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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

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James M. Houlihan

Cook County Assessor


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Cook County Property Taxes

Understanding the Assessment Process


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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


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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


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Cook County Property Taxes

How to Calculate your Property Tax Bill


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Property Tax Bills

  • Assessed Value

  • State Equalizer

  • Equalized Assessed Value (EAV)

  • Exemptions

  • Tax Rate/Local Spending


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Property Tax Bills

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




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Cook County Property Taxes

Tax Relief through Exemptions


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Exemptions

  • Homeowner Exemption

  • Senior Citizen Exemption

  • Senior Freeze Exemption

  • Home Improvement Exemption


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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


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7% Expanded Homeowner Exemption

Exemption limit

  • $20,000 for Chicago

  • $20,000 for the North

  • $26,000 for the South


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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


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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


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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


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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


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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


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Home Improvement Exemption

  • Exempts up to $75,000 in improvements

  • 4 years

  • Automatic, on field check of permits


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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


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New Exemptions

  • Long-Time Occupant Homeowner Exemption

  • Returning Veterans’ Homeowner Exemption

  • Disabled Persons’ Homeowner Exemption

  • Disabled Veterans’ Standard Homeowner Exemption


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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)


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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


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Disabled Persons

  • $2,000 reduction in EAV

  • Must qualify as a disabled person (Class 2)

  • Must file an annual application


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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


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New Exemptions

* IMPORTANT NOTE *

Property can receive only one of the Exemptions for Disabled Individuals


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Cook County Property Taxes

The Valuation and Appeals Process



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Assessment Ratios

Industrial 25%

Residential 10%

Commercial 25%


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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


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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


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Appealing Assessments

Residential appeals are straightforward

  • Error in characteristics

  • Similar homes in neighborhood assessed lower

  • A lawyer is not required


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    Appealing Assessments

    Condominiums

    • We produce a value for the whole building – then apply percentage of ownership

    • Joint appeal


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    Information

    • Taxpayer Services Department

      312-443-7550

    • Office in County Building

      118 N Clark Street

    • Website

      www.cookcountyassessor.com


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    James M. Houlihan

    Cook County Assessor