350 likes | 473 Views
James M. Houlihan. Cook County Assessor. Cook County Property Taxes. Understanding the Assessment Process. Role of the Assessor. Produce fair and accurate property assessments Increase understanding and encourage public participation in the process
E N D
James M. Houlihan Cook County Assessor
Cook County Property Taxes Understanding the Assessment Process
Role of the Assessor • Produce fair and accurate property assessments • Increase understanding and encourage public participation in the process • Develop tax policies that provide for economic development, job creation and improved housing opportunities
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 ChicagoPercent of Bill to Each Taxing Agency
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 1st 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
Examples (City) Examples (City) From the Tax Bill Calculation Homeowner Exemption Amount $6,000 Tax Rate 5.194% Tax Savings $6,000 x 5.194% = $311 With the 2009 Maximum Exemption Homeowner Exemption Amount $20,000 Tax Rate 5.194% Tax Savings $20,000 x 5.194% = $1,038
Examples (North Suburban) From the Tax Bill Calculation Homeowner Exemption Amount $6,000 Sample Tax Rate 10% Tax Savings $6,000 x 10% = $600 With the 2009 Maximum Exemption Homeowner Exemption Amount $20,000 Sample Tax Rate 10% Tax Savings $20,000 x 10% = $2, 000
Examples (South Suburban) From the Tax Bill Calculation Homeowner Exemption Amount $6,000 Tax Rate (Sample) 10% Tax Savings $6,000 x 10% = $600 With the 2009 Maximum Exemption Homeowner Exemption Amount $26,000 Tax Rate (Sample) 10% Tax Savings $26,000 x 10% = $2,600
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? $320,000 Home 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
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 • 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 taxableyear (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 bi-annual application
New Exemptions * IMPORTANT NOTE * Property can receive only one of the Exemptions for Disabled Individuals
Cook County Property Taxes The Valuation and Appeals Process
Assessment Ratios Industrial 25% Residential 10% Commercial 25%
Valuing Residential Properties • Mass Appraisal Method • 1.8 Million Parcels • 3 to 7 years of sales • Multiple Regression • Location • Square Feet • Type of Construction • Age
Appealing Assessments • Reassessment Year • North 2010 (Now) • South 2011 • City 2012 • Notice of Proposed Assessed Valuation • 30 Days to File an Appeal with our office
Appealing Assessments Residential appeals are straightforward • Error in characteristics • Similar homes in neighborhood assessed lower • A lawyer is not required
Appealing Assessments Condominiums • We produce a value for the whole building – then apply percentage of ownership • Joint appeal
Information • Taxpayer Services Department 312-443-7550 • Office in County Building 118 N Clark Street • Website www.cookcountyassessor.com
James M. Houlihan Cook County Assessor