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NEW EXEMTPION
Legislation passed in Springfield last year significantly impacted the expiring 7% Expanded Homeowner Exemption, originally passed in 2003. Rather than providing uniform protection to all Cook County homeowners experiencing dramatic assessment increases for the duration of their triennial reassessment, the renewal legislation phased out the amount of relief provided annually. Limited relief was created for homewoners in particular situations.
Those who have lived in their home for 10 years or more may be eligible for additional property tax relief provided their total household income is under $100,000 in 2006. Homeowners do not need to contact the Assessor’s Office as applications will automatically be mailed to all Cook County residents who have not sold their home in the past ten years. Taxpayers will need to complete and return the notarized forms by June 23, 2008. A homeowner with a total household income of $75,000 or below will have an assessment increase limited to 7% over the prior year’s taxable value, with no maximum exemption amount. A homeowner with a total income greater than $75,000, but not exceeding $100,000, will have an assessment increase limited to 10% over the prior year’s taxable value , with no maximum exemtion amount.
The Long-Time Occupant Exemption cannot be received with the 7% Expanded Homeowner Exemption or the Senior Freeze Exemption. The most beneficial exemption will be applied to the property. The other new exemptions created by this legislation, the Disabled Persons’ Exemption, Disabled Veterans’ Exemption and the Returning Veterans’ Exemption, can be received with the Long-Time Occupant Exemption. Applications for these exemptions are available on the Assessor’s Website.
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South Tri Reassessment Outreach
The Cook County Assessor’s Office, working with local elected officials, will host one outreach per township during the appeal filing period.
Berwyn Township Reassessment Outreach
Wednesday - 6/11/08
7:00-9:00PM
VFW Hall
1535 Harlem
Berwyn
River Forest Township Reassessment Outreach
Thursday - 6/12/08
7:00-9:00PM
River Forest Township Office
8020 Madison Ave
River Forest
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Exemption Certificates of Error
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Homeowners that have not received their money-saving exemptions may apply for a Certificate of Error. Exemption Certificates of Error can be issued for tax years 2004, 2005 and 2006.
Forms are available at www.cookcountyassessor.com
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John Fallon – jmfallo@cookcountyassessor.com - 312.603.7850 |