Cook County homeowners may reduce their tax bills by taking advantage of several valuable exemptions. Exemptions reduce the Equalized Assessed Value (EAV) of your home, which is multiplied by the tax rate to determine your tax bills. These exemptions can cut your tax bill by hundreds and even thousands of dollars.
Exemptions are reflected on the Second Installment tax bill. To check the exemptions you are receiving, you can search by Property Index Number (PIN).
If you do not receive credit for an exemption that you are entitled to, ask the Cook County Assessor’s Office about a correction—through a “Certificate of Error.”
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 as much as thousands of dollars, depending on local tax rates and assessment increases. The Homeowner Exemption reduces the EAV of your home by $10,000.
First-time applicants must have been the occupants of the property as of January 1 of the tax year in question. The Cook County Assessor’s Office automatically renews Homeowner Exemptions for properties that were not sold to new owners in the last year.
New owners should apply to:
Cook County Assessor’s Office
118 North Clark Street, Room 320
Chicago, IL 60602
2. Senior Citizen Homestead Exemption
Seniors can save even more on their tax bills when the Senior Citizen and Homeowner exemptions are combined. The Senior Citizen Exemption reduces the EAV of your home by $8,000.
To receive the Senior Citizen Exemption, the applicant must have owned and occupied the property as of January 1 and must have been 65 years of age or older during the tax year in question.
You must re-apply to the Assessor’s Office every year for the Senior Citizen Homestead Exemption.
3. Senior Citizen Assessment Freeze Exemption
Senior citizens with an annual household income of $65,000 or less can apply for a freeze of the assessed value of their property. Eligible senior citizens automatically receive a reduction of at least $2,000 in the EAV of their homes. Over time, in many areas, this program results in taxes changing minimally and often decreasing as surrounding properties continue to rise in assessed value.
For Tax Year 2017 (payable in 2018), the applicant must have owned and occupied the home on January 1, 2016, and January 1, 2017, and have been responsible for the 2016 and 2017 taxes.
You must re-apply to the Assessor’s Office every year for the Senior Citizen Assessment Freeze Exemption.