Joseph Berrios Cook County Assessor

Role of the Assessor Produce fair and accurate property assessments Increase understanding and encourage public participation in the process

Property Tax System Cook County Assessor Cook County Board of Review Property Tax Appeal Board Circuit Court Illinois Department of Revenue Cook County Clerk Cook County Treasurer

Cook County Property Taxes How to Calculate your Property Tax Bill

Property Tax Bills Assessed Value State Equalizer Equalized Assessed Value (EAV) Exemptions Tax Rate/Local Spending

Property Tax Bills Typical Tax Bill in the City of Chicago Percent of Bill to Each Taxing Agency

Property Tax Bill

Calculating Tax Bills $200,000 Property Value x 10% Residential Assessment Level $20,000 Assessed Value x Equalization Factor $67,402 Equalized Assessed Value - $6,000 Homeowner Exemption (Minimum) $61,402 Adjusted Equalized Assessed Value X 4.627% Tax Rate (Sample) $2,841 Annual Tax Amount

Cook County Property Taxes Tax Relief through Exemptions

Exemptions Homeowner Exemption Senior Citizen Exemption Senior Freeze Exemption Home Improvement Exemption

Homeowner Exemption Applies to principal place of residence as of January 1 st of the tax year Subtracts from $6,000 to $26,000 in EAV Can result in hundreds of dollars of tax savings Automatically renewed

7% Expanded Homeowner Exemption Exemption limit $20,000 for Chicago $20,000 for the North $26,000 for the South

Homeowner Exemption Savings (City) 2009 Minimum Exemption Homeowner Exemption Amount $6,000 Tax Rate 4.627% Tax Savings$6,000 x 4.627% = $277 Homeowner Exemption Amount $20,000 Tax Rate 4.627% Tax Savings $20,000 x 4.627% = $ Maximum Exemption

Homeowner Exemption Savings (North) 2009 Minimum Exemption Homeowner Exemption Amount $6,000 Sample Tax Rate 7% Tax Savings $6,000 x 7% = $ Maximum Exemption Homeowner Exemption Amount $20,000 Sample Tax Rate 7% Tax Savings $20,000 x 7% = $1,400

Homeowner Exemption Savings (South) 2009 Minimum Exemption Homeowner Exemption Amount $6,000 Tax Rate (Sample) 7% Tax Savings $6,000 x 7% = $ Maximum Exemption Homeowner Exemption Amount $26,000 Tax Rate (Sample) 7% Tax Savings $26,000 x 7% = $1,820

Senior Citizen Exemption Additional property tax savings for seniors Must be 65 years or older (1944) Applies to principal residence Removes an additional $4,000 in EAV Automatically renewed

Senior Freeze Exemption Freezes EAV for qualifying seniors Must be 65 years or older, applies to principal residence $55,000 or less in total household income

Home Improvement Exemption Exempts up to $75,000 in improvements 4 years Automatic, on field check of permits

Examples Same house, same neighborhood, different tax bill? Homeowner with 6,000 exemption $4,639 Homeowner with 20,000 exemption $3,912 Senior Homeowner with 20,000 exemption & additional 4,000 Senior $3,704 Senior with Freeze (35,000 in EAV) $1,294 $320,000 Home

New Exemptions Long-Time Occupant Homeowner Exemption Returning Veterans’ Homeowner Exemption Disabled Persons’ Homeowner Exemption Disabled Veterans’ Standard Homeowner Exemption

Long-Time Occupant Homeowner Exemption 2007 –Started in tax year 2007 – Assists lower income homeowners that have been in their homes for at least ten years – Household income of $75,000 or less Property’s adjusted base value can only increase by 7% for each taxable year (no exemption limit) – Homeowners with a household income b/w $75,001 and $100,000 The property’s adjusted base value can only increase by 10% for each taxable year (no exemption limit)

Returning Veterans One-time $5,000 reduction in EAV Qualified veterans who return from active duty in armed conflict Must file application upon their return home

Disabled Persons $2,000 reduction in EAV Must qualify as a disabled person (Class 2) Must file an annual application

Disabled Veterans Certified service-connected disability $2,500 reduction in EAV for disability of at least 50% but less than 75% $5,000 reduction in EAV for disability of at least 75% Must file annual application

New Exemptions * IMPORTANT NOTE * Property can receive only one of the Exemptions for Disabled Individuals

Information Taxpayer Services Department Office in County Building 118 N Clark Street Website

Joseph Berrios Cook County Assessor