Property Tax Exemptions: How Homeowners and Seniors Can Save on Taxes

Column: Your Property Taxes with the Cook County Treasurer

Property taxes can be a financial burden but exemptions can reduce those costs by offering significant savings to property owners. There are three exemptions that do the most good for the most people.

They are the Homeowner Exemption, the Senior Citizen Homestead Exemption and the Senior Freeze Exemption. The Cook County Treasurer’s Office helps residents apply for these exemptions to lower their property tax bills.

First, check the exemptions you’re receiving by visiting cookcountytreasurer.com and clicking on the purple box labeled Your Property Tax Overview. Search using your address or 14-digit Property Index Number (PIN).

Scroll down and you should see a grid with your exemptions. If the word “No” appears, as seen in this grid, you could be leaving significant money on the table.

Homeowner Exemption:
This is the most utilized exemption, with most owners qualifying. It lowers property taxes for homeowners who occupy their home as their primary residence for at least a year. First-time applicants must have lived there as of January 1 of the tax year in question. The exemption renews automatically each year unless the property is sold.

Senior Citizen Homestead Exemption:

Homeowners applying for the Senior Citizen Homestead Exemption for the first time are eligible if they’re 65 or older and own and occupy their property as their principal place of residence. If a married couple owns a home jointly, they’re eligible when the older partner turns 65. To receive this exemption, the applicant must have owned and occupied the property as of January 1 and must have been 65 or older during the tax year in question.

Senior Freeze Exemption:

Applicants must meet age and income requirements to qualify for the Senior Freeze Exemption. Seniors aged 65 and older with an annual household income of $75,000 or less are eligible. You must have owned and occupied the home on January 1 of the tax year in question. This exemption “freezes” the equalized assessed valuation (EAV) of the property the year that the senior citizen qualifies for the benefit, insulating the senior from soaring property taxes that come with rising EAVs. Unlike other exemptions, you must re-apply for the Senior Freeze every year since income levels can change.

How to Apply for Exemptions and Refunds:
Apply for these exemptions online at cookcountytreasurer.com where you can search for yourself or anyone else, such as a parent. Verify that you’re receiving the exemptions you’re entitled to and apply for any you’ve missed. Remember, you can apply for missed exemptions going back four years.

Don’t lose out on valuable tax breaks. Homeowners and seniors who qualify can save hundreds or even thousands of dollars annually. Visit the Cook County Treasurer’s website to start the application process today as it might lessen your financial burden.

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