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Joseph Berrios

Joseph Berrios. Cook County Assessor. Role of the Assessor. Produce fair and accurate property assessments Increase understanding and encourage public participation in the process. Property Tax System. Cook County Assessor Cook County Board of Review Property Tax Appeal Board

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Joseph Berrios

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  1. Joseph Berrios Cook County Assessor

  2. Role of the Assessor • Produce fair and accurate property assessments • Increase understanding and encourage public participation in the process

  3. 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

  4. Cook County Property Taxes How to Calculate your Property Tax Bill

  5. Property Tax Bills • Assessed Value • State Equalizer • Equalized Assessed Value (EAV) • Exemptions • Tax Rate/Local Spending

  6. Property Tax Bills Typical Tax Bill in the City of ChicagoPercent of Bill to Each Taxing Agency

  7. Property Tax Bill

  8. Calculating Tax Bills

  9. Cook County Property Taxes Tax Relief through Exemptions

  10. Exemptions • Homeowner Exemption • Senior Citizen Exemption • Senior Freeze Exemption • Home Improvement Exemption

  11. 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

  12. 7% Expanded Homeowner Exemption Exemption limit • $20,000 for Chicago • $20,000 for the North • $26,000 for the South

  13. Homeowner Exemption Savings (City) 2009 Minimum Exemption Homeowner Exemption Amount $6,000 Tax Rate 4.627% Tax Savings $6,000 x 4.627% = $277 2009 Maximum Exemption Homeowner Exemption Amount $20,000 Tax Rate 4.627% Tax Savings $20,000 x 4.627% = $925

  14. Homeowner Exemption Savings (North) 2009 Minimum Exemption Homeowner Exemption Amount $6,000 Sample Tax Rate 7% Tax Savings $6,000 x 7% = $420 2009 Maximum Exemption Homeowner Exemption Amount $20,000 Sample Tax Rate 7% Tax Savings $20,000 x 7% = $1,400

  15. Homeowner Exemption Savings (South) 2009 Minimum Exemption Homeowner Exemption Amount $6,000 Tax Rate (Sample) 7% Tax Savings $6,000 x 7% = $420 2009 Maximum Exemption Homeowner Exemption Amount $26,000 Tax Rate (Sample) 7% Tax Savings $26,000 x 7% = $1,820

  16. 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

  17. 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

  18. Home Improvement Exemption • Exempts up to $75,000 in improvements • 4 years • Automatic, on field check of permits

  19. 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

  20. New Exemptions • Long-Time Occupant Homeowner Exemption • Returning Veterans’ Homeowner Exemption • Disabled Persons’ Homeowner Exemption • Disabled Veterans’ Standard Homeowner Exemption

  21. 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)

  22. 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

  23. Disabled Persons • $2,000 reduction in EAV • Must qualify as a disabled person (Class 2) • Must file an annual application

  24. 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 annual application

  25. New Exemptions * IMPORTANT NOTE * Property can receive only one of the Exemptions for Disabled Individuals

  26. Information • Taxpayer Services Department 312-443-7550 • Office in County Building 118 N Clark Street • Website www.cookcountyassessor.com

  27. Joseph Berrios Cook County Assessor

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