Senior Exemption Deadlines Approaching
Senior citizens who are newly eligible for a senior citizen property tax exemption or who are eligible for the income-based Senior Freeze Exemption, have until April 10th to apply, under a recently extended deadline.
Under a new law passed last year, senior citizens who have already qualified for the standard senior citizen exemption in past years do not have to reapply. The exemption is now automatically renewed.
Applicants for the Senior Freeze Exemption however, are required to apply each year. Cook County homeowners age 65 or older who have household incomes of $65,000 or less may qualify. This senior freeze exemption provides additional property tax deductions to offset increases in assessed property values.
Cook County Senior Exemption Deadline: February 3, 2016
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.
Bigger Property Tax Exemptions Do Not Always Bring Savings
While some Cook County residents could see savings as the result of recently expanded property tax exemptions for homeowners and seniors, anything that comes out of the tax base on one side of the equation, generally has to be added back in on the other.
Bigger is not always better…