Life Hacks Volume 1: Real Estate Taxes

It’s Volume 1 of our running Life Hacks column! In this column we plan to share not only our own expertise, but also tips, tricks and hacks from experts all across Chicagoland on one important topic: how to save you MONEY! It has been a year of high inflation and expenses, so our goal is to meet you where you are. 

This month we are focusing on property taxes, more specifically tax exemptions, of which there are many! If any of the below brings up a question, or you would like a referral for a real estate tax attorney, please reach out! We know the best in the business and are happy to make an introduction. Most importantly: don’t miss the opportunity these rebates offer. Most offer thousands of dollars!

General Homestead Exemption 
If you are a homeowner, you are eligible for this exemption, which is available for any residential property occupied by its owner (so no investment/rental properties). Even if you have a second home, the one you live in primarily is eligible for this exemption – up to $10,000 in Cook County. The amount of exemption is based on the increase in the current year’s assessed value. This means that every year you should file a dispute, no matter what! We know amazing real estate tax attorneys that are available to assist. Please contact us for a referral! 

Veterans Homeowner Tax Exemptions
For veterans returning from active duty, Cook County provides a $5,000 reduction to the assessed value of their property. For veterans with a service-connected disability, Cook County offers an even greater reduction based on a sliding scale depending on the level of disability. More information here.

Old Historic Home Tax Exemption
If you live in an old home, it may be eligible to become part of the Illinois Register of Historic Places, which also makes it eligible for an Illinois Historic Preservation Tax Credit. These credits provide state income tax credits equal to 25% of the project’s Qualified Rehabilitation Expenditures, to owners who undertake certified rehabilitations. Find out if your home qualifies and more information here.

Senior Citizens Homestead Exemption
If you are a homeowner and 65 years of age or older, then you are eligible for this annual exemption – which is up to an $8,000 reduction in equalized assessed value. More information here.

Regardless if you file for an exemption, we recommend appealing your taxes. You can do this on your own, but we have seen greater success through attorneys. Please contact us for a referral to an excellent attorney.