PROPERTY TAX SOLUTIONS

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Chicago, Illinois  60654

 

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Exemption Update - Changes Every Cook County Homeowner Should Know About!

October 20, 2017

Recent adjustments to several common exemptions have been made effective for the 2017 tax year.  The adjustments will be reflected on the second installment of your 2017 bill which will arrive on or about July 1, 2018.  They are as follows:

 

Homestead Exemption
increases from 7,000 in equalized assessed value (EAV) to 10,000 in EAV.

 

Senior Exemption
increases from 5,000 in EAV to 8,000 in EAV.

 

Senior Freeze Exemption
will now be worth a minimum of 2,000 in EAV.
Income limit has increased from $55,000 to $65,000.

 

 

You can calculate the savings from an exemption by multiplying the reduction in EAV by the total tax rate for a particular year.

Homestead Exemption Example
Example:  10,000 EAV x Tax Rate = Reduction


The Homeowners Exemption renews automatically every year. If you have already been receiving it, there is nothing you need to do.

The Senior Exemption must be renewed every year.  If you have received it in the past, the Cook County Assessor’s office will send you a renewal notice in the mail around January.  If you have not received it in the past and will be 65 years of age or older in 2017, you should file an application to receive the Senior Exemption with the Cook County Assessor’s office in January. 


The Senior Freeze must also be renewed every year and the same rules for renewal apply as for the Senior Exemption.

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