10 Questions And Answers About The Cook County Senior Citizen Homeowner Exemption

21 06 2011

What is a Senior Citizen Exemption?

The Senior Citizen Exemption provides tax relief by reducing the equalized assessed valuation of an eligible residence. This savings is in the form of a deduction on the second-installment real estate tax bill.

I qualified for a Senior Citizen Exemption. Do I have to apply for a Homeowner Exemption separately?

No. Senior Citizens receiving the Senior Citizen Exemption automatically qualify for the Homeowner Exemption and do not have to apply for it separately.

I received the Senior Exemption on my tax bill last year. Do I have to reapply for the Senior Exemption this year?

 Yes. State legislators passed a new law that states that senior citizens have to reapply annually for the Senior Exemption.

What are the eligibility requirements for the Senior Citizen Exemption?

 1 You must be 65 years of age or older during the tax year for which you are applying;

 2 You must either own the property or have a lease or contract which makes you responsible for the real estate taxes; and

3 The property must be your principal residence. If you have moved or plan to move in the future, you may be entitled to a prorated Senior Citizen Exemption, based on the time of occupancy.

To apply for a prorated Senior Citizen Exemption you must submit:

A Senior Citizen Exemption Application Form

 A closing or settlement statement

Copy of a recent property tax bill

Copy of proof of age and residency

 What is the application procedure and what other documents do I need to provide with the application?

1 If you are eligible for the exemption, please complete and sign the Senior Citizen Exemption Application Form. Information pertaining to Permanent Index Number and township can be found on your real estate tax bill.

2 You must also provide the following information:

 Recent Real Estate Tax Bill For Your Home – This includes your residential/property address and index number. If your bill is not mailed to your home, you must supply ONE MORE document that would prove your home address, such as your voter’s registration card, voting record from the tax year(s) for which you are applying, or Driver’s License or Illinois Identification (ID) card showing your address as the property address issued prior to the earliest year for which you are applying.

Proof Of Your Age –  Submit ONLY ONE official document that clearly shows your birth date, such as your Driver’s License, Illinois Identification (ID) Card, Alien Registration Card, Social Security Form 2458, Naturalization Papers, Passport, or Birth or Baptismal Certificate. NOTE: Women who submit documents with maiden name must provide Marriage Certificate(s) to show connection with current name.

What if I own a cooperative?

Owners of cooperative apartments must also submit a stock certificate, occupancy agreement, or trust agreement, along with their application.

I would like to apply by mail. Is there anything I should know?

If you apply by mail, do not send originals of the above documents. Please send copies because the documents cannot be returned to you.

 I would like to apply in person. Is there anything I should know?

If you apply in person at the Assessor’s Office, your documents will be reviewed and returned to you while you wait.

What happens after I have filed for a Senior Citizen Exemption?

 The Assessor’s Office will notify you when your application is approved.

 Can I still receive the Senior Citizen Exemption if my property is listed in the name of my late spouse?

If you are 65 or over, you will qualify for this exemption in your name. Please notify the Taxpayer Services Department and we will send you the proper application forms. Otherwise, your property will receive the exemption for the remainder of the year of your spouse’s death. You will then have to apply when you turn 65. For more information, you may contact the Taxpayer Services Department at (312) 443-7550.

Source – Cook County Assessor’s Office


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Chicago Real Estate Market Summary – May 2011

3 06 2011

Last May while unit sales were showing increases due to the various Federal stimulus programs, units under contract began to decline against the previous year. This was the first sign that the market was not going to continue growing after the stimulus programs ended and unit sales have declined through May 2011.

 May 2011 shows the same trend as a year ago; however, in reverse.  While unit sales are decreasing in comparison to the same period last year, units under contract have shown their first increase since April of 2010. Hopefully, as the artificially inflated numbers of the first half of last year come to an end, the second half of 2011 will begin to show increases over 2010. (2011 sales have been making significant increases against the same periods in 2009 for the last five months.)

It should also be noted that months of supply of inventory dropped dramatically in May 2011 in comparison to 2010 in all areas.

