Over 50,000 Senior Homeowners Need to Reapply for their Property Tax Savings


 

Over 50,000 Senior Homeowners Need to Reapply for their Property Tax Savings

Cook County- As of last week, over 50,000 senior homeowners in Cook County have not reapplied for property tax savings in which they are entitled to receive. The Cook County Assessor’s Office administers property tax savings, called exemptions. Exemptions contribute to lowering a homeowner’s property tax bill. These savings are especially important for senior homeowners as they can provide thousands of dollars of savings on their property tax bill.

“By applying for these savings, seniors can significantly reduce their tax burden, allowing them to keep more of their hard-earned money for essential expenses or to enhance their quality of life,” said Assessor Fritz Kaegi. “In addition, encouraging family members, caregivers, and neighbors to lend a helping hand in supporting seniors through the application process can make a significant difference. Together, we can ensure that no senior homeowner misses out on the benefits they are entitled to.”

Automatic renewals related to COVID-19 ended this year. Senior homeowners need to resume annual filings for the Low-Income Senior Citizens Assessment Freeze, previously named “Senior Freeze.”

Senior homeowners are eligible for this exemption if they are over 65 years of age and have a total household annual income of $65,000 or less. A "Senior Freeze" Exemption provides property tax savings by freezing the equalized assessed value (EAV) of an eligible property. This does not automatically freeze the amount of their tax bill, only the EAV remains at the fixed amount, which keeps their assessment lower.

Homeowners need to reapply by Friday, August 4, 2023, and can now do so online by visiting, www.cookcountyassessor.com/exemptions. Applying online is easy, free, and can be done in under ten minutes. Application forms can be downloaded in English, Spanish, Polish, and simplified Chinese languages.

If homeowners are unsure of their existing exemptions, they can check by reviewing their “Property Details” and review the Exemption History & Status section.

 Senior homeowners are encouraged to attend upcoming senior resource fairs to learn about eligibility and how to file exemptions. For a list of upcoming in-person and virtual outreach events visit, www.cookcountyassessor.com/event-list

Latest Stories

Latest Podcast

Quandra-Urban Market Exchange