Time Running Out on Amnesty Period

Lawndale News Chicago's Bilingual Newspaper - BusinessBeen taking multiple exemptions on the tax bill for your house? Time is running out on the amnesty Period to repay those “mistakes.” Cook County Assessor Joseph Berrios is encouraging residents who have received erroneous property tax exemptions to take advantage of the amnesty period that allows taxpayers to report and pay back the erroneous savings without penalties or interest.

After December 31st, 2013, the Assessor’s office will investigate erroneous exemptions that have gone unreported and require the taxpayer to pay additional fees and interest on their savings or face civil or criminal prosecution.

In Illinois, a person is allowed to collect an exemption only on the home that is his or her primary residence in the United States. A new law initiated by Assessor Berrios and approved by Governor Quinn will give Cook County the means to recoup funds from those who have improperly received homeowner, senior, disabled persons’ or disabled veterans’ exemptions. The law requires an amnesty period to allow taxpayers who wrongly claimed one or two erroneous exemptions to repay the savings by the end of the year. Those who claimed three or more exemptions in error are not eligible for amnesty.

Taxpayers may visit the Assessor’s Website at www.cookcountyassessor.com to obtain additional information regarding the amnesty period and how to report erroneous exemption savings they have received.

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