       
  May-11 May-10 % +/-
       
Unit Sales 464 581 -20.4
Lakeview 143 203 -29.6
Lincoln Park 76 105 -27.6
Near North 177 199 -11.1
Loop 68 74 -8.1
       
Unit Sales By Price Point      
0 – $500,000 331 411 -19.5
$500,000 – $ 1,000,000 101 127 -20.5
$ 1,000,000 – Up 36 47 -23.4
       
Units Under Contract  571 430 +32.8
Lakeview 163 111 +46.8
Lincoln Park 105 94 +11.7
Near North 234 183 +27.9
Loop 69 42 +64.3
       
Inventory (Months Of Supply) 7.8 14.1 -44.8
Lakeview 7.5 13.9 -46.2
Lincoln Park 8.2 11.2 -27.4
Near North 7.7 14.1 -45.7
Loop 8.4 21.3 -60.3
       
Median Pricing – Total 359,200 366,500 -2.0
Lakeview 375,000 344,000 +9.0
Lincoln Park 460,000 439,000 +4.8
Near North 335,000 355,000 -5.6
Loop 290,000 352,500 -17.7

 

 

Please click on the Market Statistics Tab above for more detailed, printable reports.

 

Source – MRED LLC


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Understanding Electrical Service For Your Home

24 05 2011

Most people don’t know the electrical service size for their house. Nor do they know how to figure it out. As a result, electrical service size is often listed incorrectly, either because the homeowner was not sure, or the listing agent made an incorrect guess. This article serves as a short primer on the significance and assessment of the electrical service size for residential homes.

What is electrical service size?
First things first, what the heck is electrical service size anyway? Many homebuyers seem to think that whatever it is, more is better. Indirectly, the service size indicates how many electrical appliances or fixtures can run at the same time. For example, if you have an electric stove and electric clothes dryer, you will need a larger service size than if you have a gas stove and a gas clothes dryer. But you do not always need more. If your service size is adequate, upgrading the service to higher amperage only lightens your wallet.

How much do I need?
A common misconception: if you have a high-power computer or stereo system, you need a larger service size. The truth is these appliances take very little power, even though they are advertised as “high power”. On the other hand, electric stoves, electric clothes dryers or electric hot water tanks draw a lot of power. Electric heat also draws a lot of power.

Here is the typical current draw for a few major appliances:
· An electric stove with the oven and a few stove top elements running may draw 25 or 30 amps
· An electric clothes dryer may draw 20 amps
· An electric hot water heater may draw 20 amps
· A hair dryer may draw about 12 amps
· A toaster draws approximately 10 amps
· Central air conditioning draws around 15 to 20 amps
· A hot tub may draw 20 to 40 amps

Here is a look at the service size for a few typical houses:
Description and Possible Service Size
3bdrm, 2story; Gas heat,100 amps
3bdrm, 2story; Electric heat,150-200 amps
5bdrm, Gas heat 150-200 amps
5000 sq-ft home, Gas heat, 200 amps
(This is typical, but you might find it as high as 400 in unusual circumstances)

Largest every-day service size you will most often see 200 amps (The size is usually as big as it gets, but most homes do not need even this amount)

Largest service size you will see, but only in unusual circumstances is 400 amps … (This size is unusual and may only be found in a very large home with lot of electrical appliances)

The components of the electrical service
Before determining the electrical service size of a house, you need to know about a few of the components that make up the electrical service.

The service entrance cable:
This cable brings electricity into your house. It usually runs down the outside wall of the house inside a conduit. In newer areas of the city, the cables run underground.

The meter:
The meter measures how much electrical energy you consume. The meter itself is the property of the utility. The base of the meter, or the socket that the meter sits in, is the property of the homeowner.

The conduit:
The conduit is the pipe that the cables pass through. The conduit protects the cables from mechanical damage.

The service box:
The service box contains the main fuses or breakers. In some cases, the service box is a separate item. In modern installations, the service box is combined with the main breaker panel (called a combination panel).

The main fuse or breaker:
The main fuse or breaker is the gatekeeper. If the main breaker is 100 amps, when you attempt to draw more than 100 amps, the breaker shuts off to protect the rest of the system from overheating.

The distribution panel:
The distribution panel is either a fuse panel or a breaker panel. Today, breakers are used almost exclusively because they are more convenient.

How can I determine the service size?
Determining service size can be tricky. There are a number of variables that can throw you off. Often, the determining factor is not visible. We recommend that you exercise caution when determining service size. It is easy to get it wrong. Having said that, here is how you can approach it for the best results.

Although the first guess comes from the main breaker or fuse, it is possible to get it wrong. Here’s why: the service size is determined from the rating of the smallest component in a chain of components that make up the electrical service. These components are:

· The service entrance cable
· The meter and meter base
· The conduit pipe
· The service box
· The main fuse or breaker

Compatibility
The components described above have to be compatible. For example, if the service entrance cable is only rated for 100 amps and the main breaker is 200 amps, the system has a problem. Since it is possible for 200 amps to flow through a 100-amp cable, this situation presents a fire hazard.

