- The Homeowner Exemption, which entitles all Cook county homeowners who occupy their property to a portion off of their tax bill
- The Senior Citizen Exemption which entitles Cook county senior homeowners (born prior to 1942,) who occupy their homes to a portion off of their tax bill.
This is especially important if you purchases a home in 2007 as you will need to re-apply for the exemption.
If you are entitled to either of these exemptions, simply fill out and return the form before April 23rd. If you have applied for the exemption in previous years and have not moved, you do not need to re-apply for either exemption.
2 comments:
I purchased a condo in early 2006 and they finally subdivided the property in late 2007. I almost choked on how much taxes I owed for 2006 and then putting enough in escrow this year to pay for 2007. My monthly payment almost doubled! So I went down to apply for the home owner's exemption. It is well below 10% of the total tax bill (every little bit helps but it's not a huge amount.)
I tell my buyer's to expect taxes to run about 1.5-2% of the purchase price on new construction or conversion properties.
True, the homeowner's exemption isn't huge but at least it's something.
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