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ATTENTION COOK COUNTY HOMEOWNERSDuring spring 200,9 the Cook County Assessor announced that residential properties not being reassessed during 2009, will receive an adjustment to their assessed valuation to reflect the downturn in real estate values. Since that announcement was made, most suburban Cook County homeowners have received notices which reflect substantial increases in their market value. Time will tell how these increases affect the 2009 tax bills. Since most businesses are vigorously contesting the new market values, we think it is probably a good idea for homeowners to do the same.
Cook County homeowners should also be sure that they are participating
in any special tax programs that they qualify for.
Some of the special tax programs are:
General Homestead Exemption,
available to all homeowners who actually occupy their house or condominium. It automatically
renews every year.
Senior Citizen Exemption,
available to all homeowners age 65 and over.
Tax Freeze, available
to senior citizens with a household income of less
than $40,000.00. A separate application must be filed
every year.
Circuit Breaker Program,
available to senior citizens with an income below
$21,218.00.
Tax Deferral Program,
available to senior citizens with a household income
of less than $40,000.00. Participants, in effect, get a loan from
the State of Illinois to pay their tax bill. A separate
application must be filed every year.
Generally speaking, local government in Chicago and
suburban Cook County functions well. Regardless, we all should work toward a more efficient
government and for a more fair assessment process.
John P. Fitzgerald
Attorney at Law
March 1, 2010
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