Now, if the service entrance cable is rated for 200 amps and the main breaker is only rated for 100 amps, no problem exists. The maximum that can be drawn through the cable before the breaker shuts off is 100 amps, but the cable can handle 200 amps. This compatibility issue is true for all of the components that make up the electrical service. All of the components in the system must be rated to handle at least as much as the main fuse or breaker.

Let’s go back to the example of a cable rated for 100 amps with a main breaker rated at 200 amps: the service size is 100 amps not 200 amps because the definition of service size is the rating of the smallest component in the chain. You may argue that the breaker will not shut off until it reaches 200 amps, and you may call it an unsafe 200-amp service, but the definition of service size means it is an unsafe 100-amp service. What is most important in this case is to focus on the fact that the service is unsafe, regardless of a correct assessment of the service size.

Cable rating
The main service entrance cables are rated for the maximum current they can handle. This is a critical component and it must be compatible with the main fuse or breaker as described above.

Here is a chart of ratings of common service entrance cables.
Cable Size (copper wire size – USA) Service Size Compatibility
#6 AWG; 60 amp service
#4 AWG; 100 amp service
#2 AWG; 125 amp service
#1 AWG; 150 amp service
#2/0 AWG; 200 amp service

Conduit rating
The diameter of the conduit is a tip off for service size. Once again, there is no down side to using an oversized conduit so don’t be fooled.
· 60 amp service – 1 inch conduit minimum
· 100 amp service – 1 ¼ inch conduit minimum
· 200 amp service – 2 inch conduit minimum

How not to determine service size
One of the tricks to determining service size is not to be fooled by the ratings on the components of the service entrance. For example, if the electric meter is rated for 200 amps, this simply means that it can handle up to 200 amps. But there is no reason it cannot be used for a 100-amp service.

· Do not use the rating on the meter alone but make sure it is compatible
· Do not use the size of the conduit alone but make sure it is compatible
· Do not use the rating on the service box alone but make sure it is compatible
· Do not use the rating on the distribution panel alone but make sure it is compatible

The right way to determine service size – step by step
If you do this you have a very good chance of guessing it right.
· Identify the main fuse or breaker. Start with the assumption that this is the service size
· Check that the service box and breaker panel are rated for at least this much
· Check the meter and verify that it is rated for at least this much
· Check the size of the conduit
· Check the size of the cable and verify that it is rated for at least this much. This is the part that may not be possible for you. If you can’t read the data on the cable because it is not accessible or it’s faded, you have to rely on your experience recognizing cable sizes. Unless you were an electrician in a former life, you may get this wrong.

We said that you have a good chance of guessing it right if you follow the steps above. This implies that it is still possible to get it wrong. There are a couple of obscure situations that could throw a wrench in the works such as service cable that is ‘de-rated’ due to its inferior temperature rating. Unfortunately, you are just not going to know, but on the bright side, neither will anybody else, except perhaps an electrician.

Caution! Avoid electrocution. Do not open any panel covers or doors. We do not suggest you open or touch any electrical equipment

Source – Trevor Welby Soloman – Pillar to Post


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Chicago Real Estate Market Summary – April 2011

10 05 2011

 April 2011 sales continued the trend of double-digit decreases in comparison to April 2010 and significant increases compared to April 2009. Combined Unit Sales were up 12.2% and Units Under Contract were up 8.5% compared to March of 2009.( Lincoln Park and the Loop were exceptions with decreases against both 2010 and 2009.) This is the fourth month in a row that we have seen increases against 2009 in the combined areas. While the decreases in comparison to the tax credit stimulated numbers of 2010 are disappointing, the consistent gains against 2009 indicate that we are slowly making  progress.

Months of supply of inventory increased slightly, while median prices dropped for the month.

When looking at sales by price point, all had decreases against 2010, but increased substantially against 2009.

Unit Sales for the combined areas were down 57.2% compared to April 10. 

Homes priced under 500,000 were down 31.4.8%

Homes priced from 500,000 to 1,000,000 decreased 22.6%.

Homes priced over 1,000,000 declined 37.7%

Units under Contract fell 17.5% compared to April 10. 

Months of Supply increased .01% for the combined areas.

Median Pricing  decreased 1.9% compared to April 10.

