a big part of how it works. This year, as in past years, we sent a crew of Kensington employees to the Café to help prep, cook, serve and clear during a dinner shift.

It’s a great experience among friendly people and a reminder of how many ways there are to make a difference in the community. We loved being part of “cheeseburger night,” but we also always come away tremendously impressed by the work that this organization does.
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