Property Tax Exemptions Are Available For Eligible Homeowners
Property Tax Exemptions Are Available For Eligible Homeowners
By Tia Carol Jones
Homeowners are encouraged to apply for property tax savings that are available for the 2024 tax year. There are eight tax exemptions those who qualify can take advantage of: The Homeowner, Senior, Veterans with Disabilities, “Senior Freeze,” Returning Veterans, Longtime Homeowner, Home Improvement and Persons with Disabilities exemptions.
According to the Cook County Assessor’s Office, the most common exemption is the Homeowner Exemption, which saves a Cook County property owner an average of approximately $950 dollars each year.
“Every homeowner should take full advantage of the exemptions they are entitled to. When I am in the community talking to residents about their property taxes, the first thing I tell them is to check for missing exemptions,” Cook County Assessor Fritz Kaegi said in a press release. “If you own and live in your home you are most likely eligible for the Homeowner Exemption, regardless of citizenship status. If you live in your home and don’t claim this and other exemptions, you’re missing out on hundreds of dollars in property tax savings.”
During a press conference on Wednesday, March 5th, Kaegi was joined by key community stakeholders that talked about the benefit of residents’ applying for the property tax exemptions. Kaegi also noted that the Homeowner, Senior, and Persons with Disabilities Exemptions are automatically renewed, while homeowners who previously received the Veterans with Disabilities and the “Senior Freeze” Exemptions would need to re-apply.
Philippe Largent, State Director of AARP Illinois, said seniors want the ability to stay in their homes and age in place. He said AARP Illinois has heard stories of seniors having to sell their homes or downsize due to the cost of their property taxes.
“AARP Illinois is committed to helping older adults remain in their homes, homes they worked for their entire lives,” Largent said.
Largent strongly encouraged all homeowners aged 65 and older to apply for the Senior exemption, and if eligible, the Senior Freeze, which is for seniors whose total annual household income is $65,000 or less. AARP Illinois is furthering assisting seniors by hosting virtual and in-person events. Upcoming events will take place on April 1st and April 4th. For more information, visit www.aarp.org/il.
“AARP is dedicated to empowering older adults to live their best lives. We believe that everyone deserves an opportunity to age, with financial security,” Largent said.
Elizabeth Soto, Superintendent for the Veterans Assistance Commission of Cook County (VACCC), said having exemptions for returning and disabled veterans is a crucial step in ensuring they receive the homeownership support they deserve, by easing their financial burden.
Danielle Matthews, Director of Homeownership Services at Neighborhood Housing Services of Chicago (NHS), said the staff at NHS is available to assist homeowners in person and virtually with understanding exemption options and applying for tax exemptions. For more information about NHS, visit nhschicago.org.
For more information about the exemptions and to download the application for the exemptions, visit www.cookcountyassessor.com/exemptions.
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