How do I get a Cook County Senior Freeze exemption?
To apply for the senior freeze exemption, the applicant must: Be a senior citizen with an annual household income of $65,000 or less. Have owned and occupied the home on January 1, 2019 and January 1, 2020 and have been responsible for the 2019 and 2020 taxes to be eligible for Tax Year 2020 (payable in 2021).
Does Illinois freeze property taxes for seniors?
Senior Citizens Real Estate Tax Deferral Program This program allows persons 65 years of age and older to defer all or part of the real estate taxes and special assessments (up to a maximum of $5,000) on their principal residences. The deferral is similar to a loan against the property’s market value.
How much is a senior exemption in Cook County?
The Senior Exemption property tax savings each year is $8,000 in Equalized Assessed Value (EAV). It is important to note that the exemption amount is not the dollar amount by which a tax bill is lowered.
What is the senior freeze in Cook County?
The Senior Freeze Exemption (Senior Citizens Assessment Freeze Homestead Exemption) allows a qualified senior citizen to apply for a freeze of the equalized assessed value (EAV) of their property for the year preceding the year in which they first apply and qualify for this exemption.
How do I apply for senior freeze in Illinois?
Complete an Affidavit of Person Claiming Senior Citizens Freeze Exemption Due to a Deceased Taxpayer form. Provide a copy of the death certificate. Submit a copy of their driver’s license or state ID along with a copy of your driver’s license or state ID.
How much is the senior exemption in Illinois?
Seniors can save, on average, up to $300 a year in property taxes, and up to $750 when combined with the Homeowner Exemption. The applicant must have owned and occupied the property as of January 1 and must have been 65 years of age or older during the tax year in question.
How much is the Homeowners exemption in Cook County?
$10,000
The Homeowner Exemption reduces the Equalized Assessed Value (EAV) of a property by $10,000. EAV is the partial value of a property used to calculate tax bills.
How do I get senior discount on property taxes in Illinois?
The current 2021 tax year exemption applications are now available! Most senior homeowners are eligible for this exemption if they are 65 years of age or older (born in 1956 or prior) and own and occupy their property as their principal place of residence.
How can I lower my property taxes in Cook County?
Cook County homeowners may reduce their tax bills by hundreds or even thousands of dollars a year by taking advantage of the Homeowner Exemption. Exemptions reduce the Equalized Assessed Value (EAV) of your home, which is multiplied by the tax rate to determine your tax bill.
How do I apply for a “senior freeze”?
“Senior Freeze”Exemption for Tax Year 2020 For seniors born Apply online at cookcountyassessor.com/exemptions Section 1: Applicant and Property Information *Name of Applicant (Taxpayer/Owner) / / (Month / Day / Year) *Date of Birth *Daytime phone number Last 4 of Social Security Number (optional) *E-mail address in 1955 or earlier
What is the senior citizen assessment freeze exemption?
Senior Citizen Assessment Freeze Exemption. Retirees and other older homeowners on fixed incomes may reduce their tax bill by taking advantage of the Senior Citizen Assessment Freeze Exemption. Exemptions reduce the Equalized Assessed Value (EAV) of your home, which is multiplied by the tax rate to determine your tax bill.
Do I need to renew my Illinois senior freeze exemption?
Annual applications are ordinarily required for Senior Freeze Exemption recipients and the Assessor’s Office sends renewal forms in the mail early February. Renewal applications will not be required this year, however, as the Illinois state legislature added one-year auto-renewals to support homeowners during the COVID-19 pandemic.
How do I file a freeze exemption for a deceased person?
Follow the instructions below. Complete an Affidavit of Person Claiming Senior Citizens Freeze Exemption Due to a Deceased Taxpayer form. Provide a copy of the death certificate. Submit a copy of their driver’s license or state ID along with a copy of your driver’s license or state ID.