Download - James M. Houlihan
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James M. HoulihanCook County Assessor
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Cook County Property Taxes
Understanding the Assessment Process
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Role of the A
ssessor
• Produce fair and accurate property assessments
• Increase understanding and encourage public participation in the process
• Develop tax policies that provide for economic development, job creation and improved housing opportunities
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Property T
ax System
• Cook County Assessor
• Cook County Board of Review
• Property Tax Appeal Board
• Circuit Court
• Illinois Department of Revenue
• Cook County Clerk
• Cook County Treasurer
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Cook County Property Taxes
How to Calculate your Property Tax Bill
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Property T
ax Bills
• Assessed Value• State Equalizer• Equalized Assessed Value
(EAV)• Exemptions• Tax Rate/Local Spending
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Property T
ax Bills
Chicago Park District
7%
Finance Authority2% Board of Education
51%
Metro Water Rec District 5%
City of Chicago19%Forest Preserve
District1%
Cook County9%
City Colleges4%
Library Fund2%
Typical Tax Bill in the City of Chicago
Percent of Bill to Each Taxing Agency
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Property T
ax Bill
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Calculating T
ax Bills
$320,000 Property Value
x 10% Residential Assessment Level
$32,000 Assessed Value
x 3.3701 Equalization Factor
$107,843 Equalized Assessed Value
- $6,000 Homeowner Exemption (Minimum)
$101,843 Adjusted Equalized Assessed Value
x 5.194% Tax Rate (Sample)
$5,289 Annual Tax Amount
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Cook County Property Taxes
Tax Relief through Exemptions
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Exem
ptions
• Homeowner Exemption
• Senior Citizen Exemption
• Senior Freeze Exemption
• Home Improvement Exemption
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Hom
eowner
Exem
ption
• Applies to principal place of residence as of January 1st of the tax year
• Subtracts from $6,000 to $26,000 in EAV
• Can result in hundreds of dollars of tax savings
• Automatically renewed
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7% E
xpanded H
omeow
ner Exem
ption
Exemption limit
• $20,000 for Chicago
• $20,000 for the North
• $26,000 for the South
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Exam
ples (City)
Exam
ples (City)
From the Tax Bill Calculation
Homeowner Exemption Amount $6,000
Tax Rate 5.194%
Tax Savings $6,000 x 5.194% = $311
Homeowner Exemption Amount $20,000
Tax Rate 5.194%
Tax Savings $20,000 x 5.194% = $1,038
With the 2009 Maximum Exemption
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Exam
ples (N
orth Suburban)
From the Tax Bill Calculation
Homeowner Exemption Amount $6,000
Sample Tax Rate 10%
Tax Savings $6,000 x 10% = $600
With the 2009 Maximum Exemption
Homeowner Exemption Amount $20,000
Sample Tax Rate 10%
Tax Savings $20,000 x 10% = $2, 000
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Exam
ples (South Suburban)
From the Tax Bill Calculation
Homeowner Exemption Amount $6,000
Tax Rate (Sample) 10%
Tax Savings $6,000 x 10% = $600
With the 2009 Maximum Exemption
Homeowner Exemption Amount $26,000
Tax Rate (Sample) 10%
Tax Savings $26,000 x 10% = $2,600
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Senior Citizen E
xemption
• Additional property tax savings for seniors
• Must be 65 years or older (1944)• Applies to principal residence• Removes an additional $4,000 in
EAV• Automatically renewed
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Senior Freeze E
xemption
• Freezes EAV for qualifying seniors
• Must be 65 years or older, applies to principal residence
• $55,000 or less in total household income
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Hom
e Improvem
ent E
xemption
• Exempts up to $75,000 in improvements
• 4 years
• Automatic, on field check of permits
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Exam
ples
Same house, same neighborhood, different tax bill?
Homeowner with 6,000 exemption
$4,639
Homeowner with 20,000 exemption
$3,912
Senior Homeowner with 20,000 exemption
& additional 4,000 Senior
$3,704
Senior with Freeze (35,000 in EAV)
$1,294
$320,000 Home
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New
Exem
ptions
• Long-Time Occupant Homeowner Exemption
• Returning Veterans’ Homeowner Exemption
• Disabled Persons’ Homeowner Exemption
• Disabled Veterans’ Standard Homeowner Exemption
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Long-T
ime O
ccupant H
omeow
ner Exem
ption
– Started in tax year 20072007– Assists lower income homeowners that have
been in their homes for at least ten years
– Household income of $75,000 or less
• Property’s adjusted base value can only increase by 7% for each taxable year (no exemption limit)
– Homeowners with a household income b/w $75,001 and $100,000
• The property’s adjusted base value can only increase by 10% for each taxable year (no exemption limit)
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Returning V
eterans
• One-time $5,000 reduction in EAV
• Qualified veterans who return from active duty in armed conflict
• Must file application upon their return home
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Disabled P
ersons
• $2,000 reduction in EAV
• Must qualify as a disabled person (Class 2)
• Must file an annual application
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Disabled V
eterans
• Certified service-connected disability
• $2,500 reduction in EAV for disability of at least 50% but less than 75%
• $5,000 reduction in EAV for disability of at least 75%
• Must file bi-annual application
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New
Exem
ptions
* IMPORTANT NOTE *
Property can receive only one of the Exemptions for Disabled Individuals
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Cook County Property Taxes
The Valuation and Appeals Process
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Triennial
Reassessm
ent
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Assessm
ent Ratios
Residential 10%
Industrial 25%
Commercial 25%
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Valuing R
esidential P
roperties
• Mass Appraisal Method
• 1.8 Million Parcels
• 3 to 7 years of sales
• Multiple Regression– Location– Square Feet– Type of Construction– Age
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Appealing A
ssessments
• Reassessment Year– North 2010 (Now)– South 2011– City 2012
• Notice of Proposed Assessed Valuation
• 30 Days to File an Appeal with our office
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Appealing A
ssessments
Residential appeals are straightforward– Error in characteristics– Similar homes in neighborhood
assessed lower
• A lawyer is not required
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Appealing A
ssessments
Condominiums
• We produce a value for the whole building – then apply percentage of ownership• Joint appeal
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Information
• Taxpayer Services Department312-443-7550
• Office in County Building118 N Clark Street
• Website
www.cookcountyassessor.com
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James M. HoulihanCook County Assessor