KATHY'S HOME & GARDEN TIPS - PROPERTY TAX EXEMPTIONS YOU CAN USE!!!
SOME EXEMPTIONS YOU MAY BE MISSING!
Today I wanted to take a small departure from the usual home and garden issues.
I've been running across some listings in the MLS lately where the owners have not taken advantage of their homeowners exemption on their property tax. The exemption is available to owners of single-family homes, condos, co-ops, and apartment buildings with up to six units as long as it is the taxpayer's primary residence. The exemption is automatically renewed every year as long as the property does not change hands.
Senior Citizen Exemptions are available to seniors who were born in 1941 or earlier and whose home is their primary residence. This must be renewed every year and reduces the assessed evaluation by $3,000, which will in turn lower the tax bill. Another option is the Senior Freeze, which has the same qualifications as the Senior Citizen exemptions in addition to yearly income of $50,000 or less. This also needs yearly renewal.
If you are thinking of doing major home improvements, which will raise the value of the home by as much as $75,000, there is an exemption and must be approved by the assessor's office. The homeowner does not have to apply, however. The assessor's office will ascertain this from building permits. Remember to get permits for any work being done on your home. When it comes time to sell, you will have to certify to the new buyer that all necessary permits were obtained for all work done on the house.
For more information call the assessor's office at (312) 443-7550 or go to their website here.
KATHLEEN WEAVER-ZECH & DEAN'S TEAM CHICAGO
