james m houlihan n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
James M. Houlihan PowerPoint Presentation
Download Presentation
James M. Houlihan

Loading in 2 Seconds...

play fullscreen
1 / 35

James M. Houlihan - PowerPoint PPT Presentation


  • 97 Views
  • Uploaded on

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

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'James M. Houlihan' - nevada-brown


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
james m houlihan

James M. Houlihan

Cook County Assessor

cook county property taxes

Cook County Property Taxes

Understanding the Assessment Process

role of the assessor
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
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 taxes1

Cook County Property Taxes

How to Calculate your Property Tax Bill

property tax bills
Property Tax Bills
  • Assessed Value
  • State Equalizer
  • Equalized Assessed Value (EAV)
  • Exemptions
  • Tax Rate/Local Spending
property tax bills1
Property Tax Bills

Typical Tax Bill in the City of ChicagoPercent of Bill to Each Taxing Agency

cook county property taxes2

Cook County Property Taxes

Tax Relief through Exemptions

exemptions
Exemptions
  • Homeowner Exemption
  • Senior Citizen Exemption
  • Senior Freeze Exemption
  • Home Improvement Exemption
homeowner 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
7% Expanded Homeowner Exemption

Exemption limit

  • $20,000 for Chicago
  • $20,000 for the North
  • $26,000 for the South
examples city
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
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
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
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
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
Home Improvement Exemption
  • Exempts up to $75,000 in improvements
  • 4 years
  • Automatic, on field check of permits
examples
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
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
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
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
Disabled Persons
  • $2,000 reduction in EAV
  • Must qualify as a disabled person (Class 2)
  • Must file an annual application
disabled veterans
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 exemptions1
New Exemptions

* IMPORTANT NOTE *

Property can receive only one of the Exemptions for Disabled Individuals

cook county property taxes3

Cook County Property Taxes

The Valuation and Appeals Process

assessment ratios
Assessment Ratios

Industrial 25%

Residential 10%

Commercial 25%

valuing residential properties
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
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 assessments1
Appealing Assessments

Residential appeals are straightforward

    • Error in characteristics
    • Similar homes in neighborhood assessed lower
  • A lawyer is not required
appealing assessments2
Appealing Assessments

Condominiums

  • We produce a value for the whole building – then apply percentage of ownership
  • Joint appeal
information
Information
  • Taxpayer Services Department

312-443-7550

  • Office in County Building

118 N Clark Street

  • Website

www.cookcountyassessor.com

james m houlihan1

James M. Houlihan

Cook County Assessor