Tag Archives: chicago

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 Property Taxes Going Up, But By a Little Less

cook-county-tax-rates-increasingYour property tax bill is coming and – it will come as no surprise – it’s going to be bigger than it was last year.

But here’s what passes for the good news: In Chicago, property taxes are going up by less than they did last year.

The rates, released by the Cook County Clerk’s Office, show that the average property tax bill for homeowners in the city will be about 2.75% higher than last year, or about an extra $110 for the owner of an average single-family residence with a market value of $224,500.

Last year’s tax hike cost that same homeowner an additional $363 – an increase of 10 percent.

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Chicago Homeowner Property Tax Rebate Applications Due 11/30

Update: the tax rebate deadline to file applications has been extended to December 31, 2016

Property Tax Rebate ChicagoIn an effort to offset his recent $838 million property tax hikes over the past year, Chicago mayor Rahm Emanuel and the city council have implemented a homeowner rebate program.

Qualified homeowners will receive $25 to $200. You may also qualify for an additional $150 senior supplement and hardship grant that extends your total rebate up to $1,000.
Not many people know about it—we just learned about it and we follow Chicago and Cook County property tax appeal-related news closely—so please read below and share with anyone you think may meet the qualification criteria.
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Can Cook County Retaliate for Property Tax Appeals?

Property Tax Appeal Retaliation in Cook CountyA question that we get a lot about appealing property taxes in Cook County is whether or not the County Assessor or anyone else can retaliate for a successful property tax appeal and reduction.

Since we started working on property tax appeals, we’ve found no evidence of retaliatory measures of any kind.

Instead, we’ve discovered the opposite.
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Property Tax Impact on O’Hare Flight Path Homes

Property Taxes for Chicago O'Hare Flight Path HomeownersWhile Cook County property taxes have skyrocketed for just about every homeowner thanks to Rahm Emanuel’s combined $838 million property tax hikes over the past year, there are some who actually saw theirs decrease.

However, there’s a “catch” for these homeowners and here’s what can be done about it.
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Chicago Homeowners Face Additional $250 Million Property Tax Increase

Chicago Homeowners Face Additional $250 Million Property Tax IncreaseBesides Mayor Rahm Emanuel’s $588 million property tax increase, approved by the Chicago City Council last fall for police and fire department pensions and school construction, Chicago homeowners will face an additional $250 million tax levy to pay for teacher pensions. This amount is $80 million more than Emanuel originally proposed for teacher pensions over a year ago.

Why Is This Happening?

As the Chicago Sun-Times reported, the hike is the result of a compromise deal between the Illinois Legislature and the City of Chicago, which didn’t receive as much money as it had hoped for from the State. A top mayoral aide quoted anonymously in the article said, “We didn’t get quite as much as we wanted from Springfield. The State is stepping up. They wanted to see the city step up.” As a result, Chicago homeowners will be paying up.
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Chicago Property Taxes: Homeowner Double Whammy
Cook County Property Tax Double Whammy

Crain’s recently covered how Rahm Emmanuel’s $588 million property tax hike, which passed the Chicago City Council on October 28, is a double whammy for commercial property owners because it comes at a time when property values are rising and Cook County is re-assessing.

The same holds true for Chicago homeowners because of rising home values and all city of Chicago townships are being re-assessed this year.

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Chicago Property Tax Hike: Getting Closer…

Chicago Property Tax Hike: Getting Closer...We’ve all heard about the City of Chicago’s proposed property tax increase to cover a gaping hole in the budget.

As Thomas Corfman of Crains Chicago reported on July 29, 2015, more and more city aldermen are getting on board the property tax hike train, which could amount to $250 million: a 32% year-over-year increase from the property tax levy in 2014.

An excerpt of his article:

“‘In normal times there would be mighty resistance (to a big property tax hike), but the aldermen and public as a whole have become educated as to just how dire the city’s financial situation is,’ said Ald. Joe Moore, 49th, who was elected in 1991 and ranks third in seniority on the council. ‘While there will still be considerable political blowback on a property tax vote, I don’t think it is fatal because the alternatives are worse.’

“Support for a city income tax as an alternative to a property tax hike is growing, said Ald. Roderick Sawyer, who represents the 6th Ward on the South Side. But such a solution would require a change in state law, and wouldn’t come quickly, if at all. In the meantime, while smaller tax hikes and budget savings will help, consensus is growing on the council that a big property tax hike will be necessary, aldermen say.”

Never a Better Time to Appeal Your Property Tax Assessment

The above serves as yet another reminder to appeal your property tax assessment, both at the Cook County Assessor’s Office and at the Board of Review. If you don’t, you may pay more than your fair share of property taxes.

Contact us to get a free property tax reduction estimate