Legislation Crafted Brings Greater Benefits to Seniors, Homeowners

Lawndale News Chicago's Bilingual Newspaper - Local News

Homeowners most in need of property tax relief are getting it as a result of legislation conceived by Cook County Assessor Joseph Berrios. This was not a recent concept, as Assessor Berrios began his effort more than a year ago. The result was Senate Bill 473 (Public Act 100-0401), which he helped pass through the General Assembly; it became law in August and begins with Tax Year 2017. The new law increases exemption savings for the Homeowner and Senior Citizen Exemptions. Its enhancement and expansion of eligibility for the Senior Freeze Exemption does more to continue helping to keep fixed-income seniors from being taxed out of their homes.

Lawndale News Chicago's Bilingual Newspaper - Local News

The Homeowner Exemption, available to eligible taxpayers/residents of any age on their primary home, increases from $7,000 to $10,000 in EAV. The Senior Exemption, for taxpayers/residents 65 years or older, regardless of income, increases from $5,000 to $8,000 in EAV. It is important to note that the exemption amount is not the dollar amount by which a tax bill is lowered. EAV is the partial value of a property to which tax rates are applied; it is this figure on which a tax bill is calculated. The Assessor does not set tax rates. All exemptions and corresponding savings appear on each year’s Second-Installment Tax Bills. For additional information regarding exemptions, please contact CCAO at 312-443-7550 or visit the Assessor’s web site at (www.cookcountyassessor.com)

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