Other Exemptions and Assistance Programs
Available: Contact the Cook County Assessor for
Property Taxes...
Know Your Rights
As a homeowner, there are some
important things to know about taxes
on real property and about property
tax bills in order to ensure that your
property is assessed appropriately and
fairly. This brochure will help you
understand what is involved in the
property taxation process and your
rights.
This brochure is intended for property owners
in Cook County.
Read inside to learn more.
information and assistance about additional programs,
including the Home Improvement Exemption and PROPERTY TAXES
exemptions for disabled homeowners and returning
veterans. IN COOK COUNTY
When purchasing property, it is important that you know the Know Your Rights
property tax amount that has most recently been paid on the
property. You should also be aware of whether or not the
seller’s tax bill includes these exemptions. Some of the
exemptions may or may not apply to you as the new owner.
If you have established an escrow for the payment of property
taxes with your lender, send a copy to the lender and keep a
copy for yourself. You should check with the lender twice
each year to verify that your lender is paying your tax bill out
of the escrow.
Illinois Association of REALTORS®
522 South Fifth Street, P.O. Box 19451
Springfield, IL 62794-9451
217/529-2600, FAX 217/529-3904
www.illinoisrealtor.org • IARaccess@iar.org
©2008
THE BASICS YOU SHOULD KNOW
Source: Illinois Department of Revenue, www.ILtax.com
What role do property taxes play?
Approximately 6,900 local governments in Illinois (e.g.
municipalities, townships, counties, schools, park
districts) use property taxes to finance the majority of
services that they provide to their citizens. The largest
share of property taxes (62 percent) goes to school
districts for elementary and secondary education.
How is real property assessed in Cook County?
The required assessment level for tax purposes on a
single-family home or condo in Cook County is 16% of
the property’s Fair Market Value. The Fair Market
Value is determined by the Cook County Assessor. The
16% assessment level also applies to smaller apart-
ment buildings—those with six units and under.
Will I be notified if my assessment is going to
change? Yes. Every three years, your property will be
reassessed. A complete list of assessments must be
published for notification purposes. In addition, you
will receive a mailed notice of any change in the
assessment. (Cook County is divided into three assess-
ment districts, with one district being reassessed every
three years.)
Reasons property assessments may increase:
• The property values in the area are increasing.
• Improvements were made to the property (e.g., an
addition to your home; extensive remodeling; a new
deck or patio).
• The property was under-assessed in relation to
other properties and this error has been corrected.
• The property has a homestead exemption that has
been removed.
CHALLENGING THE ASSESSMENT ON
YOUR PROPERTY
How can I tell if the assessor has placed a fair value on
my property? There are few things that can be done to
quickly determine whether or not your assessment is fair.
Make sure that the obvious information about your
property is accurate (e.g. size of home, correct square
footage). Then compare the assessed value of your prop-
erty with similar properties in your neighborhood to deter-
mine uniformity in assessments. Data on comparable
properties can be obtained at the assessor’s office. This
type of evidence will be necessary should you choose to
file an appeal and show that your property is over-
assessed. If you choose to file an appeal, the Assessor
and/or the Board of Review will examine what you are
being assessed per square foot with what similar proper-
ties near you are being assessed per square foot. You will
have to provide that comparison/evidence in an appeal.
How do I file an Assessment Appeal? When your
property has been re-assessed, you will receive a Notice
of Proposed Assessed Valuation from the Cook County
Assessor.
Property owners have the option of first appealing to
the Cook County Assessor, and then, regardless of the
Assessor’s decision, appeal again to the Cook County
Board of Review. However, property owners can elect to
skip the Assessor’s appeal process and appeal directly to
the Board of Review. The Assessor’s decision of your
appeal will not factor into the Board of Review’s decision.
Timing is critical as appeals can only be accepted with-
in a specific time frame. Generally, you must make the
appeal to the Cook County Assessor within 30 days of the
date of the Notice of Proposed Assessed Valuation.
Timing is just as critical if an appeal is made to the
Cook County Board of Review. You should contact that
office to learn of the deadlines.
Get further information and appeal forms at
www.cookcountyassessor.com, 312/443-7550 or
www.cookcountyboardofreview.com, 312/603-5542
Most suburban Township Assessors will assist property
owners with filing an appeal; contact your respective
Township office to see if this service is offered.
To locate your Township Assessor (suburban Cook),
visit www.cookctyclerk.com/sub/elected_officials.asp
PROPERTY TAX RELIEF
General Homestead Exemption
The Homestead Exemption provides tax relief by
reducing the assessed valuation of your home. In Cook
County, owner-occupied residences may be eligible for
an Alternative General Homestead Exemption, also
known as the “7% expanded homeowner exemption.”
The exemption amount will vary from a minimum of
$5,000 to a maximum of $26,000. The amount of the
exemption will vary based on the value of the home
and the amount of the assessment increase.
The exemption is limited to $5,000 for properties
that require the Senior Citizen Assessment Freeze
Homestead Exemption. (See explanation of that
Exemption below.)
Eligibility Requirements for the Homestead Exemption:
• You must have lived on the property on or before
January 1st of the tax year; otherwise the value may
be prorated for the portion of the year that it was
owner-occupied.
• The property must be your principal residence.
• If the property is sold, the new qualifying owner must
apply after January 1st for the next tax year.
Senior Homestead Exemption
• Up to $3,500 reduction in assessed valuation.
This amount rises to $4,000 in tax year 2008 and
thereafter.
• Must be 65 years of age or older during the tax year.
• The property must be principal residence.
• Exemption prorated to the date the owner is eligible.
Senior Assessment Freeze
• Freezes the assessed valuation at the level of the
qualifying year.
• Must be 65 years of age or older during the tax year.
• Must have a total household income of $50,000 per
year or less. That income limitation rises to
$55,000 in the 2008 tax year.
• Must apply and qualify every year to retain freeze.
• Property must be the principal residence.
These programs are administered by the Cook County
Assessor’s Office:
118 N. Clark St. , 3rd Floor
Chicago, IL 60602
312/443-7550
www.cookcountyassessor.com