The numbers below reflect the combined areas of Lakeview, Lincoln Park, Near North and the Loop.

  Apr -10 Apr -11 % +/-
       
Unit Sales – Total 527 367 -57.2
Lakeview 156 115 -68.6
Lincoln Park 93 62 -33.3
Near North 186 157 -15.1
Loop 92 33 -64.1
       
Units Under Contract 718 525   -17.5
Lakeview 247 163 -34.0
Lincoln Park 139 92 -33.8
Near North 248 207 -15.9
Loop 83 63 -26.7
       
Inventory (Months Of Supply) 8.7 8.8 +.01
       
Median Pricing 372,000 365,000 -1.9

 

 

 

Please click on the Market Statistics Tab above for more detailed, printable reports.

 

Source – MRED LLC


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6 Questions And Answers About The Home Improvement Exemption

26 04 2011

 

  What Is the Home Improvement Exemption?

 The Home Improvement Exemption allows you to increase the value of your home with up to $75,000 worth of improvements without increasing your property taxes for at least four years.

  Who qualifies for a Home Improvement Exemption?

The exemption is available to owners of single-family homes, condominiums, cooperatives, and apartment buildings up to six units.

  How does a Home Improvement Exemption work?

You will automatically receive the exemption when our office field checks the building permit for the improvement. A notice will be sent to you after we complete the check.

  What if there is damage to my home?

The Home Improvement Exemption can also be used for repair necessitated by structural damage as a result of severe weather conditions, such as flooding.

  What is not covered by a Home Improvement Exemption?

 The exemption is not granted for loss of personal property, normal weather damage, or routine maintenance. Routine maintenance includes repairs to or replacement of parts that would not increase the value of your property. The following are examples of normal upkeep:

  • Repair or replace roofing materials, sidewalks, driveways, or fencing
  • Insulate and/or add storm windows and doors
  • Add or replace gutters and downspouts
  • Place siding over existing frame structure
  • Add or improve trees, lawns, and landscaping
  • Paint, decorate, plaster, or change exterior ornamentations
  • Replace furnace, or replace old heating systems with solar heating
  • Replace kitchen cabinets, flooring, fixtures
  • Replace or add water softener, or add larger hot water heater
  • Add outdoor lighting, burglar or fire alarms
  • Replace electrical systems or plumbing fixtures
  • Install above-ground swimming pool or outdoor playground facilities
  • Add automatic garage door opener
  • Add aluminum soffit and facia

 

  Who can I call to find out if I qualify for a Home Improvement Exemption?

To learn whether you may qualify for the Home Improvement Exemption, call the Cook County Assessor’s Office at 312/443-7550.

Source – Cook County Assessor’s Office


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Chicago Real Estate Market Summary – March 2011

5 04 2011

March 2011 sales for Lakeview, Lincoln Park, Near North and the Loop, continued the trend of double-digit decreases in comparison to March 2010 and significant double-digit increases compared to March 2009. Unit Sales were up 24.9% and Units Under Contract were up 37.2% compared to March of 2009. This is the third consecutive  month that we have seen increases against 2009. While the decreases in comparison to the tax credit stimulated numbers of 2010 are disappointing, the consistent gains against 2009 indicate that we are making overall progress.

It is also worth noting that months of supply of inventory continued to drop and median prices rose for the month.

When looking at sales by price point, all had decreases against 2010, but increased substantially against 2009.

Unit Sales for the combined areas were down 25.1% compared to March 10. 

Homes priced under $500,000 were down 27.1%

Homes priced from $500,000 to $1,000,000 decreased 23.4%.

Homes priced over $1,000,000 declined 18.2%

Units under Contract fell 13.4% compared to March 10. 

Months of Supply dropped 17.7% for the combined areas.

Median Pricing rose 2.7% compared to March 10.

The numbers below reflect the combined areas of Lakeview, Lincoln Park, Near North and the Loop.

  Mar -10 Mar-11 % +/-
       
Unit Sales – Total 422 331 -25.1
Lakeview 116 77 -33.6
Lincoln Park 90 68 -24.4
Near North 165 145 -12.1
Loop 71 41 -42.3
       
Units Under Contract 621     538 -13.4
Lakeview 208 164 -21.2
Lincoln Park 119 109 -8.2
Near North 209 206 -1.4
Loop 85 59 -30.6
       
Inventory (Months Of Supply) 10.0 8.2 -17.7
       
Median Pricing 365,000 375,000 +2.7

 

 

 

Please click on the Market Statistics Tab above for more detailed, printable reports.

