Property Tax Exemption Deadline Approaching for Some Cook County Homeowners

Eligible Cook County homeowners who did not receive the Homeowner Exemption in 2019 need to file an application for exemption with the Cook County Assessor’s Office by April 9, 2021.

The Homeowner Exemption reduces the Equalized Assessed Value (EAV) of a primary residence by $10,000. Your property tax bill is calculated by multiplying the tax rate in your local district by the EAV. The Homeowner Exemption is available to anyone who owns or leases their principal place of residence in Cook County and is responsible for the property taxes.

The exemption renews automatically so it is not necessary to reapply if you are still living in the same home where you received the exemption last year.
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The Myth About Qualifying for Mortgage Refinancing

Refinance Your Mortgage Without Closing Costs UpfrontIt’s a common misconception that homeowners must have exemplary credit scores to qualify for a new loan or to refinance an existing mortgage, but this is far from the truth. Homeowners who hold an existing mortgage are – in most cases – eligible to refinance their current loan.

Unless you have experienced a significant decrease in your credit score, are recently unemployed, or have had another major life change, you should easily qualify for mortgage refinancing. For homeowners with extenuating circumstances, there are still options available for decreasing or temporarily pausing your mortgage payments.
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No “Silver Bullet” for Property Tax Relief in Illinois

Created by the General Assembly in the summer of 2019 to address an “opaque” and unpopular system that has left Illinois with the second highest tax rate in the country, a property tax relief task force recommended a four-part, decade-long attack.

The group’s recommendations – summarized in a draft report included as part of a study Treasurer Maria Pappas released documenting the 20-year climb of Cook County property taxes – illustrate the difficulty of revamping a tax system built around the funding needs of 6,968 separate taxing districts. That’s more than any other state in the country by a margin of 2,000, according to U.S. Census Bureau data cited in the report. Second-place Pennsylvania has nearly 5,000.

Consolidating such government units is at the heart of the recommendations made by the 88-member legislative task force, which held dozens of hearings around the state over a five-month period in 2019.
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How to Refinance Your Mortgage Without Paying Closing Costs Upfront

smiling black man working on his computer to refinance his mortgage
Many homeowners would like to refinance their mortgages but are turned off by the concept of upfront closing costs and fees. Typically, closing costs represent 2-5% of the loan’s total value, but this nominal fee shouldn’t scare you away from refinancing. In the long run, you could still be saving thousands.

There are many options for homeowners when it comes to paying the closing cost and fees associated with refinancing their mortgage loan. From rolling them into the cost of your loan to finding a lender who can do a zero-cost closing, there are numerous ways to handle these costs.

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Board of Review Opens Group 11 for 2020 Appeals

The Cook County Board of Review has opened 2020 property tax appeals for the eleventh group. The Board’s deadline to appeal your 2020 assessed value is January 29, 2021. Below is the township that are currently open in Group 11:

  • South Chicago

If you missed your appeal opportunity at the Assessor’s office earlier in the year, or if you did appeal and weren’t satisfied with the result, you have a second opportunity to appeal at the Board of Review. Appealing your home’s 2020 assessed value is the only way to achieve property tax relief on your second installment property tax bill in July 2021, other than selling your home or claiming a new exemption. Assessments can be appealed every year, regardless of when a township was reassessed.
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Board of Review Opens Group 10 for 2020 Appeals

The Cook County Board of Review has opened 2020 property tax appeals for the tenth group of townships. The Board’s deadline to appeal your 2020 assessed value is January 21, 2021. Below are the townships that are currently open in Group 10:

  • Lake
  • North Chicago

If you missed your appeal opportunity at the Assessor’s office earlier in the year, or if you did appeal and weren’t satisfied with the result, you have a second opportunity to appeal at the Board of Review. Appealing your home’s 2020 assessed value is the only way to achieve property tax relief on your second installment property tax bill in July 2021, other than selling your home or claiming a new exemption. Assessments can be appealed every year, regardless of when a township was reassessed.
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Board of Review Opens Group 9 for 2020 Appeals

The Cook County Board of Review has opened 2020 property tax appeals for the ninth group of townships. The Board’s deadline to appeal your 2020 assessed value is January 14, 2021. Below are the townships that are currently open in Group 9:

  • Bloom
  • Hanover
  • Niles
  • Northfield
  • Rich

If you missed your appeal opportunity at the Assessor’s office earlier in the year, or if you did appeal and weren’t satisfied with the result, you have a second opportunity to appeal at the Board of Review. Appealing your home’s 2020 assessed value is the only way to achieve property tax relief on your second installment property tax bill in July 2021, other than selling your home or claiming a new exemption. Assessments can be appealed every year, regardless of when a township was reassessed.
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Now Is the Time to Shop for Low Refinancing Rates

Refinance Your Home
One reason people give for not refinancing their mortgage loans is the belief that they’re not going to get a better rate than the one they already have, but with record-low interest rates, that’s an increasingly unlikely scenario. 

Unless you have recently refinanced your mortgage, there’s a good chance you are paying more than you should in interest. However, many people are hesitant to refinance, intimidated by the process of shopping around or concerned that it will take too much time and effort to find a lower rate.

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Board of Review Opens Group 8 for 2020 Appeals

The Cook County Board of Review has opened 2020 property tax appeals for the eighth group of townships. The Board’s deadline to appeal your 2020 assessed value is January 05, 2021. Below are the townships that are currently open in Group 8:

  • Bremen
  • Hyde Park
  • Jefferson
  • Proviso
  • Thornton

If you missed your appeal opportunity at the Assessor’s office earlier in the year, or if you did appeal and weren’t satisfied with the result, you have a second opportunity to appeal at the Board of Review. Appealing your home’s 2020 assessed value is the only way to achieve property tax relief on your second installment property tax bill in July 2021, other than selling your home or claiming a new exemption. Assessments can be appealed every year, regardless of when a township was reassessed.
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Treasurer’s Study Shows the 20-Year Climb of Cook County Property Tax Bills

Treasurer's Study of Cook County Property Taxes
If you feel like your property taxes have been rising out of proportion to your income or the rise in the cost of living, a study by Cook County Treasurer Maria Pappas shows you are probably right.

The study shows that the amount of property taxes billed throughout Cook County have increased 99% since 2000: from $7.85 billion in 2000 to $15.58 billion last year.

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