Cook County Real Estate Taxes Senior Citizen Exemption
As a senior citizen, you may qualify for a property tax exemption in Cook County, Illinois. This exemption can provide significant savings on your real estate taxes, which can help you stay in your home and maintain your quality of life.
What is the Senior Citizen Property Tax Exemption?
The Senior Citizen Property Tax Exemption is a program that provides eligible senior citizens with a reduction in their property taxes. This program is available to seniors who are 65 years of age or older, own their home or have a leasehold interest in a cooperative apartment, and meet certain income requirements.
The amount of the exemption varies depending on the value of your home and your income. The maximum exemption for tax year 2021 is $8,000. This means that if your home is valued at $250,000 and you qualify for the maximum exemption, your property taxes would be reduced by approximately $1,200.
How Do You Apply for the Senior Citizen Property Tax Exemption?
To apply for the Senior Citizen Property Tax Exemption, you must fill out an application and provide proof of your age, income, and ownership or leasehold interest in your home. You can obtain an application from the Cook County Assessor's Office or download it from their website.
The deadline to apply for the exemption is March 1st of each year. If you miss the deadline, you can still apply for the exemption up to two years after the due date by filing a Certificate of Error with the Cook County Assessor's Office.
What Are the Income Requirements for the Senior Citizen Property Tax Exemption?
The income requirements for the Senior Citizen Property Tax Exemption vary depending on the year and your marital status. For tax year 2021, the income limit for a single person is $65,000, and the income limit for a married couple is $87,000.
If your income exceeds the limit, you may still qualify for a partial exemption. The amount of the exemption is reduced based on your income level.
What Are the Benefits of the Senior Citizen Property Tax Exemption?
The Senior Citizen Property Tax Exemption can provide significant savings on your real estate taxes, which can help you stay in your home and maintain your quality of life. In addition to the property tax exemption, seniors may also qualify for other tax relief programs, such as the Senior Freeze Exemption and the Homeowner Exemption.
The Senior Freeze Exemption provides eligible seniors with a freeze on the assessed value of their home, which can help prevent increases in property taxes due to rising property values. The Homeowner Exemption provides a reduction in property taxes for homeowners who live in their home as their primary residence.
Conclusion
If you are a senior citizen living in Cook County, Illinois, the Senior Citizen Property Tax Exemption can provide significant savings on your real estate taxes. To apply for the exemption, you must meet certain eligibility requirements and provide proof of your age, income, and ownership or leasehold interest in your home. The deadline to apply for the exemption is March 1st of each year, but you may still be able to apply up to two years after the due date by filing a Certificate of Error with the Cook County Assessor's Office.