Homeowners exemption expires in 2010? (Chicago: 2013, assessors, house)

[knat_2]

I am newer to the area and still trying to figure out this whole tax thing. I made the mistake last year of forgetting to apply for the homeowners exemption (an oversight which has been corrected and I have my check), this caused me to pay almost 8k last year on taxes. However it wasn't done in time to prevent my first tax bill from being high.

However my first tax bill came out and its 4k. I assume the second one will reflect the proper change. They won't apply the homeowner exemption to half the year or anything like that right?

What I was concerned about is that I saw the 7% homeowner exemption expires in 2010 for the south suburbs, where I am from. Does anyone know if that means the 2010 tax bill will still include the 7% decrease or did they really mean the YEAR 2010?

And is there a homeowner exemption after that 7% is removed? Is it still considerable? Should I plan to pay another chunk of change?

Tax history:
S2010 - 2000
F2010 - 4200 (then readjusted down to 1950 due to missing homeowner)
S2011 - 3400
F2011 - My estimates are about 600-1000 right?

And until then my escrow account is going crazy...

[Sampson415]

Yeah, it looks like they calculated off of the incorrect amount ( 55% of 4200+2000). As long as you applied for the homeowners exemption, AND that exemption is around the same as last year, your estimate sounds about right.

The homeowners exemption amount fluctuates when you buy your house because the 7% expanded exemption is reset (it's very hard to explain, imagine that!!!). So your property taxes may go up more than your estimate if that happens.

Another consideration is that the exemption amounts are falling every year due to a recent law that Illinois passed. In my area our max exemption is 20k this year, 16k the next year, 12k the next year, and finally back down to the normal 6k.

So make sure your exemption is actually going to stay the same amount as last year and if it isn't, be prepared for a possibly higher 2nd installment tax bill.

[Gunner0325]

If we just moved in our house in February of this year, do you know if we have to fill out a homeowners exemption sheet and send it in? Or if the last owners already filed do we not have to bother?

[Sampson415]

We moved into our house in march of 2010 and did not have to fill out a exemption form for any tax bills that were mailed in 2010. I did have to fill out one this year for the tax bill mailed later this year. I think I sent it in about a month ago.

I think you can check on the cook county assessors website to see if you need to fill one out. Enter your PIN on their website, click on Exemptions, and it should tell you if you need to apply to receive the exemption on the 2nd installment bill this year.

[Gunner0325]

Originally Posted by Sampson415

We moved into our house in march of 2010 and did not have to fill out a exemption form for any tax bills that were mailed in 2010. I did have to fill out one this year for the tax bill mailed later this year. I think I sent it in about a month ago.

I think you can check on the cook county assessors website to see if you need to fill one out. Enter your PIN on their website, click on Exemptions, and it should tell you if you need to apply to receive the exemption on the 2nd installment bill this year.

Excellent, I will do that...thanks!

[sunnyandcloudydays]

I did not hear the exemption was to expire does any one have a link for that terrible news
Property tax bills are confusing this needs serious reform
It really is a joke
The federal lawmakers redesigned the HUD settlement estimates , well how about redesigning the property tax bill so we all can understand where our tax money is being wasted.

Why no one tackles this issue is well beyond any thought
Bottom line is everyone else gets paid and then the homeowner has no place to go that is the end of the line.
The homeowner gets stuck with the high bill.

[Sampson415]

Originally Posted by sunnyandcloudydays

I did not hear the exemption was to expire does any one have a link for that terrible news

Here's a cryptic quote straight from the property tax code (35*ILCS*200/*Property Tax Code.)

(1.1) Thereafter, in Cook County, and in all other

counties, the exemption is as follows:
(i) if the general assessment year for the property is 2006, then the exemption may not exceed: $33,000 for taxable year 2006; $26,000 for taxable year 2007; $20,000 for taxable years 2008 and 2009; $16,000 for taxable year 2010; and $12,000 for taxable year 2011;
(ii) if the general assessment year for the property is 2007, then the exemption may not exceed: $33,000 for taxable year 2007; $26,000 for taxable year 2008; $20,000 for taxable years 2009 and 2010; $16,000 for taxable year 2011; and $12,000 for taxable year 2012; and
(iii) if the general assessment year for the property is 2008, then the exemption may not exceed: $33,000 for taxable year 2008; $26,000 for taxable year 2009; $20,000 for taxable years 2010 and 2011; $16,000 for taxable year 2012; and $12,000 for taxable year 2013.

I believe (i) applies to the City of Chicago, (ii) is the North Suburbs, and (iii) is the South suburbs.

This law has been extended before, but I'm not sure if it will happen again. They are grading the exemption down so that we wont be shocked when the exemption is back at the normal $6,000.

[sunnyandcloudydays]

Originally Posted by Sampson415

Here's a cryptic quote straight from the property tax code (35*ILCS*200/*Property Tax Code.)



I believe (i) applies to the City of Chicago, (ii) is the North Suburbs, and (iii) is the South suburbs.

This law has been extended before, but I'm not sure if it will happen again. They are grading the exemption down so that we wont be shocked when the exemption is back at the normal $6,000.

blood boiling

[linicx]

Generally speaking you must own the property; it must be your primary residence, and you must reside in it two consecutive January 1st before claiming an exemption. If you bought in 2011, the full tax bill from 2010 will be due this year.

There are other exemptions for active and ex-military, handicapped and seniors. However there is an income limit applied to most exemptions. Contact the County where you are domiciled.

[knat_2]

Originally Posted by sunnyandcloudydays

I did not hear the exemption was to expire does any one have a link for that terrible news
Property tax bills are confusing this needs serious reform
It really is a joke
The federal lawmakers redesigned the HUD settlement estimates , well how about redesigning the property tax bill so we all can understand where our tax money is being wasted.

Why no one tackles this issue is well beyond any thought
Bottom line is everyone else gets paid and then the homeowner has no place to go that is the end of the line.
The homeowner gets stuck with the high bill.

Cook County Assessor's Office - 7% Expanded Homeowner Exemption

FAQ page says:
"Has the 7% Expanded Homeowner Exemption been passed?

Yes. The 7% Expanded Homeowner Exemption was renewed in October of 2007 and will be in place for an additional assessment cycle for each district. The current legislation was not renewed by the state legisleture and will expire in 2008 for Chicago, 2009 for the north suburbs, and 2010 for the south suburbs."