 

Source – MRED LLC


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Chicago Real Estate Market Summary – February 2011

18 03 2011

February 2011 showed mixed results in most categories in comparison to 2010, in the combined areas of Lakeview, Lincoln Park, Near North and the Loop. When compared with the same period in 2009, we are starting to see a very positive trend.  Unit Sales were up 48.6%, Units Under Contracts were up 56.65, and Inventories were down 50.4%.  This is the second consecutive month that we have seen significant progress compared to 2009.

While gains against 2010 may be rare until the summer because of last year’s federal tax credits, it is very encouraging to see the progress that we are making against 2009.

Two other bright spots were Units Under Contract and Months Of Supply Of Inventory which both showed improvement over February 2010

When looking at sales by price point, homes priced under $500,000 and over $1,000,000 were even with last year. Homes priced between 500,000 to 1,000,000 dropped 28%.

Unit Sales for the combined areas were down 6.2% compared to February 10, which is far less than we have seen in the past few months. 

Homes under 500,000 were up 1.1%

Homes priced from 500,000 to 1,000,000 were down 28.0%.

Homes over 1,000,000 were even with last year

Units under Contract rose 3.9% compared to February 10. 

Months of Supply dropped 28.4% for the combined areas.

Median Pricing dropped 12.2% compared to February 10.

The numbers below reflect the combined areas.

  Feb -10 Feb-11 % +/-
       
Unit Sales – Total 274 267 -6.2
Lakeview 61 75 +23.0
Lincoln Park 47 34 -27.7
Near North 108 105 -2.8
Loop 58 43 -25.9
       
Units Under Contract 410    426 +3.9
Lakeview 126 113 -10.3
Lincoln Park 78 76 -2.6
Near North 150 184 +22.7
Loop 56 53 -5.4
       
Inventory (Months Of Supply) 14.1 10.1 -28.4
       
Median Pricing 390,500 343,000 -12.2

 

 

Please click on the Market Statistics Tab above for more detailed, printable reports.

 

Source – MRED LLC


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3 Questions And Answers About Filing A Joint Condominium Property Tax Appeal

22 02 2011

 

  What is a joint appeal?

A joint appeal filed by the Association or Board on behalf of all condominium owners is the most effective way to appeal the valuation of any condominium building(s).

  What are the advantages of a joint appeal?

There are three advantages to filing a joint appeal:

(1) market forces that affect the value of an individual condominium unit will have a similar affect on the other units as well;

(2) the percentage of ownership assigned to each unit is a major valuation factor; and

(3) the Association or Board is most likely to have access to relevant sales information.

  What other documents do I need to submit for an Joint Appeal?

The following information must accompany each joint condominium valuation appeal:

(a) A copy of the original declaration of condominium ownership with all subsequent amendments;

(b) A list of all unit numbers, and the corresponding permanent index numbers, which are subject to the terms of the declaration. Include all property owned by the Association or Board, including recreational, parking, or other facilities, whether adjacent or not;

(c) A description of the size of each unit, the unit blend of the building(s) and the percentage of ownership of each unit;

(d) Interior and exterior photographs of the building(s);

(e) The closing statements for all units which have been sold within the last five years;

(f) Actual construction or renovation cost information if the building(s) has been constructed, converted or renovated within the last three years; and

(g) Three years of financial statements if the building(s) has been constructed, converted, or renovated within the last three years.

Source – Cook County Assessor’s Office


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Chicago Real Estate Market Summary – January 2011

8 02 2011

January 2011 numbers continued to decline in most categories in comparison to 2010, in the combined areas of Lakeview, Lincoln Park, Near North and the Loop.It should be noted; however, that the 2010 numbers were inflated by the federal real estate tax credit programs that were available throughout the spring. 

When the same January 2011 numbers are compared to January 2009, the results are very encouraging.  They show dramatic increases in virtually every category. While it may be a while before we show increases against the stimulus numbers of 2010, we have made significant progress since 2009.

Two other bright spots were Units Under Contract and Months Of Supply Of Inventory, which both showed improvement over January of last year and significant improvement over January 2009.

While homes over $1,000,000 showed increases for November and December against the same time period last year, the trend was short-lived. January 2011 sales dropped dramatically against January 2010. 

Unit Sales for the combined areas were down 28% compared to January 10.

