Senior Exemption Will Renew Automatically Next Year
Cook County property owners who have already applied for and received a senior exemption will have one less chore next year under a law that makes the exemption automatic for property owners 65 and older.
In the past, the senior exemption had to be renewed annually, a task that the Cook County Treasurer’s Office found was overlooked by more than 25,000 of the county’s approximately 740,000 eligible seniors.
Under the law that went into effect this year, eligible seniors will only have to apply for the exemption once and it will auto renew annually. The exemption can reduce a homeowner’s property tax bill by an average of $300 a year as it reduces the property’s equalized assessed value by $8,000.
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