Homes priced under $500,000 were down 17.1%

Homes priced from $500,000 to $1,000,000 were down 34.7%.

Homes over $1,000,000 dropped 50.0%.

Units Under Contract rose 5.5% compared to January 10. 

Months of Supply dropped 24.9% for the combined areas.

Median Pricing dropped 12.5% compared to January 10

  Jan -10 Jan-11 % +/-
       
Unit Sales – Total 314 226 -28.0
Lakeview 60 52 -13.3
Lincoln Park 47 45 - 4.3
Near North 123 106 -13.8
Loop 75 23 -69.3
       
Units Under Contract 364 384 +5.5
Lakeview 86 102 +18.6
Lincoln Park 87 81 -9.0
Near North 149 160 +7.4
Loop 62 61 -1.6
       
Inventory (Months Of Supply) 14.1 10.6 -24.9
       
Median Pricing 436,750 382,000 -12.5

 

 

Please click on the Market Statistics Tab above for more detailed, printable reports.

 

Source – MRED LLC


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Chicago Real Estate Tax Exemptions – State, County and City

18 01 2011

The City of Chicago, Cook County and The State of Illinois offer a number of  property tax exemptions.

As we  near tax time, please review the list below to be sure that you are taking advantage of everything that may be available to you.

Please let us know if you have any questions or need any additional information. (see contact information tab above

Cook County homeowners may take advantage of several valuable property-tax-saving exemptions. There are currently four exemptions that must be applied for or renewed annually: The Homeowner Exemption, Senior Citizen Homestead Exemption, Senior Citizen Assessment Freeze Exemption, and the Home Improvement Exemption.

1. Homeowner Exemption

Taxpayers whose single-family home, townhouse, condominium, co-op or apartment building (up to six units) is their primary residence can save $250 to $2,000 per year, depending on local tax rates and assessment increases. First-time applicants must have been the occupant of the property as of January 1 of the tax year in question.

The Cook County Assessor’s Office now automatically renews Homeowner Exemptions for properties that were not sold to new owners in the last year.

In neighborhoods where assessments have increased sharply, this exemption also now can help buffer the reassessment and be worth as much as $2,000 ($20,000 in Equalized Assessed Value multiplied by the local tax rate).

This program is administered by the Cook County Assessor’s Office. New owners should apply to:
 

Cook County Assessor’s Office
118 North Clark Street, Suite 301
Chicago, IL 60602
312.443.7550

You may find applications and additional information at: www.cookcountyassessor.com
 

2. Senior Citizen Homestead Exemption

Seniors can save up to $250 a year in property taxes, and up to $750 when combined with the Homeowner Exemption. For the 2009 tax year, the applicant must have owned and occupied the property as of Jan. 1, 2009 and must have been 65 years of age or older during the year for which you are applying.

3. Senior Citizen Assessment Freeze Exemption

Qualified senior citizens can apply for a freeze of the assessed value of their property. Over time, in many areas, this program results in taxes changing minimally and often decreasing as surrounding properties continue to rise in assessed value. This is the most valuable homeowner exemption program. The value increases over the years as it eliminates the impact of regular reassessment increases that may occur every three years.

For the 2009 tax year, the applicant must have owned and occupied the home on Jan. 1, 2008 and Jan. 1, 2009 and have been responsible for the 2008 and 2009 taxes.

4. Home Improvement Exemption

Homeowners can make up to $75,000 worth of property improvements without an increase in property taxes for at least four years. The value varies depending on the reduction of the assessed value and the tax rates where the property is located.

There are also several state and city programs now available.

Senior Citizen Tax Deferral
The household income limit to participate in this program has increased to $50,000. This program works like a loan from the State of Illinois to qualified senior citizens, with an annual interest rate of 6%. Any portion or all of the tax may be deferred until the house is sold or until the death of the taxpayer. To apply, contact the Cook County Treasurer’s Office at 312.443.5100.

Disabled Veteran Homestead Exemption
Administered through the Illinois Department of Veteran’s Affairs. Call 312.814.2460.

Circuit Breaker Program
Seniors and disabled citizens receive a state grant based on property taxes, nursing home costs or pharmaceutical expenses. For information, call the Illinois Department on Aging at 1.800.252.8966.

CHAP (Chicago Homeowner Assistance Program)
Works like a loan from the City of Chicago for long-time homeowners who have had recent and large assessment increases, with a simple interest rate of 3%. For more information, call 312.744.1000.

Source – Cook County Treasurers Office


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